Posted by: islamicfinancingnews | July 8, 2013

Islamic loans and home selection

islam-81 Obtaining proper Islamic finance to purchase your first home or next home is only the first leg of the journey and one of many things you’ll need to consider. Finding the right home is another essential part of the equation and that starts with not only understanding how to keep away from riba, but using some criteria to help you find the right location. Here’s a few tips.

  • Consider any lifestyle changes that might affect the size requirements of your home. For example, a growing family will influence your choice in the number of bedrooms and bathrooms you need, while planning for retirement could mean looking for a smaller space than you’d need with an active family. Looking a little ahead is necessary to make sure you find the right fit.
  • Do you have hobbies that require more indoor room or an outside space? Car enthusiasts need to look for a little more room than people who collect stamps, and you might even want to look at a swimming pool or central air conditioning as special features.

Choosing between a new home or a resale is another factor to consider when you rely on Islamic loans to purchase a property. New homes offer more in the way of modern features and are generally considered a better bet for resale, but an older home has other features that set them apart like mature lots and private yards.

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