Posted by: islamicfinancingnews | January 7, 2014

Why buy a house in 2014?

Despite what you might hear, these are goods times to buy a home. A recent CBS report claims that prices rose 13.6% nationally in the last 12 months and although the pace cooled off somewhat from last year, most real estate experts are predicting 2014 will be another good year to get involved with real estate.

However, there are other good reasons to buy a home using Islamic mortgages that have more to do with long term investments. Consider the fact that home ownershipmortgage payments are quite often tax deductible.

Remember too that if you rent, you can’t make the renovation changes to the unit that you’d otherwise like to. Owing a place that you’ve bought with Islamic finance allows you to go ahead with renovations that can increase both your equity and the enjoyment you get from where you live. Generally, when you own a place, you can get loans of all kinds more easily since you can use the house as collateral against the money you borrow. A cautionary note here. It’s critical to make sure that you only borrow what you need and can repay more than just the minimum amount owing on a regular basis.

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