Few things enhance your home’s curb appeal more than attractive landscaping. Of course, landscaping projects can do far more than just add to the curbside aesthetics of your home—they can define your lot boundaries, create functional outdoor living spaces, and even increase the energy efficiency of your home.
If you’re ready to dig into a new outdoor lawn or garden project, here’s what you should know about landscape financing solutions.
Landscape projects are generally viewed as good investments; well-landscaped homes tend to sell more quickly and command higher prices than comparable properties—as much as 11% or more depending on where you live and the quality of the landscaping.
Did you know the American Society of Landscape Architects recommends homeowners spend about 10% of their home’s total value on landscaping? Not every homeowner is quite that ambitious, however; in 2017, most homeowners spent between just $1,500 and $5,000 on landscape projects.
Most personal finance experts encourage people to save up and pay cash for nonessential home improvement projects, but the calculus is a bit different when it comes to landscape financing, since landscaping can definitely increase the value of your home. Landscape is usually viewed as less risky in terms of return on investment than a luxury upgrade such as a pool or spa.
And if you’re trying to sell a home with less-than-spectacular landscaping, the right financing can get you the funds you need to complete the project quickly and land a buyer.
Unlike home equity loans, which usually have loan minimums of $10,000 to $25,000, personal loans have minimums as low as $1,000 to $2,000, so you can borrow only what you need for your project.
Most lending partners have a loan maximum of $35,000, which is more than enough to finance even big-ticket landscaping projects like a high-tech outdoor kitchen and dining area.
Although interest rates are a bit higher than with secured loans, personal loans have shorter terms, usually between three and seven years, meaning the overall cost of the loan is lower. Plus, there are no expensive upfront costs when you apply for your loan.
The application process is quick and painless—and you can have your money in as little as a day or two, so you can get started on that new privacy fence right away.
Monthly payments are fixed and predictable, making it simple to budget responsibly for your landscaping projects. There are also no prepayment penalties; if you decide to use your tax refund to pay off your loan ahead of schedule, you won’t be penalized.
If you don’t want to wait until you’ve saved enough cash to cover your landscaping, Hearth can help you find the best rates on a personal home improvement loan or home improvement credit card. If you’re not sure which option is right for you, use our home improvement financing comparison tool to help you decide.
Let Hearth show you how easy it is to bring your landscape projects to life with a personal home improvement loan or credit card
