Your Phoenix rental property’s backyard is an important element in its general allure. Yet, there’s a big dissimilarity 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 may not accomplish either.
Rather than putting money into an extravagant backyard for a rental property, it is recommended to create an appealing, low-maintenance yard that tenants will appreciate and view as simple to take care of.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to overstate the landscaping. Industry specialists recommend spending at most 10 percent of the property’s value in landscaping. However, except if there is a tangible benefit to doing so, you don’t have a reason to go that much. A residence with an extensively landscaped yard won’t earn as much extra rent as you might think. Actually, overdoing it on the landscaping can repel tenants because of all the additional upkeep required from them.
Emphasize 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 a development at all. Another option is to think about improving the quality of what’s available there. A green, neatly trimmed lawn and well-cared-for greenery will add instant attraction and help boost the value of your property. If your property’s lawn is looking a bit sparse or bare, reseeding or including 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 incorporate exterior lighting and outside gathering areas. Rather than making exaggerated planter beds filled with flowers, think about upgrading your property’s yard with amenities that could be utilized by your tenant for get-togethers or nighttime activities. These developments are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may sound like an extravagant improvement, but it can actually enhance the appeal of it by offering a rental home with a ready-made space for conversations with family and friends. In addition, research has revealed that, unlike 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 include, and it has benefits beyond simple appearance. Renters will love the additional 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, enhancing the home’s curb appeal after dark.
No matter what improvements you choose for your Phoenix rental property’s backyard, being aware of which ones give the best return on your investment is a key aspect of successful property management. By emphasizing quality features 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 capacity to shape a backyard that tenants will like and that will enhance your property’s appeal.
Real Property Management Exclusive specializes in planning a backyard design to maximize the return on investment. We possess knowledge about the specific backyard improvements that result in higher rental rates. We can help you prepare your Phoenix property to create a backyard that welcomes tenants. For more data, please contact us online or call us at 480-716-7899.
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