One of the biggest mistakes you can perpetrate as a rental property investor is to overdo it on the landscaping. Industry experts demonstrate devoting no more than 10 percent of the property’s value in landscaping. Although if there is an understandable positive aspect to doing so, you basically don’t even need to go even that high. A house with an extensively landscaped yard will not take home as much extra rent as you might consider. Undeniably, overdoing it on the landscaping can virtually sway impending renters away because of all the extra maintenance needed.
To make your property attractive and profitable, aim for backyard upgrades that offer the highest returns for the cost. The basic path to an attractive backyard isn’t an upgrade at all. Nonetheless, consider improving the quality of what’s already available. A green, neatly trimmed lawn and well-cared for greenery will add instant appeal and guide 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 quickest techniques to have your property’s backyard living up to observations.
Other relatively affordable backyard upgrades include outdoor lighting and outdoor gathering spaces. Before creating lavish planter beds filled with flowers, upgrade your rental’s yard with elements that could be utilized by your tenant for parties or evening engagements. Adding a simple patio (or deck) may appear like a luxury upgrade, but you may forge more appeal by giving a rental home a ready-made space for gathering with family and friends. What is more, studies have confirmed that unlike other backyard features, a patio or deck does increase property values, making it one expense to consider for your rental property.
Outdoor lighting is one of the most budget-friendly backyard upgrades you can use that has usefulness above its ordinary look. Renters will like the added security and practicality of backyard lightings like the motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also be helpful on any outdoor gathering spaces your rental property has, adding to the home’s curb appeal after dark.
Regardless of which improvements you basically decide to build to your Fort Worth rental property’s backyard, apprehending which ones will supply the highest return for your money is a crucial unit of managing a successful rental house. By reflecting on quality features with a low-maintenance design, you can lure the kind of renters you like while still growing your property values.
At Real Property Management Meridian, we can assist you to plan a backyard for your rental property that renters will relish and also one that is arranged to attain the utmost quality for every dollar paid. We distinguish which backyard improvements adapt to solid rent increases, and can oversee your property management to establish that you’ve created a backyard with your tenants in mind. Contact us or call us at 817-678-8787 for more information.