Posted by: islamicfinancingnews | October 16, 2013

Islamic finance equity increases with renovation work

One of the first things you’ll notice after you’ve bought your home using Islamic finance models is the fact there is always a need to upgrade or otherwise increase the equity you have in the house. Quite often that means getting a renovation done and there are a few tips to finding the right people to get the job done right.islam4

  • At the top of the list is an accurate estimate. There are several things you need to have in writing and these include the cost of obtaining any of the permits you may require, as well as the start and end dates for the work to be done. Make sure you get details for the specific products that you have to obtain whether these are windows or doors, a brand of flooring to be used, etc.
  • A legal contract. Once you sign one of these, you’ll need to abide by what’s in it. If you need to cancel the contract, it’s important to register the letter so you can prove it was received.

Finally, in much the same way you interviewed to find the right company for Islamic loans, you’ll need to have some questions ready for the contractor as well. These should includes queries about their licenses and training.

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