Posted by: islamicfinancingnews | February 22, 2013

Islamic finance options available to suit you

islam-11 Even though it seems most residential builders are choosing to build bigger homes these days, it’s good to know there are different Islamic finance options available for those people thinking of buying a smaller home or condominium.

The average American house size jumped from 1,500 square feet in l970 to 2,434 square feet in 2005 (the latest year figures were available) according to stats from the National Association of Home Builders. These larger interior spaces feature big rooms, high ceilings, huge staircases and lots of windows. However, downsizing into a smaller home can be the right move to make for several reasons.

First of all, the upkeep and taxes required to maintain a larger home can be expensive and downsizing can relieve some of the financial pressure from these costly home payments. Secondly, circumstances develop as your family size changes. Grown children move away from home and you may no longer need the extra bedrooms and bathrooms that once seemed necessary to accommodate a growing family. Finally, maintaining a large home takes a lot of time. Downsizing into a condominium or townhouse could free up money to use towards other expenses and provide more time for you to enjoy other pursuits like travel, while maintaining your equity in the real estate market.

Downsizing can be a good solution towards more financial freedom, less stress and putting other enjoyable pursuits ahead of home expenses. Talk to your lender for details about the different types of Islamic loans that are available to suit your budget and lifestyle.


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