Your Spring rental property’s backyard is an integral piece of its overall appeal. But there is a vast difference between creating your dream backyard and building an appealing and functional backyard. One will help you maximize your rental rates and increase your property’s value, although the other seemingly won’t do either. Rather than installing the yard of your dreams in a rental property, the more salutary choice is to create an attractive, low-maintenance yard that looks good to tenants and is also easy for them to maintain.
One of the most significant mistakes you can make as a rental property owner is to overdo it on the landscaping. Industry experts recommend allocating no more than 10 percent of the property’s value in landscaping. But unless there is a substantial benefit to doing so, you probably don’t even need to go even that high. A home with an extensively landscaped yard will not bring in as much extra rent as you might think. In fact, overdoing it on the landscaping can actually turn likely tenants away due to all the extra maintenance required.
To make sure that your property is kept attractive and profitable, aim for backyard upgrades that offer the highest returns for the cost. The initial step to an attractive backyard isn’t really an upgrade at all. Instead, direct your efforts on improving the quality of what’s already there. A green, neatly trimmed lawn and well-cared for greenery will add instant appeal and help boost the value of your property. If your property’s lawn is looking a bit sparse or bare, reseeding or adding some sod is one of the fastest ways to get your property’s backyard living up to expectations.
Some other relatively affordable backyard upgrades include outdoor lighting and outdoor gathering spaces. Rather than creating lavish planter beds filled with flowers, upgrade your rental’s yard with features that can likewise be used by your tenant for get-togethers or evening activities. Adding a simple patio (or deck) may sound like a luxury upgrade, but you may create more appeal by having a rental home with a ready-made space for gathering with family and friends. Moreover, research has shown that unlike other backyard features, a patio or deck does increase property values, making it one expense to consider for your rental property seriously.
Outdoor lighting is one of the most budget-friendly backyard upgrades you can add that has benefits other than simple appearance. Renters will appreciate the added security and usefulness of backyard lightings such as motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also match any outdoor gathering spaces your rental property has, adding to the home’s curb appeal after dark.
No matter which improvements you eventually choose to make to your Spring rental property’s backyard, identifying which ones will offer the highest return for your money is an essential part of managing a successful rental house. By concentrating on quality features with a low-maintenance design, you can attract the type of renters you want while still growing your property values.
At Real Property Management Preferred, we can help you plan a backyard for your rental property that tenants will love and, at the same time, one that is designed to get the maximum value for every dollar spent. We know which backyard improvements correspond to solid rent increases, and can guide your property preparations to ensure you’ve created a nice backyard with your tenants in mind. Contact us or call us at 281-894-9111 for more information.
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