Posted by: islamicfinancingnews | January 31, 2013

Islamic Finance is only part of the overall cost for your new home

islam21 When you’ve taken the step to get an Islamic finance product, you know you’ll be free from the financial problems associated with Riba, but that’s only a portion of what you need to consider when it comes to the money necessary to run a house. Take a look at the following list to see some of the other expenses you need to be aware of.

  • Utilities. People moving from apartments need to get used to the fact that the water, heat and hydro are no longer bundled into one payment. These all need to be treated like separate entities now and that means tweaking your budgeting accordingly.
  • Property Taxes. Again, if you lived in a rental situation, the chances are you never paid any taxes on the property where you lived. That all changes when you own the house.
  • Repairs and Maintenance. When things wear out like roofs and appliances, you need to replace them so your home holds its value. Setting aside some cash for emergencies is one of the things you’ll need to do as well.

The Islamic finance product you choose will get you in the door of that new home, but there are other costs that need to be factored in as well.

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