You can easily add a few new plants to your garden to create a brighter and more soothing environment for little cost.
But if you want to transform your garden by planting lots of different plants, the cost can soon add up.
Garden plants come at a wide variety of price points, so the exact cost will depend on the size and style of your garden, the types of plants you want to purchase, and how many you want to buy.
You will pay more for plants that are difficult to grow. Rare and exotic plants will also be costlier than locally-grown plants.
And it is not just the expense of the plants that you have to consider. You would need to buy gardening tools and equipment. You could even need to hire a professional contractor to help you with your gardening project.
So, you should first work out how much you want to spend on your project. You can then look at what your financing options are.
Here are some of the main financing options available to you.
If you have savings, it could potentially make sense to spend some of the money on your gardening project rather than going down the route of borrowing funds.
Alternatively, you could delay your project until you have enough money saved up.
By determining how much the project will cost, you can work out how much you would need to put aside each month. You could potentially save up enough money in a year, depending on your financial situation.
However, it could make more sense to borrow money, via something like a low-interest Loan. Look at different options and do some calculations to determine what the best course of action is for your specific circumstances.
A Home Improvement Loan
A home improvement loan can be used for gardening projects.
It is a type of unsecured personal loan that does not involve putting up collateral. So, a home improvement loan could be a good choice for you, as you will not have to put your home at risk as you would do with an option like a reverse mortgage loan.
Speaking of mortgages, if you are looking to buy a new home, you should explore low interest mortgage loan options to help you save money.
Coming back to home improvement loans, the size of the loan you can take out will depend on factors like your Credit score and debt.
When you take out a home improvement loan, you will typically repay it with interest on a monthly basis over a period of between three and five years.
You can use the money you obtain from a home improvement loan for all kinds of things related to your gardening project, including plants, gardening services, gardening equipment, and ornaments.
A Home Equity Line of Credit
A home Equity line of credit, which is commonly known as a HELOC, is another financing option available to you.
It is particularly a good option if you intend to spend money at various times rather than in one go. For instance, you may need to hire contractors at different times of the year as your plants and garden develop.
However, to secure a home equity line of credit, as you may have guessed from the name, you will need to provide your home as equity.
That could be problematic for some people, especially new homeowners, but if you have had your home for a while and seen it appreciate in value, you could have ample home equity and, therefore, a home equity line of credit could be a good option for you.
Even if you have ample home equity, you could be put off the HELOC option, though, because it is a very time-consuming process that can sometimes be stressful.
You will usually need to have your home appraised and the appraisers will need to examine lots of documents very closely. There are also various fees and closing costs involved with a home equity line of credit.
A Home Equity Loan
Another option is to get a home equity loan. A HEL carries many of the advantages of a home equity line of credit. But it also comes with drawbacks.
The key difference between a HEL and a HELOC is that the former is a closed-end product. That means the borrower is given a defined lump sum which is amortized evenly over a set time frame.
While a home equity loan typically carries relatively low interest rates, it is usually best for people who have ample home equity and excellent credit.
A Credit Card
You could use your credit card to pay for your gardening project. Though, it is typically best to use credit cards to pay for smaller, short-term projects; especially when you pay off the balance during a 0% interest rate period.
To determine whether using a credit card is a good option for you, consider your credit, the interest rate, and your ability to pay down the debt within twelve to eighteen months.
For larger and lengthier gardening projects, it is usually best to go with another funding option, such as a home improvement loan, which will have lower interest rates and longer payment terms.
Borrow Money from a Loved One
Some people do not like asking to borrow money from their loved ones. But if you have someone in your life who is happy to loan you money for your garden project, it could be the best option of all.
You should be able to get an interest-free loan.
Just make sure you both agree on the terms and conditions of the loan, which will often be nothing more than agreeing to pay back a set amount each month.
So, there you have it. If you want to begin a plant gardening project, there are various funding options available to you.
To recap, you could:
- Use savings or save up money.
- Qualify for a home improvement loan.
- Qualify for a home equity line of credit.
- Qualify for a home equity loan.
- Use your credit card.
- Borrow money from a friend or family member.