The general attractiveness of your Woonsocket rental property is largely influenced by its backyard. But creating your dream backyard and establishing a functional, attractive one differs greatly. The latter will help you maximize your rental rates and increase your property’s value, while the former may not achieve either.
Creating an appealing, low-maintenance yard that tenants will appreciate and find simple to manage is a better investment than spending in an extravagant backyard for a rental property.
How much landscaping is too much?
Overextending the landscaping is one of the biggest mistakes you can make as a rental property owner. Business professionals propose spending at most 10 percent of the property’s value in landscaping. But unless there is a tangible benefit to doing so, you should not go even that high. A house with an extensively landscaped yard will not earn as much extra rent as you might anticipate. Actually, overdoing it on the landscaping can drive away possible tenants because of all the additional upkeep required from them.
Try for backyard upgrades that offer the highest returns for the money to keep your property attractive and profitable. The first step to a beautiful backyard isn’t even an improvement at all. In its place, prioritize improving the quality of the current offerings. A green, neatly trimmed lawn and well-cared-for greenery will appeal right away and help boost the value of your property. If your property’s lawn is looking a bit sparse or bare, reseeding or replacing some sod is one of the quickest ways to get your property’s backyard to live up to standards.
Improve the property’s backyard affordably
Other relatively affordable backyard upgrades include exterior lighting and outdoor meeting areas. Rather than building costly planter beds filled with flowers, take into account upgrading your property’s yard with amenities your tenant might utilize for events or nighttime activities. These alterations are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may sound like a luxury update, but you may create more attraction by offering a rental home with a ready-made space for getting together with family and friends. What is more, studies have indicated that, unlike other backyard services, 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 install, and it has benefits beyond simple appearance. Renters will enjoy the added safety and practicality of backyard lighting, such as motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also complement any outdoor gathering spaces your rental property has, adding to the home’s curb appeal after dark.
Regardless of the improvements you choose for your Woonsocket rental property’s backyard, identifying which ones offer the best return on your investment is vital for a successful property management. By highlighting quality features with a low-maintenance design, you can attract the type of renters you want while still rising your property values. As a property owner, you have the freedom to shape a backyard that tenants would adore and that will enhance your property’s appeal.
At Real Property Management Providence, we assist in planning a backyard design that makes every dollar spent most valuable. We know which backyard improvements lead to rent increases and can help you prepare your Woonsocket property to create a tenant-friendly backyard. For more information, please contact us online or call us at 401-272-3300.
Originally Published on Dec 13, 2019
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