Posted by: islamicfinancingnews | July 5, 2013

Islamic mortgages apply to condominiums too

Kita-Disyorkan-Memilih-Islamic-Loan Once you start looking at the options you have to buy North American real estate using Islamic mortgages, you’ll see that condominiums are a great choice for those looking for a specific lifestyle. However before you select the right Islamic loans that suit your purposes, make sure that you look over these handy tips that deal with purchasing a condominium.

  1. Make sure you know exactly what’s included in the purchase price. For example, you need to know what your access is to the pools and parking offered with any of the units you look at. Find out if the utilities are covered in the monthly fees and, if not, what is.
  2. Make sure you understand where the boundaries are before you get too far into the process. By knowing exactly how much of the walls you own, you can make important decisions about  the renovations you can do to increase the equity you have in the space.
  3. Make sure to look for what are generally called ‘exclusive use property elements.’ Storage lockers and parking spaces are two good examples of the features you need to be clear on.

You’ll feel better about using Islamic loans to buy this type of real estate when you’ve done some research into making a proper purchase.

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