Most “landscape loans” are offered by credit unions – generally considered trustworthy lenders. But non-bank lenders also offer “renovation loans” at varying rates. Check with your bank or credit union first, then research other lenders to find out what interest rate you qualify for. Many non-bank lenders will charge an upfront fee in addition to interest, which you must factor into your final rate. Make sure you don’t fall into the trap of paying an exorbitant interest rate (anything over 10% is too much). You will be better off saving your money and paying for a landscape upgrade when you can afford it.
Whether a lawn loan is worthwhile depends on why you want to make landscape improvements, what they will cost, and how they will benefit you. Leveraging your credit to improve your quality of life or the resale value of your home can be a good investment. Just don’t do it without a plan and the numbers to back it up.
Bill Edwards is a landscaper and freelance writer who enjoys doing handyman projects around the house. He and his children recently built a neighborhood gazebo next to the community pool.
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