Posted by: islamicfinancingnews | November 9, 2012

Keep an eye out for Islamic mortgages and potential problems with any home you buy

Obtaining proper Islamic mortgages can help make finding the right family home a financial reality. However, it’s important to look beyond all the advantages a home has to offer and keep an eye out for potential hazards that could pose a danger to family members and effect home insurance coverage.

For example, there are usually strict guidelines when it comes to insuring a home with an above ground or inground pool mainly because of the potential danger to children who could gain unsupervised access causing injury or worse. If you are considering buying a home with a swimming pool, make sure it complies with proper safety standards such as being secured and surrounded with a fence that is the proper height.

Electrical systems like aluminum wiring that exist in some older homes could present a problem not only with the connections, but with respect to home insurance. This type of wiring should be inspected by a qualified electrician prior to buying the home to meet insurance standards and to ensure the electrical system is safe. The same can be said for the plumbing in older homes. Your insurance company will want a professional plumbing inspection to check for any prior leak damage to inside walls and under floors and to ensure the pipes are in good working condition.

Finding the right home for you and your family is an exciting process and one made less stressful with proper Sharia compliant Islamic finance behind you.


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