Posted by: islamicfinancingnews | December 30, 2013

First time homebuyer tips

With the Islamic finance out of the way and that first home bought, you might think all you need to do is settle in and pay down those Islamic mortgages, but there’s a little more to the money end than first meets the eye. Here’s a few helpful tips on the extra expenses you’ll meet after you get those keys.

  • Buy the furniture you can afford without credit. The only way that buying from one of the big big furniture stores with credit works to your house huntingadvantage is if you pay off the bill before the due date. Otherwise, you’ll be hit with big interest payments you can’t afford. A used sofa and coffee table can be replaced when you have more money.
  • Use that line of credit wisely. If the financial institution you get the mortgage with supplies you with a line of credit, make sure you use it wisely. Here you need to stay away from impulse buying. The line of credit is best used when you’ve got those big ticket items for the home like a roof or new windows that needs to be looked after to preserve the equity you have in the place.

In the end, you need to show common sense after you’ve bought your house with Islamic mortgages and make sure you only use credit wisely.

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