Islamic loans can help you deal with home ownership costs

Buying your first home can be an exciting undertaking and one made more secure with the proper Islamic finance that includes Islamic mortgages to fund this major investment. New homeowners quickly realize that money management and time efficiency are a large part of home ownership and there are some practical things you can do to minimize both so you can spend more time enjoying your home.

For example, be realistic when it comes to older homes and look for ones that have been updated periodically by the previous owner(s). While some lower priced properties promoted as “handyman specials” may seem like a bargain to someone willing to undertake the usually extensive repair work involved, take into consideration the time and expense associated with modernizing these older “fixer-upper” properties.

That’s not to undermine the benefits a homeowner will receive by personally taking charge of some general repair and maintenance work to reduce the costs associated with professional repairs to plumbing, heating and electrical systems that many homes require from time to time. In fact, if you own a house for a significant period of time, you’ll need to be prepared to handle the expense of replacing major items like the furnace, windows or roof.

Talk to your lender about the Islamic loans free of Riba that can help you deal with some of the unavoidable costs associated with maintaining a home.