Let’s be honest, your front yard plays a very important role in your home’s overall curb appeal. In the world of social media and Pinterest boards, attractive landscaping is now more than just a well-mowed, dandelion free-green-lawn. Landscaping needs to fit the size and style of your home – flowers, plants, shrubs, trees, and how much sunlight the yard receives all need to be taken into account.
Landscaping can be a costly investment, yet an investment that can add to the value of your home. The cost of landscaping varies based on how elaborate your design is, the size of your property, your location, and how much detail you want to incorporate. Landscaping can range from around $1,500 to several thousand dollars. Below are a few options for paying for your landscaping.
Home equity line of credit
A home equity line of credit or HELOC uses the equity in your home which means the difference between the value of your home and your mortgage balance as collateral. Your lender typically looks at your credit score, employment history, monthly income, and monthly debts, just as when you first got your mortgage.
Home equity loan
A home equity loan is a fixed-term loan issued by your financial institution based on the equity in your home. Oftentimes a home equity loan is referred to as a second mortgage. Once you apply and are approved, you receive your lump sum and can do whatever you want with your money. You pay back monthly for the term you agreed to, most times in a few years.
A cash advance is like a loan, yet needs to be paid back much sooner. Another difference is that with payday loans online, the process is much quicker. Most folks are approved the same day, and funds are typically available within a few hours. This loan doesn’t require any collateral, which makes it more accessible for most people. A cash advance is designed for short-term use, the requirements are also relatively easy to meet.
A personal loan is a loan from a bank or credit union that you repay in monthly payments typically over a few years. A personal loan is an unsecured loan, so it is not backed by collateral. Your approval is based on credit score/history, debt-to-income ratio. Before deciding on your personal loan, shop around to find the best interest rate.
Credit Cards can be another good way to pay for your landscaping project. The advantage to using a credit card is you can pay back the money you borrowed over time, and if you have a 0% credit card, you can pay that money back, interest-free.