Why you should renovate your home with a private mortgage loan

• September 28, 2016

Renovating your home can sometimes feel like another costly burden or a luxury you can’t afford. However, more often than not, renovations can be a very profitable investment to make in the long run. Here are 3 reasons why you should invest in home renovation:

1) Renovations increase resale value

The top renovations that will increase your home’s resale value from least profitable to most profitable are: flooring, fixtures, bathrooms, kitchens and income suites (converting a part of your home into a rental for businesses).

2) Renovations prevent you from spending even more in the future

With time, your home will inevitably need a remodeling. The more you wait on repairs, the more costly they tend to be in the long run. It is better to renovate at the root of the problem so as to prevent you from catastrophes in the future.

3) Renovations ensure a better quality of life

This point speaks for itself but it is often overlooked. The more comfortable you are at home, the more satisfied you will be. The environment in which you live has a great impact on your well-being and having a comfortable home can only have a good influence on your work and your productivity.

Finally, if you are a homeowner willing to renovate but you don’t qualify for traditional mortgage loans due to self-employment or a lack of credit, private mortgages may be a good option for you.

Private mortgage loans are those effectuated by individual investors who use your home as collateral. Going through these investors is advantageous due to the fact that they are easier to qualify for, quicker to process, and more flexible. In other words, you go around the conventional rules and regulations of a financial institution and deal directly with an investor. It is a great way to build your credit score all the while turning your home into a more profitable asset.