Your Lutz rental property’s backyard is an essential aspect of its general charm. However, there’s a significant gap between creating your dream backyard and creating a functional, attractive one. The latter will help you maximize your rental rates and increase your property’s value, while the former might fail to achieve either.
Rather than devoting money to an extravagant backyard for a rental property, it is more advisable to create an appealing, low-maintenance yard that tenants will appreciate and is easy to maintain.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to overact the landscaping. Business experts recommend spending at most 10 percent of the property’s value in landscaping. However, there is no need to exceed that level except if there is a tangible benefit to doing so. You may be astonished to know that a house with an extensively landscaped yard will not incur extra rent. In reality, overdoing it on the landscaping may turn away prospective tenants due to all the additional upkeep required from them.
Seek 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 improvement at all. Focus instead on improving the quality of what is currently there. A green, neatly trimmed lawn and well-cared-for greenery will instantly boost the value of your property and provide instant charm. If your property’s lawn is looking a bit sparse or bare, reseeding or incorporating some sod is one of the quickest ways to get your property’s backyard to live up to expectations.
Improve the property’s backyard affordably
Additional relatively affordable backyard upgrades include outdoor lighting and outdoor gathering areas. Consider upgrading your property’s yard with features that could be utilized by your tenant for social events or gatherings, instead of constructing extravagant planter beds filled in flowers. These alterations are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may seem like an unnecessary upgrade, but you may create more attraction by offering a rental home with a ready-made space for socializing with relatives and friends. Furthermore, studies have demonstrated that, in contrast to other backyard features, 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 make, and it provides benefits beyond simple appearance. Renters will be grateful for the additional safety and usefulness of backyard lighting, such as motion-sensing or energy-efficient lighting fixtures. Outside lighting will also complement any outdoor gathering spaces your rental property has, improving the home’s curb appeal after dark.
Notwithstanding the improvements you choose for your Lutz rental property’s backyard, comprehending which ones deliver the best return on your investment plays a critical part in successful property management. In addition to boosting the value of your property, you can attract the type of renters you want by highlighting quality features and a low-maintenance design. As a property owner, you have the ability to shape a backyard that tenants will relish, and that will enhance your property’s appeal.
At Real Property Management Freedom, we help in planning a backyard design that maximizes the return on investment. We can determine which backyard improvements result in increased rental rates and can help you in arranging your Lutz property to develop a tenant-friendly backyard. For further details, please contact us online or call us at 813-867-2667.
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