One of the most attractive aspects of your Morgan rental property is its backyard. But creating your dream backyard and building a functional, attractive one is two very different things. The latter will help you maximize your rental rates and increase your property’s value, while the former may not achieve either.
The wiser investment for a rental property would be to create an appealing, low-maintenance yard that tenants would adore and appreciate rather than to spend on extravagant backyard.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to go overboard with the landscaping. Professionals in the field advocate spending at most 10 percent of the property’s value in landscaping. You are under no need to go to such extremes unless doing so will yield a tangible benefit. Extra rent won’t be as high for a house with an extensively landscaped yard as you may think. Indeed, overdoing it on the landscaping can turn prospective tenants away due to all the additional upkeep required from them.
Concentrate on 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. As an alternative, put mind to improving the quality of what’s already there. A green, neatly trimmed lawn and well-cared-for greenery will add prompt 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 make your property’s backyard seem better.
Improve the property’s backyard affordably
Additional relatively affordable backyard upgrades are outdoor lighting and outdoor gathering spaces. Instead of filling your property’s flower beds with expensive planters, think about upgrading your property’s yard with features that your tenant might benefit from for gatherings or evening activities. These improvements are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may seem like a nice-to-have, but it really only creates more potential tenants by offering a rental home with a ready-made space to relax and enjoy outdoors. Additionally, research has demonstrated that, unlike other backyard additions, a patio or deck increases property values, making it an expense to consider for your rental property.
When it comes to budget-friendly backyard upgrades, outdoor lighting is the best, and it offers benefits beyond simple appearance. Renters will love the addition of security and usefulness of backyard lighting, 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.
In spite of the improvements you choose for your Morgan rental property’s backyard, determining which ones provide the best return on your investment is an imperative aspect of successful property management. By emphasizing superior features with a low-maintenance design, you can attract the type of renters you want while boosting your property values. As a property owner, you have a chance to shape a backyard that tenants will like and that will enhance your property’s appeal.
At Real Property Management Northern Utah, we help in planning a backyard design that takes full advantage of the value of every dollar spent. We can assist you in getting your Morgan property ready to make a tenant-friendly backyard by identifying which modifications result in rent increases. For more information, please contact us online or call us at 801-546-1770.
Originally Published on Dec 13, 2019
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