Posted by: islamicfinancingnews | June 30, 2013

Islamic mortgages and your first home

islam-11 When you’re looking to buy your first home, there are some things you’ll need to consider beyond the all-important financial part of the process that includes Islamic mortgages free from Riba.

Working with a qualified real estate agent who understands your lifestyle and budget requirements can help, but you need to be on guard and know what to look for in order to select the right family home. Bottom line is don’t be afraid to ask your agent to work for his or her commission. As a potential buyer, you need to make an informed decision and that means you should view at least three to five homes so you can get a good overview of the different types of houses in the market you can afford.

Once you begin viewing different properties, try to be objective. Keep in mind, the people who want to sell you their home are going to display the property in the best possible light. Don’t be tempted to pick a home because it has nice furnishings or attractive artwork. Try to picture the space completely empty so you have a reasonable idea of what the house really looks like. Before you finalize your decision, a home inspection conducted by a qualified home inspector will outline many of the particulars about the condition of the home you want to buy.

Your Islamic finance lender also has your best interests in mind when it comes to making sure all the elements of the transaction come together smoothly.

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