Can I use a bridging loan for refurbishment

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When trying to sell your home, you might find that certain conditions prevent you from getting the deal that you would have wanted. It often comes down to the condition of the home. Do you ever look around your house and just wish that it looked completely different?

An open plan kitchen. New patio doors. A more modern living room, free from the clutter and constraints already present. Sounds like a nightmare, correct? Well for some of us, that nightmare can easily be overcome with the use of a bridging loan. For anyone who wants to help rebuild the look and style of their home, finance is often the main problem.

You can’t afford to do all of your refurb at once. But, you can’t afford to do it in pieces as parts of the refurb rely on another part being finished. This means we often wind up in some form of stasis, unable to make a clear and considered position make sense. If this sounds like you, then you should definitely look to get a bridging loan.

Instead of living on the breadline by saving up all of your money to do the refurb all at once, you could look to use a bridging loan to make an often frustrating part of the process a whole lot easier to deal with.

Why would a bridging loan be good for your refurbishment?

The bridging loan makes a lot of sense as it’s a fine choice for making sure you can get the house into the best condition possible. Let’s say that you wanted to mortgage your home, but it’s not in a condition to be mortgaged at this moment in time. You might also find that the property lacks the standard of facilities to be sold on or rented out.

When that is the case, you need to go through with an expensive refurb to sort the place out. With the use of a bridging loan, you can get the money together to start doing all of the work. Then, you can increase the value of the property and sell it on to make sure you are left with a much more professional, presentable property.

We recommend that you try this out as it will make a huge difference to the standard of your property, and often will make the process of selling it a much easier thing to work through. This is extremely useful for any property developers and/or landlords who want to restore a property back to rich health so that it can be sold on.

You might even wish to keep the property and rent it out. A bridging loan allows you to do that, paying off the loan with the funds that come in from your renter. Whether you use this to get the home ready for a future sale or because you are ready to start renting it out but need to do some work, a bridging loan is definitely worth consideration.