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Are you planning an extensive landscaping project, but do not have ready cash for the home improvement? Worry not. Don’t let the cash crunch hold you back. Consider a landscaping loan and get affordable payment options at low-interest rates.
The fact is, updating the landscaping in your property can turn your yard into a haven for you and your family. Most importantly, it can potentially increase the value of your home.
However, landscaping projects can be expensive — making it necessary for most homeowners to borrow money to pay for it. This article will guide you on how to find the right landscaping financing, and how much loan amount you’ll need to apply for.
How much does it cost to landscape a yard?
A typical landscaping project would cost you around $4 to $12 per square foot. Keep in mind that the total landscaping cost will vary widely depending on a variety of factors. These would include the scope of hardscaping, the landscaping materials, the type of plants you choose, landscaping permits, your location, and whether you’re hiring out labor or doing it yourself.
A landscaping project can be a really expensive affair based on what all goes into it. For example, a project with a swimming pool, paver patio, or outdoor kitchen will cost you much more than a simple project involving putting in some seasonal plants, perennials, and shrubs. Whatever details you choose, you can plan the perfect garden landscaping on finance.
Read more: Swimming Pool Financing & Loans
How much do landscapers charge per hour?
On average, licensed landscapers charge between $50 and $100 per hour, per crew member. The labor cost depends on the size of the landscaping job and the total number of landscapers involved. For standard lawn maintenance and care, it takes a two-person crew 30 minutes to mow your lawn.
Looking for a reliable landscape designer? Kukun can help you hire the best contractors.
Is landscaping a backyard worth the investment?
A well-planned, well-designed landscape could not only enhance the look of your home but also add value to it. Most importantly, you can get a good return on investment or ROI.
A backyard or front yard landscape design will make your property more appealing to potential home buyers — making it easier for you to sell it for profit or refinance your home in the future.
Apart from that, your yard landscaping will give you the benefits of shade, privacy, fruits, and flowers.
A professionally designed landscape — using quality material — is not only a work of art but also smart property investment.
According to real estate agents, landscaping can add tens of thousands of dollars to the value of your property. They believe that beautifully landscaped homes are worth anywhere from 1% to 10% more than homes with no landscaping.
If you’re planning to sell your house in the near future and you’re undertaking the landscaping project as a part of improving your home’s curb appeal, the high landscaping cost will make sense. That way, you could recoup the cost of the improvements.
Want to know which home improvements will give you the highest ROI? Kukun’s How to Prepare Your House for Sale tool will help you!
Can you get a loan for landscaping?
Yes. You can get the best home landscaping loans with Kukun. You can choose between the most convenient methods for financing a landscaping project. Most homeowners opt for any of these types of financing:
Landscaping financing through home equity loans
Home equity loans are for a fixed loan amount, which is determined by the amount of equity you have on your home. If you know exactly how much your home improvement project will cost you, this type of loan is a good choice. You can borrow a large amount of money at a low-interest rate.
Want to know how much money you need for your landscaping? Get a home remodeling estimate through Kukun’s cost estimator.
Pros of home equity loans
- Lower interest rates than a personal loan.
- You can borrow a fixed loan amount.
- Gives certainty to your budget as rates and monthly payments are fixed.
- You may claim a tax deduction on the interest you pay toward the loan (based on the size of your mortgage and whether you itemize deductions).
Cons of home equity loans
- You put your home on the line to secure the loan.
- It may have higher upfront costs than a personal loan.
- The loan eligibility is strict; you can qualify only if you have enough home equity.
- Loan approval may take longer.
- There’s a requirement for a home appraisal.
- The loan may come with prepayment penalties.
Landscaping financing through home equity lines of credit
This type of financing option gives you access to a revolving line of credit. The credit limit you get depends on the amount of equity in your home. It’s a good loan if you’re planning on an ongoing large-scale home remodel, and you don’t know exactly how much money you’ll need. That way, you’ll have access to an ongoing source of money, for a long time.
Pros of home equity lines of credit
- You only pay interest on the amount of money you use from the available line of credit.
- The total interest you pay toward the loan could be tax-deductible.
- You have the flexibility of borrowing only what you need.
- Interest rates are usually lower than personal loan rates.
Cons of home equity lines of credit
- Higher rates than a home equity loan.
- Variable rates; your monthly payments could fluctuate.
- It’s easy to be tempted to borrow more funds than you need.
- If you default on your repayments, you’ll be risking property foreclosure.
- You need to manage your budget through strict discipline.
Landscaping financing through personal loans
A personal loan is an unsecured loan — meaning you don’t require collateral such as your home equity to borrow money. The loan amount you can borrow will be directly based on your credit score, employment history, and other such factors.
A personal loan for landscaping is ideal if you’re planning a smaller-scale remodel, and need to borrow a smaller amount, but don’t want to put your home equity at risk. The loan is also a good choice if you need money urgently in a lump sum.
Read more: How to Get the Best Emergency Personal Loan
Pros of personal loans
- A personal loan can be used for any purpose, and that includes landscaping financing.
- You can get the required funding in as little as one business day.
- You’re not putting your home at risk, even if you can’t keep up with the payments.
- Such a loan comes with lower upfront fees than home equity products and services.
Cons of personal loans
- The unsecured loan comes with lower minimum loan amounts and short repayment terms.
- Interest rates are higher than secured loans, especially for borrowers who have a bad credit score.
- Interest payments are not tax-deductible.
- The loan may cost you a high origination fee.
Can you get a loan for landscaping with bad credit?
The good news is that landscaping loans are available for credit types — from excellent credit to poor one. Keep in mind that if you don’t have good credit, you’ll be charged higher rates in all probability.
This will of course make your landscaping project more expensive than it should be but if you need the money, you need the money!
The better your credit, the better are your chances of loan approval and a landscaping loan that comes with a lower interest rate.
The best way to go about applying for landscaping financing is to take a couple of months to boost your credit score. However, if the project can not wait, you’ll have to find the most viable funding.
Want to find out if you qualify? Apply for a landscaping loan through Kukun’s most-trusted lending partners, and get the best financing options available near you.
Of course, your loan approval will be subject to your score and other personal details. The best place to start is by using Kukun’s loan tool to inquire about your options. The inquiry will not affect your credit score.
Do landscaping companies offer to finance?
In some cases, you may be able to finance your landscaping project through the landscaping company you work with.
Although such a type of funding can be convenient, it does put more power in the hands of the contractor. They solely control your costs, rates, and loan terms.
If you’re contemplating contractor financing, make sure you compare the rates and terms before giving it a go-ahead. And, in case you qualify for other financing options near you, do explore them first.
Sometimes it may happen that your landscape contractor doesn’t actually provide the financing themselves but refer you to a preferred loan lender. Whichever landscaping loan provider you choose, make sure you get the best deal on loan offers.
How do you finance a landscaping backyard?
The best way to finance landscaping is through a personal loan. Especially if you don’t have a lot of equity in your home or your landscape project doesn’t cost a bomb or you don’t want to put your home at risk.
The good thing about such a home improvement loan is that if the loan gets approved, you can borrow up to $100,000 and take as long as 12 years to pay the money back. That allows you to save your money for emergencies and other priorities.
Although the loan is typically better for people with a good credit score, it can benefit even borrowers with poor credit. Timely repayments may improve their credit report over time.
Apply for a landscaping loan today!
If you’re planning to give your yard a complete makeover, but don’t have the ability to pay for it, taking out a landscaping loan is a smart decision. Get the right knowledge and resources, and bring your dream yard to life. In addition, increase the value of your home manyfold! So, what are you waiting for? Apply for financing today!