Posted by: islamicfinancingnews | June 28, 2013

Islamic finance and troubleshooting real estate prospects

islam4 Once you’ve got Islamic finance products working with you, getting mixed up with riba won’t be a problem. However, to make sure the property you’re interested in is of good value, there are other things you need to look at. Following are a few troubleshooting tips you can use to narrow down your choices.

  1. Look for obvious signs of neglect. Of course it’s best if there have been updates done to the windows of the home you’re looking at, but older homes with wooden windows aren’t necessarily a bad thing. Here you need to look for paint that’s not chipped or cracked on the frames and that there’s no moisture on the inside of the panes of glass or between the sealed units.
  2. Check the foundation. The grade is generally defined as the way the land slopes away from the foundation so that runoff from the rain and melting snow doesn’t pool against the concrete. If the grade doesn’t slope the right way outside, look at the inside walls in the basement to see if there’s been any damage. Small cracks can be fixed, but larger ones that run from the top to the bottom of the foundation can present a more serious issue.

Taking the time necessary to match your Islamic mortgages with the right property pays off in the long run.

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