Outdoor living spaces are simply always appealing and fascinating components of a property. Their role is not only aesthetic but also practical and offers numerous benefits for both owners and tenants. Well-designed and well-decorated outdoor spaces increase rental income and the overall value of the property. And you also attract more quality tenants.
You yourself know best what you want to put in and how to arrange your outdoor space, but also think about what would be interesting to tenants and what would increase the interest and value to reach the maximum potential.
Why Outdoor Living Spaces are a Key Investment
Outdoor spaces are not just “that extra bit of space we built on” or “out there in the backyard” but are literally additional space for our living environment. In today’s real estate market, renters and buyers increasingly look for the property that has an interesting and well-decorated outdoor space that offers a little bit of everything – relaxation, fun, but also utility. With these “small things” you attract more customers, but also justify the higher price.
The National Association of Realtors released a report saying patios, decks, and well-designed landscaping have increased and maintained the overall resale value of a property, while rental properties, on the other hand, reduce turnover rates and generate more stable income.
4 Top Outdoor Upgrades to Consider
Investing in your outdoor spaces doesn’t have to require a complete overhaul, as even the smallest changes can have a big impact.
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Outdoor Kitchen and Dining Area(s)
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Fire Pits and Cozy Seating Zones
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Improvements in Landscaping and Illumination
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Additional Elements & Unique Features for Extra Appeal
Who doesn’t like to have an outdoor kitchen?! Visualize a sunny blue-sky day, while having an amazing BBQ party with all your family and friends. Sounds pretty great, right? You can add a barbeque along with a food prep area, a sink, fridge, and a large dining table. You can also add extra seating space so that everyone can find a corner for themselves. This is interesting for both buyers and tenants because it gives a little bit of that sense of community, and increases the value a little more.
Now imagine all this from earlier by fire pits – sitting, talking, laughing, and warming yourself. Fire has always gathered people around it, plus it gives a special atmosphere. There’s something about it that just feels right, that light and glow, that crackling sound, the warmth; it’s almost like a dance, mesmerizing people.
It’s in our DNA, as they say. Adding fire to your outdoor living space is pretty much a homerun.
Gas fireplaces are practical, and traditional wood fireplaces give a rustic charm. Whichever fire pit you select, you can also incorporate sitting places like outdoor sofas, deck chairs, or beanbags so that your get-togethers are extended as long as possible and are as enjoyable.
A carefully maintained landscape is beautiful as it is. Such an environment makes us feel welcome. Although it requires maintenance, give yourself a little effort and put in some native plants, drought-resistant greenery, and you can also add landscaped paths through the yard.
And when we need to create a little romantic atmosphere, we add – lighting. It plays a big role in creating a special atmosphere, but also gives you safety. The best choice for these spaces are either LED lighting or solar-powered lights.
Luxury once again – these are for all who seek to diversify and differentiate themselves from the ‘standard’ outdoor spaces. Pergolas, fountains, and pizza ovens take the decoration of the outdoor space to a new level and immediately become more attractive to buyers and tenants.
Pergolas provide you a shield from the sun and add structure, and fountains… well, water is always a good idea because it creates a calming atmosphere.
Budgeting, Planning, and Maximizing Investment
You don’t have to go bankrupt because of arranging outdoor spaces; you can also start with smaller adjustments such as landscaping, lighting and the like. With such arrangements, it is important to choose quality and more durable options that can withstand external conditions, but also so that you don’t have to keep investing in the same thing. Set a budget according to your possibilities and you can also include DIY projects.
If you really want to invest in your space, but your funds are quite limited, you can consult about loans specifically for investing in real estate. While entire house purchases are often financed this way in Florida, or in California, investment property loans in Kentucky or in Colorado are the thing that owners often ask about.
By raising the house to a higher level, its overall value goes up, and with a faster return on the investment, we also get a faster return on borrowed money.
When it comes to tenants, they are no longer looking for 4 walls with windows and a piece of grass. Ok, maybe some are looking for it, but we will target another group who are looking for their own little piece of paradise. Play the personality card and throw in some requested features. Today, people are ready to pay even more to get the desired comfort and specialness of the space.
Conclusion
Who doesn’t love outdoor spaces?! Especially if they are beautifully and functionally decorated to make the gatherings with family and friends even more fulfilling. It is not necessary to invest astronomical amounts to achieve that feeling – it’s enough to put a little effort and bit yourself into it
If you do decide to make larger investments, think about the budget and ask about ways to increase the value of the property and recover those investments as soon as possible.
Now light a fire pit and enjoy counting your bigger profit.