Have you ever driven or walked past a house and thought, this is the place I want to live in? if you have then you have fallen for the curb appeal of a property which is based on your first impression of the house’s exterior aesthetics.
Curb appeal is the gateway to creating interest in tenants and property buyers as it is the first step to evaluating whether the property is an attractive and viable option for residents. Tenants look for homes that not only provide relevant indoor fixtures but also look great when viewed from across the street. There are benefits of creating curb appeal for initiating the property purchase or lease process.
For houses and properties, what’s on the outside is as important as the inside. even though residents will primarily be spending most of their time inside their house, that is not the first thing they see when they pull up to any property. A good first impression sets the stage for the entire leasing process which can be aided with manicured lawns and hedges or even certain quirky fixtures such as brass knockers and custom mailboxes that add character to the property and enhance its appeal. Once your potential tenants have seen the exterior they are more likely to step inside making them a step closer to placing an offer.
Considering buyers start forming their opinion before they even walk inside the property, a positive external outlook can help them develop an interest in the property. A landscaped garden, water fountain, or colorful flowerbed can become the difference between an offer and rejection for tenants looking for their new home. A well-maintained house exterior can also become the basis of negotiation when it comes to the asking price as interested tenants are less likely to be fussy about the price if the property offers them exactly what they are looking for. Curb appeal can also open the door to potential tenants who place bids by responding to property images online or calling realtors from the physical “For Rent” signs on properties.
While investing in improving internal fixtures and aesthetics by updating hardwood floors or carpets and other indoor considerations is important for determining the selling price or leasing price for a property, we cannot discount the impact of external features and characteristics on the property value. A study by The Journal of Real Estate Finance and Economics determined that good curb appeal can raise property value by up to 7%. similarly according to Consumer Reports, adding outdoor enhancements such as landscaping and adding a patio can increase home value by 3-5% which allows property owners to charge a higher rent.
Many property owners can benefit by implementing simple upgrades like painting their doors and window frames and incorporating some outdoor light fixtures. These additions send a positive message to prospective tenants and add to the visual appeal of the property.