A lot of homeowners don’t turn their backyards into the dream at-home getaway they wish it could be, because they’re worried about how to pay for the investment. But don’t worry! There are actually plenty of financing options available to you if you’d like to transform and upgrade your backyard from ‘we wish-it-could’ to a functional, comfortable and natural extension of your home, with an outdoor kitchen, hot tub, entertainment center, fireplace, cooling systems and more.
Before you look into financing options, consider the fact that your backyard changes are a long-term investment with their own rewards. Our partner Creative Environments has a fantastic blog post about the average cost of improving your backyard in Arizona. They estimate that with the proper financing, the average family with a budget of $50,000 for a backyard living space only has to pay $560 a year (you can’t even go on a good vacation for that!). Creative Environments also says MONEY Magazine has reported homes in Arizona can sell for 100 to 200% (are we sure about this??) more than their value if they have an attractive backyard living space.
So start by looking into lenders who specialize in home improvement and backyard design loans. While you may love your default bank, they may not understand or have special rates available for such an investment. On the other hand, lenders who focus solely on providing loans to people wishing to improve their homes and backyards will understand exactly what you’re trying to do (and why you want to do it).
And since you’re reading this blog post, consider going through Paramount Capital. They have a program through Imagine Backyard Living where they find the best financing solutions with low and fixed rates so you can start turning your backyard into a relaxing, inviting environment. The service is 100% free to all IBL customers, including military families. To make things easier, you can even fill out a pre-application on Paramount’s website.
Just remember backyard design and improvements is an investment that pays off in the long run. While the cost of turning your backyard space into a true extension of your home seems daunting, you can easily take advantage of some incredible financing opportunities, and be assured that the value, attractiveness, and practicality of your entire home will skyrocket.