Your Chesterfield County rental property’s backyard contributes significantly to its overall appeal. However, there’s a significant difference between creating your dream backyard and building a functional, attractive one. The latter will help you maximize your rental rates and increase your property’s value, while the former may not achieve either.
As opposed to spending in an extravagant backyard for a rental property, the safer choice is to create an appealing, low-maintenance yard that tenants will appreciate and find easy to keep up.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is going overboard with landscaping. Professionals in the field suggest spending at most 10 percent of the property’s value in landscaping. However, unless there is a tangible benefit to doing so, there is no reason to go that high. A property with an extensively landscaped yard will not cost as much extra rent as you would think. In reality, overdoing it on the landscaping can turn prospective tenants away because of the additional upkeep required from them.
Prioritize backyard upgrades that offer the highest returns for the cost to keep your property attractive and profitable. The first step to a beautiful backyard is not really a redesign. As an alternative, concentrate on improving the quality of what’s currently there. A green, neatly trimmed lawn and well-cared-for greenery will provide instant charm and help boost the value of your property. If your property’s lawn is looking a bit sparse or empty, reseeding or planting some sod is one of the quickest ways to get your property’s backyard up to pace.
Improve the property’s backyard affordably
Outdoor lights and gathering areas are two other relatively affordable backyard upgrades. As opposed to establishing lavish planter beds filled with flowers, think about upgrading your property’s yard with facilities that could be utilized by your tenant for parties or evening activities. These enhancements are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may appear to be an expensive enhancement, but you can increase attractiveness by offering a rental home with a ready-made space for socializing with family and friends. Furthermore, studies has demonstrated that, unlike other backyard additions, a patio or deck increases property values, making it an expense to consider for your rental property.
Outdoor lighting is one of the most budget-friendly backyard upgrades you might consider, and it has benefits beyond simple appearance. Renters will appreciate the greater safety and utility of backyard lighting, such as motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also complement any outdoor gathering spaces on your rental property, improving the home’s curb appeal after dark.
Regardless of the improvements you choose for your Chesterfield County rental property’s backyard, knowing which ones will provide the best return on your investment is a vital aspect of successful property management. You can attract the type of renters you want while still raising the value of your property by concentrating on excellent amenities with a low-maintenance design. As a property owner, you have the capacity to shape a backyard that tenants will like and that will enhance your property’s appeal.
At Real Property Management Richmond Metro, we help in planning a backyard design that maximizes the value of each dollar spent. We recognize which backyard upgrades result in rent rises and can assist you in arranging your Chesterfield County property to have a tenant-friendly backyard. For additional details, please contact us online or call us at 804-823-8882.
Originally Published on Dec 13, 2019
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