Posted by: islamicfinancingnews | March 3, 2014

What to do after buying a home with ijara loans

Once you’ve been in your home for several months and settled into your new life, taking up the reins of the financial responsibility that’s necessary to run a home smoothly for years to come is the next step. You’ll see how ijara loans were a stepping stone into this new way of life as you move forward.

Don’t underestimate the costs of maintenance and repairs. A house is an ongoing concern and you’ll find there’s always something that needs to be repaired, replaced, or fixed. Along with islamic home loans, securing a line of credit is a great way to take on the bigger renovations like a bathroom remodel or a new roof.

Putting some money aside so you can deal with emergencies is another consideration. If you’ve purchased an older home, this money could be used for something unexpected like a new furnace, but emergency funds set aside can also be helpful to get you over periods of illness or job loss.

Remember to plan for the costs of operating a home that run over and above islamic home loans like snow removal. A good plan is to try to set aside 5% of your take home pay for these extra costs.

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