Posted by: islamicfinancingnews | January 14, 2014

Some things to consider before you downsize

In these economic times, getting Islamic finance is always a good idea but there are those who think it’s an equally good notion to look into a smaller home when the one you have becomes a burden financially. The term is called downsizing and although it usually makes perfect sense from a money perspective, there are some other angles you should consider before taking the plunge.

For example, you need to think about who will be coming and going in the new home. Of course, it’s great to imagine how much more comfortable the space will be when there’s less room to clean and pay for, but if you have frequent guests like children coming home from university, things could get home ownershipcrowded quickly.

Be careful you’re downsizing to a cheaper location. Smaller isn’t always less expensive. For example, you might be moving from a older home to an urban condo that’s going to be more expensive in the long run when you factor in maintenance fees and the like. You need to have a clear vision about why you’re moving to a smaller home too like the desire to travel more. It’s a good idea to use the same thought processes you used when you bought Islamic loans.

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