If you want to do up your garden, which is something many people consider in the springtime when the weather starts to improve, you may wonder how to pay for it. Even if you paint a fence, plant a few shrubs and put down some gravel, the cost can really add up. If you want to do a total overhaul then it could get so expensive that you might start to wonder how you will be able to afford it. You may consider whether you should borrow money. This can be a good idea but it is worth considering a few things first.
Do I have enough money without borrowing?
It is wise to start by thinking about whether you have enough money to pay for the loan without borrowing money. It might be that you have some money saved up that you can use. It is not always easy to part with savings though and borrowing could seem like an easier option. However, it is a good idea to think about whether you want to pay the extra money for a loan or use your savings and just lose the interest you are getting on them which is likely to be a lot less. You may have worked hard to save the money or be saving it for something specific but it is worth thinking about whether it will be better to use them rather than pay the loan costs.
Is it a good reason to borrow?
Think about whether the work that you are thinking of doing in the garden is really worth the money. It is a good idea to think about how much you will get out of it. You might be able to do a few things and still get a lot of pleasure form the garden without paying out lots of money. Or you may be able to do jobs a bit at a time to spread the cost.
How much will a loan cost?
The next is to find out how much the loan will cost you. Work out how much you will want to borrow and you will then be able to find out form potential lenders how much the loan will actually cost you. You will find that it will vary between lenders but if you can get a rough idea then you will be able to think about whether this will offer you good value for money or not. You might also considering looking at loan options where a guarantor is not required.
Can I afford the Repayments?
It is most important to find out how much the repayments will be on the loan. You will need to calculate whether you will be able to afford these repayments or whether they will be too expensive for you. If they are too expensive, you will risk missing repayments and this will mean you will be charged more money and the loan will be even dearer. No one wants this to happen and so you need to do your best to protect against it.
So, there is not really a simple answer to this question. You will need to think hard about whether you feel it will be worth it for you. This will depend on how much you think you will use the garden and how pleasure it will give you. It will also depend on your financial situation and whether you can afford to repay the loan and whether you are happy to pay the loan costs. It will take research and some thought, but it is worth taking the time so that you do not end up making a decision that you later regret.
