Your Los Lunas rental property’s backyard is a central piece for its overall appeal. However, there is a significant difference between creating your dream backyard and building an appealing and functional backyard. One will help you maximize your rental rates and increase your property’s value, while the other probably won’t do either. Rather than installing the yard of your dreams in a rental property, the more suitable option is to create an attractive, low-maintenance yard that appeals to tenants and is also easy for them to maintain.
One of the biggest mistakes you can make as a rental property owner is to overdo it on the landscaping. Industry experts recommend spending no more than 10 percent of the property’s value in landscaping. Except if there is a tangible benefit to doing so, you might not even need to go even that high. A home with an extensively landscaped yard will not earn as much extra rent as you could be thinking. In reality, overdoing it on the landscaping can even turn potential tenants away because of all the extra maintenance required.
To make sure that your property is always attractive and profitable, aim for backyard upgrades that offer the highest returns for the cost. The initial step to an attractive backyard isn’t really an upgrade in the least. Instead, direct your concentration on improving the quality of what’s already there. A green, neatly trimmed lawn and well-cared for greenery will add instant appeal and help boost the value of your property. In the event that your property’s lawn is looking a bit sparse or bare, reseeding or adding some sod is one of the fastest ways to get your property’s backyard living up to expectations.
Further relatively affordable backyard upgrades include outdoor lighting and outdoor gathering spaces. As opposed to creating lavish planter beds filled with flowers, upgrade your rental’s yard with features that are available for use by your tenant for gatherings or evening activities. Adding a simple patio (or deck) may sound like a luxury upgrade, but you may create more appeal by offering a rental home with a ready-made space for gathering with family and friends. Besides, research has revealed that unlike other backyard features, a patio or deck does increase property values, making it one expense to consider for your rental property totally.
Outdoor lighting is one of the most budget-friendly backyard upgrades that can contribute more benefits beyond simple appearance. Renters will appreciate the added security and usefulness of backyard lighting, just like 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.
No matter which improvements you eventually pick to make to your Los Lunas rental property’s backyard, knowing which ones will offer the highest return for your money is an essential part of managing a successful rental house. By concentrating on quality features with a low-maintenance design, you can draw in the type of renters you want while still growing your property values.
At Real Property Management Albuquerque, we can help you plan a backyard for your rental property that tenants will love and, at the same time, one that is designed to get the maximum value for every dollar spent. We know which backyard improvements correspond to solid rent increases, and can guide your property preparations to ensure you’ve created a backyard with your tenants in mind. Contact us or call us at 505-831-8700 for more information.
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