Islamic finance will get you the keys to that new home, but there’s more to making the right decision that just getting an ijara loan although that’s the best way to stay Sharia compliant. Take a look at a few items on the following checklist to be sure that you’re making the right moves.
- The renovation potential is one of the first things that you need to look at. Here it’s important not to take on too much or something that you can’t realistically do by yourself. Getting an ijara loan was a relatively simple process: renovations need a careful eye and some patience. Experts suggest that you move from room to room and make a list of what you think you can do and what needs to be turned over to professional contractors.
- Think carefully before you move into a kitchen renovation. There’s no doubt that you can get the money for this through Islamic finance, but you need to carefully consider the inconvenience that’s involved. If you can get away with just countertops, that might be the better way to go unless you have a second kitchen to use during the work.
You’ll also need to look beyond the obvious and dig deeper just as you did with islamic finance to see the renovation investment from several angles. Check out our qualification page to learn more about islamic finance.