10 Ways to Save on Backyard Renovations
By Scott Gamm of HelpSaveMyDollars.com.
NEW YORK (MainStreet) -- Summer is on us, and chances are that the warm weather will have you spending more time barbecuing, relaxing, and socializing outside in your yard. Wouldn't it be great to make some improvements to that backyard for the lowest possible cost, while still bolstering its curb appeal and possibly increasing the value of your home?
From the landscaping to the lighting to the furniture, how can you save money on backyard renovations? What parts of the yard should you update? Do you dare take on the project by yourself or is it wise to hire a contractor? We asked some design experts for advice.
|Backyard improvements can get expensive and complicated. Set a budget, plan appropriately and consider hiring an expert when needed.|
Set a budget
Backyard renovations can cost a few hundred dollars or tens of thousands of dollars -- it depends on the type of renovation you're looking for.
If you plan on building a swimming pool or a deck, projects that will be very costly and most likely require a contractor, be sure to get price estimates from several different contractors. And always try to negotiate with the contractors for a better price.
Unless you have the cash to finance your renovation, don't do it. Avoid home equity lines of credit, even though interest rates are at extreme lows. These loans are secured debt -- your home is collateral, so if you lose your job and can't afford to pay back the line of credit, you stand a chance of the lender taking your home.
And it doesn't make sense to get into credit card debt for something as nonessential as a backyard renovation, so save what you can and pay cash!