Posted by: islamicfinancingnews | February 26, 2014

Mistakes that ruin your house’s value

Islamic home loans are an excellent way to enter the housing market in Canada or the United States and still stay Sharia compliant. Real estate agents and home appraisers will tell you there are two kinds of renovations you can make to your home—the ones that increase the value and the ones that actually drag it down.

Steer clear of using your islamic mortgage loans to finance these duds.

  • Over improve. If you put a $20,000 pool in the back of a $60,000 house, you’re not likely to get all of your money back. That’s the lesson to be house huntinglearned here about taking on renovations and improvements that price you out of your neighborhood. It’s important to stay on a comparative level with the houses around you and asking a real estate agent to keep you in that ballpark is a good first step.
  • Don’t Be Inconsistent. Experts suggest you fix the deficiencies in your home and not over improve the kitchen or bathroom area in the hope of a quick sell. Adding $40,000 on a kitchen remodel is not going to help your cause if you still have blue shag rug in the next room.

Islamic home loans are important aspects to financing your new place, but renovating is another key element that needs to be done properly




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