Creating Gardens As An Amenity For Your Rental Property
Whether your rental property is a duplex, a single-family home, or an apartment building, you might find that creating the foundation for a garden can serve as quite an amenity for people. Gardeners are all over, and this trend is growing. As more people want to get back in touch with nature or control their own food supply, we see people turning to gardening.
Did you know the following points about providing garden space for your tenants?
- Multifamily community gardens often attracts high-income tenants.
- Multifamily community gardens often attract empty nesters with a steady source of income.
- Community gardens of beautiful, amenity-quality aesthetics and materials can range from between $5,000 and $30,000, depending on how elaborate you want your garden space.
- You can allow one of the tenants to manage the garden in exchange for a discount on rent.
- You don’t have to let people garden for free. They will pay more to get into a unit that has gardening access, but you can also charge a rental fee for the garden itself. People are generally very happy to provide their own seeds and even their own gardening tools.
- In the southeastern part of the country people can pay between $20 and $50 to rent a space in the garden.
Keep in mind that community gardens have the ability to raise the property values of homes even in low-income neighborhoods if they have community gardens in them. Just make sure you have a clear set of policies. You can check online and will find many tips for starting a garden from scratch or how to devise a community garden lease!
Are You Looking for a Hard Money Loan to Flip a House Or Buy A Rental Property?
Paces Funding is a hard money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, or the North and South Carolina metropolitan areas. Our application process for hard money loans is easy. Just fill out this very simple online form and you will be contacted shortly. Unlike other lenders, the window between applying and funding is very small. We have funded properties in as a little as one day, but typically funding hard money loans takes about seven to ten days.
Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.