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Financing Your Backyard Renovation
  • Sarah Wambua
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One major way to add a whole new charm to your property is by conducting a backyard renovation. The best thing about conducting a yard revamp is that you won’t have to deconstruct any walls or inbuilt furniture. Subsequently, a backyard revamp is way cheaper than a major home renovation. Moreover, backyard renovation significantly increases the value of your property. A good percentage of homeowners revamp their yard by installing an inground swimming pool. Although costly, this is a great way to make your yard look exceptional and breathtaking.

Financing Your Backyard Renovation

Nonetheless, financing your backyard renovation can be challenging. Such projects end up costing thousands of dollars and can take a toll on your budget. Therefore, you might consider looking for various financing options to enliven your backyard. Fortunately, there is a broad spectrum of financing options nowadays; from credit card loans to mortgage loans. Thus, you can always find a plan that works for you. Let’s take a look at some of the ways you can finance your backyard renovation.

But first, how much does a backyard renovation cost?

Well, renovation costs often vary based on the type of renovation. For example, if you want to install an outdoor kitchen, you may end up paying approximately $5,000 to $12,000. On the flip side, installing a swimming pool in your backyard can cost you about $3,000-$100,000 depending on the type of pool. Usually, concrete swimming pools are the most expensive while vinyl liner pools are the cheapest.

Therefore, to find out the exact cost of backyard renovation, identify the type of renovation you wish to incorporate. Then, conduct thorough research on the average process in the market. Always go for a dependable, remodeling expert who can work with your budget. However, note that the price of renovation differs based on the area’s climatic conditions, the size of your property, and the complexity of the renovation.

Financing Options for a backyard renovation

As seen earlier, backyard renovations can be expensive. More often than not, you won’t have the total renovation amount at hand. In such scenarios, you may have to borrow a loan from a reliable financing institution. The loan could be a personal loan, credit card loan or home equity loan. Before you settle for a particular loan, ensure that you understand each of their distinctive advantages and disadvantages.

Credit card loans

At times, financing a renovation will require you to borrow a credit card loan. Credit card loans are easier to obtain, but they have a high-interest rate compared to other loans types. Typically, credit card loans do not offer a fixed interest rate. Therefore, you may end up paying back the loan at a very high-interest rate.

Financing Your Backyard Renovation

Most financing institutions offer credit card loans for financing your backyard renovation. Thus, if you have to obtain a credit card loan, ensure you look for a reputable financing institution with a favorable payment plan. This way, you won’t have to worry about paying the loan. Credit card loans are advantageous because they do not incur high risk, unlike home equity loans. With a credit card loan, you don’t need to secure the loan with an asset.

Personal loans

A personal loan is a great way to finance your backyard renovation. Unlike home equity loans, these loans do not require you to secure the loan with an asset. Personal loans are available in almost any financing institution.

All you have to do is apply for the loan and wait for the financing institution to analyze your personal and financial history. Additionally, personal loans are not as expensive as credit card loans. Thus, they might be a good alternative to home equity loans. Personal loans also incur a short processing time. Also, you can take a personal loan to do a lot of things. Thus, when it comes to personal loans, financing institutions don’t care much about the loan’s primary purpose.

Home equity loans

Another way to finance your backyard renovation is by taking a home equity loan. Home equity loans are much cheaper because they incorporate a fixed interest rate. Even so, this loan requires you to secure it using your home. Therefore, you run the risk of losing your house in the long run. Before financial institutions grant you this loan, they will evaluate your financial history and credit loans. Also, home equity loans incur a longer processing time than credit card and personal loans.

Conclusion

A backyard renovation can take a toll on your monthly or annual budget. Therefore, if you are planning to conduct a backyard remodeling, it would be best to look for financing options, especially if you don’t have the cash at hand. Note that the price of backyard renovation varies depending on what you wish to install. So, before you apply for any financing option, know the average cost of the renovation. From there, you can borrow a home equity loan, personal loan or credit card loan. It all depends on your financial history and requirements.

Author: Sarah Wambua

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