When you look at the exterior of your property, you may dream about a vision of your yard. You should know that it is absolutely possible to achieve your landscaping goals. You just have to figure out what is holding you back from achieving that dream. The yard you desire can come with a sizable price tag. If the expense is holding you back, it is worth knowing that there are ways to fund the changes you want to see. Here are three ways to fund the yard of your dreams.
Home Equity Line of Credit
If you have accumulated enough equity in your home, you can borrow against that value. Since a home equity line of credit is secured, it offers several benefits. As long as you use the HELOC for repairs, improvements or a remodel, the interest is tax deductible. After the lender crunches some numbers, they will determine the maximum amount you can borrow. It is OK to only borrow the amount that you need instead of the maximum. On a collateral-backed debt option, there are also more lenders at your disposal. Your payments could also be lower and more flexible.
Home Improvement Loans
Home improvement loans have advantages over other funding options that could make them the right option for your project. A home improvement loan is very similar to a HELOC. The main difference is that when you apply for a loan, you are given the lump sum at one time. You will still be told the maximum amount you qualify for and then you will decide the actual amount you want to borrow. With a line of credit, the agreed-upon amount is deposited into an account and you have the freedom to make withdrawals are necessary. How you want to manage the disbursement of the funds is up to you.
Cash and Savings
Before anything is dug up in your yard or a flower seed is planted, think about the elements the yard of your dreams will require. Also, get some estimates. Maybe you will be able to pay for this dream with cash from your savings. Paying cash is interest free, and in some cases, you may be able to write off the expenses on your taxes. You may be able to receive discounts, too. You may want to start a special account to save up for improvements to your landscaping.
The yard of your dreams is not a distant possibility. If you do not have enough cash saved, there are several opportunities to fund it through borrowing from the equity that you have already built in your home.