Posted by: islamicfinancingnews | December 20, 2013

Islamic loans, buying and owning. There’s a lot to consider

Once you get past the decision to take on Islamic loans, you’ll soon learn there’s more to consider when it comes to buying and selling. It’s the biggest investment that you’ll make and although you can’t plan for everything and all the little emergencies that home ownership can bring, you do need to have an overview of what you can expect.

Financial juggling. That’s a big part of the techniques you’ll need to master after you’ve used Islamic finance to buy your house. Consider a recent article home inspectorfound online that tells the story of a family that needed to have a raccoon family evicted from their attic and a faulty pipe fixed in their basement all in the same month. The point illustrates one of the dilemmas that new homeowners face–there always seems to be unexpected costs associated with buying and maintaining a home. Added to this is the fact that prices in many areas have risen quicker than wages for many younger demographics.

Remember to look at all the options. While renting might be a little cheaper than buying in some areas, having a home you can call your own helps to build equity for the future.

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