Boost your rental’s home value and curb appeal by maximizing your outdoor spaces. You’ll find that tenants are willing to pay more for a functional outdoor space that gives them comfort while allowing them to connect with nature. That’s why many property owners are extending their living space beyond the four walls of their house.
It could take a lot of work from desiring an outdoor space browsing through cool landscaping ideas, and planning on building it. Creating a versatile outdoor space can be an expensive endeavor that requires a lot of planning. So to help you create a budget that anticipates the potential costs, we’ve put together this guide to walk you through the major expenses you should expect.
Cost to Build an Outdoor Living Room
A proactive rental manager in Northern Virginia should always be on top of outdoor maintenance for great curb appeal.
Size
Consider how small or large you want your outdoor living room to be. Naturally, larger spaces require more materials, buckets of paint, and man hours to complete, and these would undoubtedly add to your final bill. It would be best to consult a cost projection based on the square feet of the space you want to create.
Materials
Opt for materials that match your taste and budget to avoid running out of funds. Aside from the size, materials are another major factor that influences the total cost of a construction project. If you want a more luxurious feel, you may want to splurge on higher-quality materials like natural stone or hardwood. But if your priority is creating an outdoor escape, lower-quality materials like concrete or composite decking can get the job done without making you break the bank.
Design Complexity
Incorporate complex designs in your outdoor living room by including custom features. The more generic your designs are the cheaper it’ll be. However, including unique add-ons can be beneficial in the long run if they have a higher ROI. For instance, if you decide to add a custom-built structure like a gazebo or include an outdoor kitchen in your exterior living room, you could pitch it as a major highlight to vacationers or families that like to host barbecues.
Design Elements that Bring Comfort and Aesthetic
Weather-Resistant Furniture
Opt for furniture that can withstand harsh weather conditions to avoid flushing your money down the drain. After all, what’s the point of spending so much money to boost your curb appeal if your couches and features fade from spending too long in the sun? It would also not be convenient or practical to expect tenants to always dash into the backyard whenever rain starts pouring. You should prioritize stylish and weather-resistant materials like aluminum or synthetic wicker when decorating your outdoor living room.
Install Outdoor Lighting
Create a relaxing ambiance in your outdoor living space that makes tenants want to stay longer by including outdoor lighting. The last thing you want is to have renters stumbling around in the dark or tripping over furniture when the sun goes down. So, rather than limiting the hours of use tenants can get from your outdoor living room, look into getting lanterns or wall sconces that create a warm and inviting atmosphere. You can also opt for fun options with string lights that change color creating a more relaxing mood.
Incorporate Plants for Privacy
Use plants to create natural privacy screens around your outdoor living area. If you truly want to make your outdoor oasis seem like another room, consider adding hanging baskets, shrubs, or vines that obstruct visibility and give tenants more security when they’re outside. Besides, larger plants and trees can serve a dual purpose by providing shade, making your outdoor living room more airy and cozy.
Benefits of Adding an Outdoor Living Room
Enhance Overall Appeal
Create a positive first impression on new tenants by creating an inviting and comfortable outdoor space. There’s no denying that an outdoor living room is an instant boost to your property’s curb appeal and could be an excellent way to set your home apart from the competition. After all, it is a unique selling point that shows prospective renters prioritize their comfort. Besides, it also expands your total living area giving your property a unique selling point that can fill your vacancies faster.
Justify Higher Rent
Invest in an outdoor living space to justify hiking your rent. Increasing your rental rates can be tricky, especially when you have existing tenants you don’t want to chase away. On the other hand, it’s a lot easier for renters to accept paying higher fees when they can point to high-value additions that make their homes more beautiful or comfortable. Thus, if you’re willing to bear the upfront cost of expanding your outdoor space, you could easily get away with charging more because you’re delivering more value.
Increased Tenant Satisfaction
Make your tenants happier by creating a well-designed outdoor living room. Sometimes renters want a break from being cooped up in the house all day, but taking a walk or a drive can be a lot of work. Thus, the added convenience of an outdoor area for relaxation and entertainment can improve their overall enjoyment of your property. And considering happy tenants are more likely to stay longer and renew their lease, this investment could reduce your renter turnover and maintenance costs in the long run.
Conclusion
Creating a comfortable and aesthetic outdoor living room can make your rental stand out from the competition. This addition can be a very rewarding investment if you know what to anticipate during the construction process. As a result, it would be best to factor in how big you want the space to be and what type of materials you’d like to use. The complexity of your designs and the location of your property can also hike up your final cost estimations.
If you want tenants to get the most functionality and comfort from your living space, consider weather-resistant furniture that can brave the elements. You can also incorporate outdoor lights to improve ambience and visuals, and plant trees that give renters a bit more privacy. Consult a property management company to get help in contacting local contractors and overseeing your new outdoor addition.
