Posted by: islamicfinancingnews | January 5, 2014

Islamic finance helps to pay for upgrades, but which ones?

Overwhelming. That’s one of the common phrases heard from new homeowners when they describe the responsibilities they’ve taken on. The initial decision to go with Islamic finance is only the first of many and when it comes to renovating a home that’s a little older and needs some work to increase the equity, the choices can seem like a maze.

Start by looking at what needs to be done and then prioritizing the projects. Some of the rooms don’t have as much traffic as others and there are renocationschoices that will help you to sell quicker down the road. For example, choosing a home with a spare bathroom and/or kitchen are seen as options that will increase equity. You can’t go wrong with stainless steel appliances and ceramic sinks.

Don’t have the money for those bigger projects? That’s not a problem because a fresh coat of paint can change the look of an entire space when you’re getting ready to sell. Remember, a new front door increases the prospective buyer’s first impression of the home and even some new light fixtures will add flair.

Islamic mortgages are the best way to stay Sharia compliant when you buy some real estate. However, the work of upgrading and maintaining the equity comes next.

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