Your Woonsocket rental property’s backyard is a significant piece of its general appeal. Nevertheless, there is a major contrast 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, while the other presumably won’t do either. Rather than installing the yard of your dreams in a rental property, the better option is to create an attractive, low-maintenance yard that looks amazing to tenants and is likewise easy for them to maintain.
Perhaps one of the greatest mistakes you can make as a rental property owner is to overdo it on the landscaping. Industry experts propose spending no more than 10 percent of the property’s value in landscaping. So, except if there is a substantial advantage to doing so, you probably don’t even need to go even that high. A home with an extensively landscaped yard will not acquire as much extra rent as you may hope for. Truth be told, overdoing it on the landscaping can actually turn potential tenants away due to all the extra maintenance required.
To keep your property 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, center around 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. On the off chance that your property’s lawn is looking a bit sparse or bare, reseeding or adding some sod is one of the fastest approaches to get your property’s backyard living up to expectations.
Other relatively affordable backyard upgrades include outdoor lighting and outdoor gathering spaces. As opposed to creating lavish planter beds filled with flowers, upgrade your rental’s yard with features that could be utilized by your tenant for social affairs or evening activities. Adding a simple patio (or deck) may seem like a luxury upgrade, but you may create more appeal by offering a rental home with a ready-made space for gathering with family and friends. In addition, 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 genuinely.
Outdoor lighting is one of the most budget-friendly backyard upgrades you can include that has benefits past simple appearance. Renters will welcome the added security and usefulness of backyard lightings 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 which improvements you ultimately decide to make to your Woonsocket rental property’s backyard, knowing which ones will yield the highest return for your money is a significant 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 Providence, we can help you plan a backyard for your rental property that tenants will love and, simultaneously, 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 arrangements to guarantee you’ve created a backyard with your tenants in mind. Contact us or call us at 401-272-3300 for more information.
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