5 Key Backyard Improvements to Increase the Value of Your Investments
One of the most overlooked parts of most residential real estate investments is the backyard. This is incredibly unfortunate because with the right amount of time and effort put into it, a backyard can easily become one of the biggest points of interest on a property.
Regardless of whether you are looking to find tenants for a rental or sell a property in order to carry on with a new investment, an attractive backyard can make a massive difference. After all, regardless of the season, backyards offer a place for people to get outside and enjoy the beauty of nature. Whether that is rolling around in the autumn leaves, enjoying a nice summer barbeque, or playing outside in the winter snow, a backyard can facilitate many activities.
So, if you are looking for a way to spruce up your backyards to create a space that your tenants and future buyers can enjoy for years to come, here are five key backyard improvements for you to consider.
But first, before you can explore these backyard improvements, you need to consider the financing. So, if you want to learn how to draw funds from your property to pay for the updates, click the link below for a free strategy call.
5 Key Backyard Improvements
When you are making improvements to a property, there are two things you need to consider when determining if these improvements will boost the value of the property – visual interest and practical use. Ideally, you want to make backyard improvements that a pleasing to the eye while also giving the tenants a level of practicality so that they do not feel like they are paying you for decorations they could have done themselves.
That’s why each of the backyard improvements on this list are designed to provide both aesthetic and practical value to your property.
Updating the Deck/Patio
A sturdy, well designed deck or patio can quickly become the foundation of any good backyard and one of the most valuable backyard improvements you can make. After all, while decks did not begin as big money makers historically, over the years they have become a must-have on many homebuyers and renters checklist.
If your property already has a deck or patio installed, take the time to make sure all of the wood is well maintained and properly treated for the weather. A rotted and worn-down deck is not only unappealing, but if the wood is not properly cared for, it can become a safety hazard later.
Of course, if your yard does not have a deck or patio already installed you may want to consider measuring the yard to make sure there is enough room for you to install one and enjoy it comfortably. Typically, a deck should be no more than one fifth of the size of the total yard or else it begins to feel overbearing.
Building a Privacy Fence
While it can certainly be nice to wave to the neighbours and feel connected to the community, it is also nice to have some privacy and enjoy some time outdoors without feeling like people are potentially watching. While these are usually seen as more of a maintenance project as opposed to a means of adding value, they are can still be incredibly valuable if done properly.
After all, a well-made fence should not only provide the privacy that you are trying to give your tenants, but it should also be visually appealing and contribute to the atmosphere of the yard.
Of course, when you are building a fence there are a few considerations you will need to account for. First, you will need to refer to the land survey to ensure that your fence is not built on a neighbour’s land or else you may be forced to take it down. As well, you may want to reach out to those neighbours to see if they would like to split the cost of the fence and have theirs done as well since fencing companies often offer better deals on larger projects.
This is one of the backyard improvements that may not be immediately obvious, but can be quite valuable.
Simple Landscaping
Another great way to increase the value of a backyard is to introduce small, simple landscaping elements to introduce new life into the space.
Things such as separated flower beds, steppingstones or a pathway through the yard are easy to afford but they’re also capable of making the space feel more cohesive in the long run.
Planting Trees
Trees are a larger project than other landscaping elements, but they can become wonderful additions to most yard that have the space to accommodate them.
However, before planting a tree you should always find out if any utilities are running beneath the yard so that you do not accidentally dig them up or damage them by allowing the roots of the tree to grow too closely.
Implement a Central Backyard Feature
Finally, if you really want to make your backyard stand out, you should consider implementing a backyard feature such as a firepit or a gazebo. However, you need to make sure that you are careful when completing any of these backyard improvements that you take all of the necessary steps.
Fire pits are a relatively simple investment to make in a backyard, but if you include one there are a few things you need to check beforehand. First, you need to ensure that your property is located in a place that permits backyard fires – otherwise you will be investing in a useless feature. As well, you need to ensure that nothing is hanging over top of the pit so that if flames or embers begin to climb, your tenants do not accidentally start a large-scale fire.
As for a gazebo, you need to make sure that you secure all of the appropriate permits for the construction on top of the expensive construction process.
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Refinancing To Make Backyard Improvements
If you are looking for a method to fund your backyard improvements, look no further than your property itself. By refinancing your property, you are capable of drawing on your own hard-earned equity in order to finance your projects.
To refinance at the best rates available today, give us a call at LendCity to get connected with one of our experienced lenders. You can reach or office at 519-960-0370 or apply online directly at LendCity.ca. Alternatively, you can click the link below to book a free strategy call with our team today.