Did you know that as a landlord you can actively employ green spaces to increase retention rates, competitiveness, property value and a sense of community? We recently discussed how community gardens in multifamily units are amenities that can set your rental property apart from the competition. If opting to include green spaces like a community garden or adding a green roof instead of a traditional roof, you will need to establish some ground rules, of course.
Establishing Ground Rules For Green Spaces On Rental Units
Generally, people interested in community gardens will want to avoid pesticides. Part of the allure of gardening is growing food that is pesticide free. Make sure that you include any rules like “no pesticide use” on the plot rental agreement. Even if you have separated gardening plots within your community garden, you will most likely want to establish rules.
Should You Allow Composting?
Composting on the property in the traditional manner can bring pests and look unappealing. Unless your rental property is in an area with ample acreage, it’s probably a bad idea to allow traditional composting. Consider providing tenants with a composting tumbler like the Compost Wizard Jr. or the Hot Frog Mobile Dual-Chamber. This helps people renting your property feel as though they are making greener choices. When afforded this opportunity, you will likely notice your tenants taking greater responsibility for the property in general.
Considering Rain Water Collection?
If local ordinances allow it, you can also employ a rain water collection tank. This saves on watering costs and people love them! Some municipalities don’t allow for the collection of rain water. So, just be sure to double check with the ordinances in your municipality or county before installing a rain water collection tank. In many ways though these tanks are very advantageous.
If you need a new roof and it fits with the design, a green roof might be the one thing that could draw tenants willing to greatly increase their commute to be able to live beneath a green roof. These roofs are more expensive to install, but save on energy costs in the long run and can be a major attention drawer. This idea might seem way out there, but it certainly is something that property investors are looking into as the demand for greener rental properties increases.
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.