Posted by: islamicfinancingnews | June 15, 2014

Consider these ideas before you buy

Having islamic home financing ready to go is an exciting time for most Muslim families because they are on the verge of entering the North American real estate market and becoming homeowners. However, even with the security of islamic mortgage financing and its ability to protect you from riba, it’s important to keep in mind that buying a home is the biggest purchase you’ll ever make. Here’s a few tips you’ll want to consider:

• Can you afford it? Regardless of your income level, buying a house will put financial pressures on you for the first five years you may not have experienced before. For example, if you’re a dual income family buying a homethat plans on having a baby, you might need to survive on one income for a period of time. It’s good to plan ahead and take a look at the full panorama of all these different scenarios.
• Remember, you can always upgrade the house, but you can’t change the neighborhood. Experts say it’s better to buy a house that needs a little work in a good neighborhood than the best house in a questionable location.

At the center of these decisions you make is Islamic home financing so you can stay in line with your religious beliefs.


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