Your Norwich rental property’s backyard plays a key part in its overall attractiveness. Yet, there’s a significant difference between creating your dream backyard and designing a functional, attractive one. The latter will help you maximize your rental rates and increase your property’s value, while the former may not accomplish either.
In contrast with shelling out for an extravagant backyard for a rental property, it is advisable to create an appealing, low-maintenance yard, which will be highly appreciated by tenants and require minimal upkeep.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to overdo the landscaping. Business professionals recommend spending at most 10 percent of the property’s value in landscaping. However, if it is not a tangible benefit, there is no need to go that high. A home with an extensively landscaped yard won’t bring as much extra rent as you might expect. In reality, overdoing it on the landscaping can hinder future tenants due to all the additional upkeep required from them.
Search 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 doesn’t involve any kind of improvement. Instead, invest in improving the quality of what’s already there. A green, neatly trimmed lawn and well-cared-for greenery quickly improve the attractiveness and boost the value of your property. If your property’s lawn is looking a bit sparse or bare, reseeding or placing 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
Other relatively affordable backyard upgrades include outdoor lighting and create inviting spaces for gatherings. As opposed to focusing on exorbitant planter beds filled with flowers, factor in upgrading your property’s yard with features your tenant will appreciate for events or evening activities. These enhancements are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) might seem like an extravagant improvement, but offering a rental home with a ready-made space for socializing with loved ones can enhance its appeal. Additionally, studies point out that a patio or deck increases property values, setting it apart from other backyard features. This makes 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 has benefits beyond simple appearance. Renters will appreciate the enhanced safety and convenience provided by backyard lighting, such as motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also complement any outdoor gathering spaces your rental property has and increase the home’s curb appeal after dark.
Regardless of the improvements you choose for your Norwich rental property’s backyard, understanding which ones offer the best return on your investment is a crucial part of successful property management. By focusing on excellent attributes with a low-maintenance design, you can attract the type of renters you want while still increasing your property values. As a property owner, you have the power to shape a backyard that tenants will love, and that will enhance your property’s appeal.
At Real Property Management Beacon, we help in planning a backyard design that gives you the best value for your investment. We know which backyard upgrades lead to rent increases and can help you prepare your Norwich property to develop a tenant-friendly backyard. To obtain more info, please contact us online or call us at 603-448-8808.
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