Many people today own and manage multiple rental properties. It’s a great investment and a way to earn passive income. If you’re already a landlord, you’re probably used to making updates or renovations in between tenants that include a fresh coat of paint or even installing new flooring.
Something you may have not considered before is exterior updates as well, including adding a fence. Did you know adding a fence to your property adds privacy, boosts curb appeal and can help attract new tenants? A rental with a fence appeals to people with pets and children. An affordable and durable option is an aluminum fence. There are many styles to choose from to match your property. Read on to learn more about the steps you must take in order to add a new fence to your rental property and the benefits you will receive from this addition.
Designing the Fence
In addition to the style, you will be able to customize the height of the fence and choose the color. When designing your perimeter, you want to consider both the size and style of the home. With plenty of options, it’s important to select the best fencing material for your property to help with overall aesthetics. Another good way to assist with your design options is to know the size of the lawn and take a look at surrounding properties to see what type of fencing is popular in the neighborhood. You’ll want your fence to look natural and be tall enough to function as a privacy barrier for families with children and pets.
Keeping Maintenance in Mind
Installing a low-maintenance fencing option is important for landlords living off-site who want to avoid additional house calls. Since you most likely don’t live on the property you don’t want a fence to mean additional work for you. As you work on the design elements of your fence you’ll want to read up on the current construction codes for your area. Check out this article for some additional information you should consider before getting started. If you’ll be hiring a contractor to do the work, make sure you set up a realistic time frame for the project to be completed and that they have all the necessary permits. Be sure to consider property lines and surrounding homes as well.
Financing the Upgrade
Since you are the owner of the property, you will be able to fund the fencing project however works best for you and your budget. This convenient addition to your rental allows tenants to still occupy the space, ensuring that you aren’t missing out on income while the construction is happening. You can also look into taking out a home equity loan on your property to pay for the fence. You’ll receive your loan payment as one lump sum, making it easy to purchase your supplies and get started on the project. Keep in mind that once you add the fence, you will be able to re-evaluate your monthly income from rental payments.
Choosing a Fence
Once you have your permits and design in mind, it’s time to get started. Since there are a variety of fencing materials available, settling on one can be a tricky choice. A black aluminum fence is a great option for many reasons, including style and ease of maintenance. This would be a great solution if you are looking to add fencing to multiple properties at once and will allow your rentals to maintain consistency in what they offer. If you decide to add fences to multiple properties, consider analyzing the cost to refinance your mortgage. This may make sense for a larger project and help you save money in the long run. With a cash-out refinance, you can use the money for almost anything. You can boost your savings or cover the cost of a home renovation. An additional perk is that the tax implications of a cash-out refinance may also allow you to make the funds tax-deductible if you undergo capital home improvements.
It may take a little time but your new fence is going to bring a lot of value to the property and in return extra money to your wallet. Since you’re adding a fence, this is a good time to make sure the lawn and landscaping are looking nice as well. Little changes in addition to your fence will really enhance the property’s curb appeal. This will help attract tenants and allow you to bring in more money. This is also great for the long-term in case you ever decide to sell your rental property.
Adding a fence makes your rental property look better and more appealing to tenants. That is a great perk when showing your property. Being a landlord comes with a lot of responsibility and work but the benefits of having your property always filled are well worth it!