Your Chesapeake rental property’s backyard is an important component of its overall charm. However, there’s a crucial distinction between creating your dream backyard and constructing a functional, attractive one. The latter will help you maximize your rental rates and increase your property’s value, whereas the former might not accomplish either of these goals.
Instead of spending money on an extravagant backyard for a rental property, it is more practical to create an appealing, low-maintenance yard that tenants will enjoy and find easy to maintain.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to add too much landscaping. Experts in the field advise spending at most 10 percent of the property’s value in landscaping. On the other hand, you don’t have to go even that far unless there is a tangible benefit to doing so. A home with an extensively landscaped yard will not earn as much extra rent as you might believe. In actuality, overdoing it on the landscaping may discourage possible tenants because of all the additional upkeep required from them.
Choose backyard upgrades that offer the highest returns for the cost to keep your property attractive and profitable. The first step to a beautiful backyard isn’t even an upgrade at all. In its place, you should concentrate on improving the quality of what is already present. A green, neatly trimmed lawn and well-cared-for greenery will impart an immediate 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 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 gathering areas. Rather than installing fancy planter beds that are packed with flowers, think about upgrading your property’s yard with features that could be used by your tenant for assemblies or socializing at night. These enhancements are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may appear an expensive upgrade, but you may create more appeal by offering a rental home with a ready-made space for gathering with close companions. In addition, studies have demonstrated that, unlike 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 add, and it delivers benefits beyond simple appearance. Motion-sensing or energy-efficient lighting fixtures are examples of the kind of backyard lighting that will appeal to renters because of the additional security and utility they provide. Outdoor lighting will also complement any outdoor gathering spaces your rental property has, enhancing the home’s curb appeal at night.
Notwithstanding the improvements you choose for your Chesapeake rental property’s backyard, being familiar with which ones provide the best return on your investment is an important aspect of successful property management. If you place emphasis on quality features with a low-maintenance design, you can attract the type of renters you want while simultaneously raising the value of your property. As a property owner, you have the power to shape a backyard that tenants will cherish, and that will enhance your property’s appeal.
At Real Property Management Hampton Roads, we offer assistance in planning a backyard design that makes the most of every dollar that is spent. We are aware of the type of backyard modifications that result in an increase in rent, and we are able to assist you in preparing your Chesapeake property to build a backyard that is tenant-friendly. To obtain more data, please contact us online or call us at 757-395-4274.
Originally Published on Dec 13, 2019
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