Becoming a landlord can be a wonderful way to create a supplementary income or source of revenue, and many in the rental property business are constantly challenged by the rising cost of living and renting out their personal property. If you’re looking for ways to make your rental income skyrocket, consider how the right landscaping could change your prospects in regards to tenants, property value, and ultimately, your bottom line.
The Argument for Higher Rent
You may think that your current rent charges are fair and fitting, but consider the rising costs of your property. Beyond increasing insurance premiums, and gradually changing tax rates, you likely have a monthly mortgage (potentially on multiple properties), advertising costs, expenses for a property management company (if you use one), maintenance and repairs, and any vacancies you might experience throughout the year. With all of these factors combined, a rental business becomes more expensive as time goes on, meaning you’ll need to circumvent these increases with higher income. Even if you have a tenant who you love, you might be doing yourself a disservice without adjusting your rent for inflation. Regardless of your relationship with a renter, you have to remember this is your business, your income, your retirement, so it’s essential you do what’s best for your bottom line.
You might not need to revamp the whole yard, but just a few of these changes can make a huge difference when it comes to raising your rent.
An Outdoor Living Space
Tenants that will pay more are looking for the features that are worth the cost, and outdoor living spaces are a huge draw. Think covered patios, paved walkways, and comfortable outdoor spaces with a manicured yard. All of these things will serve as solid argument for a rent increase, and will help you drive competition for your rental.
Adding just one tree can increase the value of your property by thousands of dollars. Property owners who add trees and vegetation to the front yard alone can help conserve energy, driving down the cost of utilities, and from an ecological standpoint, reduce wasteful runoff, especially in a time where many states are suffering from drought. It’s also worth considering that homes with these varied landscaping elements tend to be sold at much higher prices, in some case, around 20 percent.
Landscaping changes could also mean your efforts to go green. With modern housing heading that way, the money you could save in the long run from conserved energy and solar power could be more than you’ve ever imagined. A green home is also a selling point for many millennials looking to decrease the carbon footprint, and improves the value of a home by a huge margin.
An area for gardening can also appeal to those looking to get more involved in their home, and is a wonderful selling point for families. Use a raised planter box from Gardeners.com, plant a few seeds, and let the garden speak for itself when you show the house to prospective renters. From herbs for use in the kitchen to gorgeous flowers, the aesthetics alone will provide incentive for prospective tenants to turn in their application.
Finding the Right Tenant
You’ve done all of this amazing work, and you’re ready to place a tenant in your new, freshly landscaped home. Don’t let all of your time and effort go to waste by jumping the gun and selecting the wrong renter. One of the biggest mistakes landlords can make is not thoroughly vetting their prospective tenants. Use a company like www.mysmartmove.com to make an informed decision on who you want living in your personal property. Companies like this provide more than just a credit score; let’s face it, in today’s world, credit score might not have as much bearing when it comes to choosing a tenant, so supplementary information is required. Information like criminal histories or previous evictions can help you make a well-rounded decision and place a higher quality, long staying tenant in your apartment or house.
Tenants want theirhomes to look great, and if you want to attract high-quality tenants, you’ll have to create a higher-quality space. Use these landscaping techniques to improve your rental home’s curb appeal and increase your property value—and that of the neighborhood—with some small investments that will garner you huge returns.
Article Submitted By Community Writer