Loans And Financing Options For Landscaping Projects

Your outdoor space can be a great and healthy escape from the work of your daily life, and a good landscaping job can turn your backyard into that much needed haven. However, depending on the size of your yard and the extent to which you want to update it, a landscaping project can put a big dent in your finances.

This article will take you through your different options for landscaping loans, and inform you of just how much your project may cost.

Many homeowners want to make a home their own, and a good landscaping job can be a great way to put your mark on your property. Landscaping can vary from backyard projects to larger installations like the following:

• Wooden decks
• Backyard patios
• Waterfalls and ponds
• Swimming pools

For golfers, you could even install a backyard putting green if you wanted.

Not only can additions like these help you enjoy your home more, they can also raise the value of your property if and when you plan to sell it.

How much you’ll need to complete your landscaping projects will depend on the complexity of the work being done, and the square footage of your yard or land. According to HomeGuide.com, it could cost $3,000 – $15,950 on average to landscape a new home. Smaller jobs and maintenance work can start at $300 and go up to $4,000 for bigger installations, like for sod or a sprinkler system.

Another thing to consider is what a landscaper may charge per hour. Including labor and materials, the average homeowner could pay $200 per hour over several weeks of landscaping. Add in $4 – $12 per square foot and you could be looking at a hefty price tag.

Some landscaping companies offer in-house financing that can better streamline the process of getting the funds you need. This may only be available for big projects, like installing a swimming pool, though some companies can also finance a pond or waterfall. Landscape financing may also be available through local and online lenders who offer home improvement loans.

Lenders who offer landscaping loans can understand the high costs of these jobs and will often loan enough to cover the full expense of your project. However, these loans tend to come with high interest rates, even for borrowers with good credit. This can make an already expensive project even more so.

If you have trouble finding in-house financing, there are other loans and financing options for backyard landscaping you can consider.

Let’s take a look at some alternative options:

Personal Loan

A personal loan can be used for almost any purpose, landscaping projects included. Personal loans are usually unsecured and require no collateral, so getting approved for the loan will come down to your credit score and debt-to-income ratio (DTI).

Typically, a credit score of 650 or higher will get you a good interest rate and favorable terms, as well as a DTI of 36% or lower.

The personal loan application process begins with a prequalification, which you should get from multiple lenders to compare and ensure you find the best deal possible without hurting your credit score. Once you’ve found your lender, submit a full application and wait to get approved or denied.

Once approved, you can expect to get your loan in 1 – 7 business days. Some lenders, or lending platforms like Rocket Loans^SM, offer same-day financing, meaning you could see your money the same day you’re approved.*

Home Equity Loan Or HELOC

A home equity loan, like a personal loan, can be used for various purposes, only you’re securing the loan with your home’s equity. This means your home acts as collateral for the loan, and in the event of a default, your lender could foreclose on your home.

Similar to that is a home equity line of credit (HELOC), which isn’t a loan per se but a line of credit you can borrow from and repay as you go. This too carries the risk of losing your home.

0% Introductory APR Credit Card

Some credit card companies offer a 0% APR promotional period when you sign up for a new card. You could use the card to pay for your landscaping and then repay the loan over time free of interest. These introductory periods typically only last 12 – 18 months, though, and then you’re at the mercy of those higher interest rates that many credit cards are known for.

Savings

It’s no fun to dip into your savings, but if you have a solid emergency fund in place, you could always pull from there. You built that savings for a reason, though, and once that money’s gone you’ll have to save up all over again.

Landscaping can add a lot to your home, in curb appeal and in value. While it’s an expensive endeavor, it could be worth it to beautify your home and add some flavor to your backyard. Look over your loan options and decide what will work best for you and your home.

Want to know what personal loan rates you may qualify for? Get started with prequalification from Rocket Loans today.

*Same day funding is available for clients completing the loan process and signing the Promissory Note by 1:00 p.m. ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary, and your bank may have rules that limit our ability to credit your account. We are not responsible for delays that may occur due to an incorrect routing number, an incorrect account number or errors of your financial institution.