Your Goddard rental property’s backyard is a critical component of its overall attraction. At the same time, there’s a substantial distinction between creating your dream backyard and developing a functional, attractive one. The latter will help you maximize your rental rates and increase your property’s value, whereas the former could fail either.
Rather than engaging in an extravagant backyard for a rental property, it is more prudent to create an appealing, low-maintenance yard that tenants will find appealing and effortless to manage.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is overemphasizing the landscaping. Industry experts recommend spending at most 10 percent of the property’s value on landscaping. However, it is unnecessary to exceed that threshold unless there is a tangible benefit to doing so. Extra rent will not be as high as one might anticipate for a residence with an extensively landscaped yard. In reality, overdoing it on the landscaping can discourage prospective tenants due to all the additional upkeep required from them.
In order to keep your property attractive and profitable, prioritize backyard upgrades that offer the highest returns for the cost. The first step to a beautiful backyard is not even an improvement. Instead, work on improving the quality of what’s already there. A green, neatly trimmed lawn and well-cared-for greenery will significantly boost the value of your property and add an immediate appeal. If your property’s lawn is looking a bit sparse or barren, reseeding or incorporating some sod is one of the quickest ways to get your property’s backyard that meets your standards.
Improve the property’s backyard affordably
Other relatively affordable backyard upgrades include outdoor lighting and outdoor gathering spaces. Instead of creating lavish planter beds filled with flowers, consider upgrading your property’s yard with features that could be used by your tenant for gatherings or evening activities. These upgrades are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may appear to be an extravagant upgrade, it is possible to generate greater appeal by offering a rental home with a ready-made space for interacting with loved ones. Additionally, research has demonstrated that, in contrast to other backyard amenities, 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 can implement, and it has benefits beyond simple appearance. Renters will appreciate the additional security and functionality of backyard lighting, including motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also complement any outdoor gathering spaces your rental property has, boosting the home’s curb appeal after dark.
A critical component of successful property management is the ability to determine which improvements you choose for your Goddard rental property’s backyard that will yield the best return on your investment. By stressing desirable characteristics with a low-maintenance design, you can attract the type of renters you want while still boosting the value of your property. You, as a property owner, possess the ability to shape a backyard that tenants will adore and that will enhance your property’s appeal.
At Real Property Management First Choice, we help in planning a backyard design that optimizes the worth of each dollar invested. We are aware of the backyard enhancements that result in rent increases and can assist you in preparing your Goddard property to establish a tenant-friendly backyard. For deeper details, please contact us online or call us at 479-242-0791.
Originally Published on Dec 13, 2019
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