Posted by: islamicfinancingnews | May 20, 2014

Using islamic home financing to buy that second home? Consider these tips

If you’ve played the real estate game well and used your Islamic home financing wisely, you could find yourself in a position to buy a second property. For many people, the choices come down to an income generating property or a vacation home and here’s a few things you need to consider make the right choice.

Income properties attract young professionals and similar people who don’t want to wait a long time to generate a second income or go through the responsibilities of owning a second home for a long period of time. The idea here is to buy property, fix it up and then rent it out for more than what you are paying in your Islamic mortgage financing.

Vacation homes offer a different type of prospect where the person who owns the place might actually use it for their own purposes for a portion of the year and then rent it out over what is usually a long-term strategy.

It is important to consider either investment opportunity from all the angles and to make sure you have a solid income before taking on any more islamic home financing.

 

 

 

 

 


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