Posted by: islamicfinancingnews | November 4, 2013

Islamic mortgages and a checklist for choosing a home.

When you’re looking  for a home so you can put those Islamic mortgages to use, it’s good to have a framework to put to the test. Here’s a few new considerations you haven’t read here before that you might want to put to the test.

Think about what needs to be done in the way of renovations.

One of the first things to keep in mind is you don’t want to take on more than you’re actually capable of. If you cant do the work yourself, you need to get some good estimates before you buy the place.  Remember if the cost of hiring the contractor makes sense and will increase your eventual asking price , it’s a good idea to go ahead.

Be careful with the kitchen.

Experts here warn that if you redo the kitchen you need to be aware of the fact there’s no spare room in the home that can double as a place eat and drink with the work is underway. One of the possible solutions here is to renovate in stages so your family wont be so inconvenienced.

Islamic loans are a great way to avoid riba and stay Sharia compliant. Renovations are a great way to increase your equity.

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