Upgrade your outdoor living space this spring
When it comes to adding value and livability to your home, an outdoor living space may be a great investment. You might thinking of something primarily for the summer months, or something that you can use year-round.
To make your dream a reality, you need to start with a little research. Check with your local Homeowner’s Association (HOA) and city building codes to see what is allowable in your yard/neighborhood. There may be limits on building or adding particular features or structures in your area. You may need costly permits to have certain types of construction done and that may be outside of your budget. This type of research in the beginning can save a lot of heartache and costs in the end.
Next, you should understand the home market in your neighborhood. If your current home is valued at $350,000 and you want to spend $30,000 on a backyard swimming pool, it’s important to know whether you can reasonably expect to sell your home for at least $380,000. You should also consult realtors about features that add to or detract from home sales. If the current trend is toward large back yards with room to play, then adding a swimming pool that dominates the back yard probably is a poor addition to your home.
Understanding the financing of an outdoor living space is important before you begin. Maybe this is something you’ve been saving for for years. In that case, your next step is to maximize those funds by being careful with your contractors and materials. If you plan to finance your outdoor living space, your local Homewood Federal Savings Bank can help you find the best loan option.
We have competitive home equity loans and construction loans.
As members of your community, the bankers at Homewood Federal Savings Bank are in the best position to offer you personalized financial guidance. We’ll help you alleviate the worries and start enjoying your new outdoor living space.
So how much can you expect to spend?
According to HomeAdvisor, the national average for an outdoor living space project is $7,699. Among the more expensive projects are:
- Installing an inground pool = $51,773
- Build a patio enclosure = $16,532
- Build a greenhouse = $15,746
- Build an outdoor kitchen = $13,426
Projects that add value and livability but cost less include:
- Build a deck = $7,669
- Install a patio or pathway = $3,925
- Build a pergola, trellis or arbor = $3,904
These outdoor features bring more value to your home and to your life. A home equity or construction loan from your local Homewood Federal Savings Bank will give you the peace of mind knowing that your banker developed a personalized financing plan you can live with.
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