When you are interested in obtaining Islamic finance which includes Islamic mortgages to fund a home purchase, you need to consider all the property choices available including whether a condominium is right for you.
Condominium construction is on the rise in urban areas and these multiple unit buildings are usually located in central areas readily available to shopping districts and public transportation services. While this type of living environment can be a good choice for senior people interested in less upkeep, or for first time homebuyers who cannot afford the cost of a single family dwelling, you need to balance the advantage of a building conveniently located in a city core against the backdrop of excess noise and overcrowding.
In addition to a monthly maintenance fee, unit owners must abide by certain conditions, covenants and restrictions (CC&Rs) or by-laws set out by the condominium management board or Homeowners Association (HOR). It’s your responsibility to read over the documentation carefully to understand the rules regarding such issues as pets, parking spaces, common areas and subleasing.
It’s important to understand your legal rights and responsibilities as a condominium unit owner, just as you should always understand your spiritual obligations when you apply for proper Islamic loans that are free from Riba.
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