Your Marblehead rental property’s backyard is a vital component in the overall beauty of the property. However, there’s a big disparity between creating your dream backyard and creating a functional, attractive one. However, the latter will help you maximize your rental rates and increase your property’s value, whereas the former might not achieve either of these objectives.
Rather than spending money on an extravagant backyard for a rental property, it is more sensible to create an appealing, low-maintenance yard that tenants will benefit from and find easy to manage.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to overstate the landscaping. Specialists in the field instruct spending at most 10 percent of the property’s value in landscaping. However, you don’t have to go even that much except if 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 expect. In reality, overdoing it on the landscaping may dissuade possible tenants because of all the additional upkeep required from them.
Go for 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 enhancement at all. In its place, you must focus on improving the quality of what is already there. A green, neatly trimmed lawn and well-cared-for greenery will impart an instant charm and help boost the value of your property. If your property’s lawn is looking a bit sparse or naked, 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
Additional relatively affordable backyard upgrades include outside lighting and outdoor assembly areas. Instead of adding decorative flower beds, consider upgrading your property’s yard with features that can be utilized by your tenant for gatherings or night activities. These modifications are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) can seem like a major upgrade, but you may actually enhance the appeal by offering a rental home with a ready-made space to spend time with close companions. Also, studies confirm 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 do, and it delivers benefits beyond simple appearance. Motion-sensing or energy-efficient lighting fixtures are examples of the type of backyard lighting that will attract renters due to the extra protection and utility they provide. Outdoor lighting will also complement any outdoor gathering spaces your rental property has, raising the home’s curb appeal at night.
Regardless of the improvements you choose for your Marblehead rental property’s backyard, being mindful of which ones offer the best return on your investment plays a major role in successful property management. If you give priority to quality features with a low-maintenance design, you can attract the type of renters you want while simultaneously increasing the value of your property. As a property owner, you have the control to shape a backyard that tenants will love, and that will enhance your property’s appeal.
At Real Property Management Reliance, we offer assistance in planning a backyard design that maximizes the return on your investment. We understand the kind of backyard improvements that result in an increase in rent, and we can help you get your Marblehead property ready to create a tenant-friendly backyard. If you need more information, please contact us online or call us at 978-998-8114.
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