When homeowners, investors, and landlords talk about adding value to the property, they usually think about the interior renovations first. Yes, renovating the interior and introducing contemporary features into the mix is an essential part of the value equation, but it’s important to note that a lucrative investment property requires a thorough external makeover as well. After all, this is the first thing affluent buyers and tenants in general will come into contact with before deciding to venture inside.
Introducing brand new features to the exterior can not only elevate the price of the estate, but it will also attract prominent buyers in your area due to its fresh aesthetic appeal. Let’s take a look at some of the essential outdoor features your property should have.
Start with beautiful landscaping
Any experienced property investor will testify on the importance of meticulous landscaping and the potential it holds in terms of client acquisition and the price of the rental property itself. You can start by sprucing up the curb appeal and then work your way in towards the front lawn.
Make sure to use landscape styling to frame the design of the exterior and create a natural pathway that will lead the guests towards the entrance. In the backyard, the landscape should depict a beautiful floral garden and natural shades, as well as an “emerald” oasis.
Move over to the pool
The pool is an obvious addition every real estate investor should consider for their rental property, as it has the potential to yield a high long-term ROI, and elevate the selling price. Modern homebuyers are not only looking for properties with pools, but they’re also looking for a unit that fits into the overarching design of the home, one that preferably incorporates natural elements and is an integral part of the landscape.
Build an al fresco dining area
Nowadays, it’s all about the al fresco experience. Homeowners and tenants are more than willing to pay extra for a beautiful outdoor kitchen complete with a dining area, as this valuable feature will allow them to make unforgettable memories surrounded by family and friends.
You can incorporate an al fresco kitchen complete with other essential features that will make an outdoor entertainment area come to life. Include cozy seating with intimate lighting, and complete the setting with adequate heating for those comfy fall afternoons spent cooking under the stars.
Install a cozy entertainment center
Speaking of entertainment, chances are that when dinner is over, people will want to sit back and enjoy their favorite TV programs or watch movies without having to come back inside. This is the perfect opportunity to elevate the value of your investment property by introducing a media center on the patio. You can mount a grand TV screen on a wall and install a surround-sound system to completely immerse your new tenants in the viewing experience.
Invest in a backyard shed
Utility rooms are often neglected when it comes to interior and exterior design, when in reality they have the power to increase the selling price or monthly rent because of the convenience and functionality they bring into the mix. Therefore, it would be a wise decision to introduce a shed to the backyard that has enough room to serve as anything from a man-cave, to a pool house, to a big tool shed, and more.
Pave and decorate the driveway
When prospective buyers approach the property, they will usually form an opinion as soon as they lay their eyes on the exterior features such as the driveway, the fence, the front lawn, and the front porch itself. Needless to say, first impressions matter most, so this image needs to surprise the guests in a very positive way.
You can start by fixing up the driveway to the garage. Next, pave the road to the front door, or better yet, introduce stepping-stones surrounded by finely cut grass and adorned in warm walkway lighting leading up to the front porch. This is a simple addition that will have a big impact on the potential buyers.
Top it off with a kids’ play area
When families look for a good rental property or a permanent place of residence, they usually have their kids’ best interest in mind. Aside from the interior amenities every family-friendly property should have, the exterior should also be warm, inviting, and exciting for every family member, especially the children.
With that in mind, you can use the leftover space in the backyard to build a kids’ play area. This is an excellent addition that parents and those who aspire to become parents will gladly pay for. It’s also a great way to complement the entertainment area and create a multifunctional space.
The exterior of an investment property is as important as the interior, and in fact, the two should work in unison to elevate the price of the home and attract affluent buyers as well as long-term tenants. With these outdoor features in place, the sale of a lifetime will be right around the corner.
This article has been contributed by Derek Lotts.