Your Eden Prairie rental property’s backyard is an essential component of its overall attraction. However, there’s an obvious gap between creating your dream backyard and developing a functional, attractive one. Choosing the latter option will allow you to maximize your rental rates and increase your property’s value, while the former choice may not yield the same results.
Instead of investing in an extravagant backyard for a rental property, the better choice is to create an appealing, low-maintenance yard, which will undoubtedly captivate tenants and make their lives easier.
How much landscaping is too much?
One of the biggest mistakes you can make as a rental property owner is to overdo the landscaping. Industry experts recommend spending at most 10 percent of the property’s value in landscaping. Yet, unless there is a tangible benefit to doing so, there is no reason to go even that high. A home with an extensively landscaped yard will not result in as much extra rent as you might imagine. Overdoing it on the landscaping can actually deter possible tenants because of all the additional upkeep required from them.
Try to get 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 require any upgrades at all. On the contrary, concentrate on improving the quality of what’s already present. A green, neatly trimmed lawn and well-cared-for greenery can instantly enhance the appeal and boost the value of your property. 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
Other relatively affordable backyard upgrades are outside lighting and outdoor gathering areas. As opposed to focusing on creating beautiful flowers beds, consider upgrading your property’s yard with facilities that tenant can enjoy for parties or evening activities. Improvements like this are not only cost-effective but also add significant value to your property.
Adding a simple patio (or deck) may seem like an extravagance upgrade, but you may create more appeal by offering a rental home with a ready-made space for spending time with friends and relatives. In addition, studies have found that, unlike other backyard features, a patio or deck increases property values, making it an expense to consider for your rental property.
Adding outdoor lighting is not only budget-friendly backyard upgrades, but it also offers numerous benefits beyond simple appearance. Renters will like the extra protection and convenience 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, contributing to the home’s curb appeal after dark.
No matter what improvements you choose for your Eden Prairie rental property’s backyard, it is essential to know which ones will give you the best return on your investment. This knowledge is key to successful property management. By prioritizing top-notch features with a low-maintenance design, you can attract the type of renters you want and simultaneously boost your property values. As a property owner, you have the power to shape a backyard that tenants will appreciate and that will enhance your property’s appeal.
At Real Property Management Viking, we are thrilled to help you plan a backyard design that optimizes the value of your investment. We have extensive knowledge of how backyard improvements lead to higher rental rates. Let us assist you in getting your Eden Prairie property ready to offer a tenant-friendly outdoor space. For more information, please contact us online or call us at 612-230-3953.
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