Upgrading your backyard? Here’s how to keep home reno costs in check

Additionally, the scale of the changes will determine the price. 

“Let’s say you want to change your walkway, put in a couple of flower beds, some plants, maybe change the grass, completely revamp the front,” Negodenko said. “That could be anywhere from $8,000 to $15,000 for something basic. It can go up to $40,000 to $50,000, depending on the size of the lot.”

One area that some home owners like to splurge, he said, is putting in a pool. “Once you get the pool in, you’re pretty much changing the whole narrative of the space,” he said, adding that pools can often come with other amenities like entertainment space, change rooms, showers, gazebos, and more.

Projects of that nature can range from about $120,000 to $500,000, depending on the size of the property, according to Negodenko.

How to manage and finance a home reno project

Amundsen said she recommends people looking to improve their backyard take a “project management” approach, by carefully planning and mapping out each stage instead of borrowing everything up front.

“Cash is queen and guilt-free, so I think it’s about approaching it as a plan. In a stage project, map out what you want, decide what you can pay for in cash (and) consider breaking the work into phases you can do over a few years, and your future self is going to high-five you,” Amundsen said.

The second-best financing option would be through a home equity line of credit, which can allow people to use their home as collateral and get a better interest rate, she said.

“Rates (for HELOCs) can be variable, so we have to have a conversation about if interest rates go up … but that’s generally one of the cheapest interest rates out there,” Amundsen said.