Posted by: islamicfinancingnews | September 7, 2012

Islamic finance is one thing, but you need to consider other expenses too

Islamic finance will help you to get the right home for your family while staying compliant with Sharia Law and away from Riba. However, this aspect is all about getting you the money for a mortgage. It’s a good idea to look at the other expenses that will make up the day to day living part of your new life as a homeowner and incorporate them into your balance sheet.

Here’s a list of some of the bigger cash outlays you’ll have over and above the money you owe a lending institution.

  1. Utilities. If you’re coming from an apartment, the chances are you’ll be paying utilities for the very first time. Getting used to them can be a shock unless you know what to expect. Phone the local utility companies for an estimate, or ask the real estate agent to get some information from the listing so you know how much money needs to be put away.
  2. Taxes. This is the one that many people gripe about, but it’s a necessary evil. Some institutions will add this to your mortgage payment while others will let you pay separately. Either way, go into arrears here and you’ll soon find yourself in trouble.

Finding the right Islamic finance means that you’ll get your foot in the door of the real estate market. There are other additional costs you need to cover.

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