Enhancing your front and back yard may not seem like the most important remodeling task to tackle, but more and more homeowners are taking the curb appeal of their home more seriously. Not only will a beautifully landscaped yard add value to your home, but it can truly enhance the quality of living in your home. Big projects, especially overhauls can be quite expensive, which is why there are loans for landscaping available. Much like home improvement loans, landscaping financing makes it possible to pay for your remodel all at once, to make sure it gets done right the first time. Let’s explore how these type of loans assist homeowners in making their yards spectacular.
How Do Yard Loans Help Homeowners?
Landscaping projects can range from simply adding a few elements to a complete yard overhaul. Depending on the materials and plant life you choose, accent elements you integrate and whether you are doing the project yourself or hiring out will greatly affect how much the project will cost. On average, landscaping projects can cost anywhere from $300 to well over $10,000 and will vary widely. Before you embark on your landscaping work, you’ll want to create a budget so you can not only plan ahead, but also seek the proper loan amount to make your project a reality.
As you’re building your budget, you’ll want to consider all of your options.
From flagstone pavers to concrete patios, there are many different types of materials to fit every type of budget.
Even the most minimal projects will likely rely on some greenery to complete the job. Trees, bushes, grass, flowers and groundcover must all be considered and priced ahead of time.
Many projects on your home, especially those requiring digging or building will require a permit. Check with your local planning departments to see what is required for your area.
Labor costs can be a big part of the budget in any home improvement project. You must determine whether you will be hiring a contractor, doing it yourself or a combination of the two. Many landscaping jobs can be handled yourself, including demolition, planting, and upkeep.
Equipment for both the installation and the maintenance of your landscaping project will likely come in handy. Determine whether you’ll need to buy or rent equipment to get the job done.
Is concrete needed for this project Will your project include concrete, pavers, stone work, fencing or any other type of masonry? These elements will likely require a professional and upgraded materials.
Backyard Landscaping Loans
As expected, backyard renovations often cost more than sprucing up the front yard. As the outdoor area that gets the most use, it makes sense. From pools, patios, decks and outdoor kitchens, the backyard is the place where many homeowners want to relax and play. A personal landscaping loan offers the kind of flexibility you need to pay for your project, no matter how big or small.
Designing the Layout
Before starting on a large scale backyard renovation, it’s essential to plan ahead. In most cases, this means designing your vision. Draw up how you imagine the final product to give yourself some guidelines, while also ensuring you procure enough materials and plant life to get the job done.
Some projects only need vegetation to spice up the yard. This is called softscaping. When you’re only planting bushes, grass, trees and other vegetation, you can expect to pay anywhere from $900-$3,000 depending on whether you will be doing the planting yourself.
Hardscaping refers to the materials involved in yoru landscaping project. Like the name implies, this means the concrete, stonework, bricks or any other masonry you use to design your backyard space. This type of construction costs the most, and can range anywhere from $15 to $50 per square foot.
The Pros of a Personal Loan
Once you have determined the scope of your landscaping project and developed a solid budget, it’s time to consider how you are going to pay for it. A personal loan is one of the most common ways to fund a home improvement project for many reasons. Let’s find out why many borrowers turn to an unsecured personal loan.
The Versatility of a Personal Loan
Unlike many other types of loans, personal loans have no requirements on what they can be used for. Whether borrowing a small amount to tackle a small garden project or a larger loan to finally install the outdoor kitchen you have always wanted, personal loans provide that versatility.
Lower Interest Rates & Large Borrowing Ceilings
A common concern is interest rates. Unlike home equity lines of credit and some credit cards, personal loans offer competitive interest rates rather than variable rates that fluctuate dispensing on the market. Because borrowing is dependent on credit score, many people qualify for the lowest rates possible.
Qualifying for a personal loan of varying sizes depends on creditworthiness and does not rely on collateral. Home equity loans and home equity lines of credit both determine how much a homeowner can borrow based on how much existing equity is in the home. Not worrying about collateral takes the guesswork out of borrowing.
When you use a personal loan for the whole amount you will need to complete your project will ensure you only need to make one monthly payment. If you have to use multiple credit cards or small loans you’ll be burdened with numerous payments to keep track of.
Considerations With a Personal Loan
Although personal loans are the preferred method for many homeowners embarking on a landscaping project, they aren’t necessarily the best option for everyone. Explore some of the considerations that come along with a personal loan.
Higher Monthly Payments
One of the benefits of credit cards in general is the ability to pay a small monthly payment so you can pay less on some months and more on others. However, this method does come with incurred interest that can really add up. Personal loans usually have fixed monthly payments, which doesn’t allow for varied repayment terms, but does ensure that your interest rates are the same throughout the life of the loan.
Penalties and Fees
In the same vein as the fixed monthly payment, personal loans can also sometimes come with specific penalties if you are late making a payment. Additionally, some fees may come up during the application process or if you need to increase borrowing costs.
Higher Interest Rates for Average Credit Scores
Personal loans rely on credit scores to determine the fixed interest rates that will be assigned to the loan. As expected, those with excellent credit will receive lower interest rates while those with lower scores may have to pay higher rates.
How to Apply for a Personal Loan
When you decide to go with a personal loan to fund your landscaping project, the application process is a breeze with AmeriFirst Financial. Top notch customer service and excellent lending partners is just the beginning. You first answer a few simple questions online, then you’ll be directed to the digital application, which is just as easy to complete. Simply select your loan amount anywhere between $5,000 and $80,000 and you’re on your way. Many borrowers receive an answer about their application within one business day. Start the process right now to start on the landscaping project of your dreams.