Posted by: islamicfinancingnews | December 2, 2013

Here’s a few ways your home can empty your wallet

Almost everyone you talk to wants to buy a home but they don’t want to spend every last dollar they earn on the Islamic mortgages they take out to get one or on the home itself. Paying all the money you earn on a place is called being house poor and here’s a few ways that the home you buy can actually make you go broke.

  1. Buying over your head. Look at your finances carefully before you go house hunting so you can safely stay in the price range that best suits you. Remember the total cost of the home also needs to include taxes and utilities as well as any repairs or renovations that need to be taken on. Watch out for unscrupulous real estate agents that show you homes that are above your price range in the hopes of getting a bigger commission buying a homeon the sale.
  2. Ignoring the small repairs. Windows that leak. A furnace that doesn’t work properly. Lights that flicker. These are just some of the problems you can face as a home owner and, if ignored, these can cause some serious issues down the road that can cost thousands of dollars. Staying vigilant here is the right way to go.

 Islamic finance is the right way to go if you need to stay away from riba. However, you need to be sure you upkeep the property you buy to protect the investment.

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