How to Maximize Your Backyard Features for Increased Rental Value

The average real estate return on a rental property is 10.6%. That’s not too bad, but ensuring your property hits or exceeds this figure takes work. To ensure this, you need to squeeze every last penny out of your property, strategically making moves that boost your rental value.

Being a landlord ain’t always a walk in the park. With mortgages, taxes, and all those unexpected repair bills, every dollar counts. 

There’s a goldmine waiting for you right in your backyard, and you don’t have to splurge on fancy marble statues or a Jacuzzi to realize it. Smart, cost-effective upgrades can make your rental stand out without breaking the bank.

First off, think about who you want to live in your place. Upgrading your backyard can attract tenants willing to shell out a bit more for a nicer pad, and nicer tenants often mean less wear and tear on your property. 

Adding a home gym

Everyone is trying hard to live their best, healthiest life, and getting to the gym isn’t always easy. So, what better way to attract tenants than by offering them their personal fitness space right in their backyard?

Having a home gym is like having a golden ticket for tenants. No more schlepping to the crowded public gym or dealing with pricey memberships. They can break a sweat whenever they want, without ever leaving the comfort of home sweet home.

Converting your shed into a home gym is easier than you think! Here’s a quick rundown of the steps to transform your space:

1. Make sure your shed is empty and ready for a fresh start.
2. Get power and airflow sorted for a comfortable workout space.
3. Keep things cozy with proper insulation based on your climate.
4. Ensure stability and safety for your equipment.
5. Spruce up the interior with your preferred finish.
6. Opt for materials suited to your exercise routine.
7. Bring in your gear, or start fresh with budget-friendly options.

The key elements of an upgraded outdoor space

There are plenty of ways to maximize your home’s rental appeal, but sprucing up your outdoor area is a must. Enticing your potential tenants becomes much easier with a beautifully landscaped patio adorned with elegant paving stones, perfect for entertaining or enjoying the outdoors in style.

Tenants envision themselves hosting gatherings or unwinding after a long day in a space that feels like an extension of their home. Investing in impressive outdoor features like durable paving stones is more than about aesthetics. It’s about increasing the value of your property and, in turn, the rent you can command. Potential tenants are willing to pay more for a rental that offers them a premium outdoor experience.

When choosing pavers for your outdoor space, several key elements should guide your decision-making process. 

• Consider durability, style, and maintenance needs. Good options include natural stones like Indian sandstone, limestone, granite, slate, and manufactured porcelain.
• Each type offers unique aesthetics with varied colors and textures. Natural stone is durable, frost-resistant, and can enhance property value. Indian sandstone provides variety, limestone offers consistency, slate exudes subtle elegance, and granite boasts exceptional durability.
• Porcelain is a versatile and low-maintenance alternative to natural stone. It is non-porous, easy to clean, and available in various styles.
• Align your choice with project requirements, considering factors like intended use, desired aesthetics, maintenance level, and environmental impact.

Modernizing your backyard for increased rental value

Don’t overlook the easy upgrade of adding weatherproof shutters or awnings to your outdoor spaces. You can zone your alfresco space and also add an extra room vibe. Plus, this will give tenants privacy and control over the temperature, making outdoor entertaining a year-round affair. Bonus: These blinds can make your property more energy-efficient, keeping it cool in summer and cozy in winter.

Finally, a fresh coat of paint works wonders, even outdoors. Opt for trendy, modern hues that match your property’s interior and current market. Your property manager can be a treasure trove of advice on this front. And remember, when you’re painting, don’t neglect the front of your property. You want the whole place to look its best and attract those quality tenants!

Time to find some quality tenants 

With RentRedi’s mobile property management software application, it’s easier to identify high-quality tenants. You’ll get certified tenant screening and customized recommendations while saving time with prescreened prospective tenants. Your perfect tenants are just a few clicks away!