Posted by: islamicfinancingnews | June 19, 2014

Here’s how to rent your home out to pay down that islamic home financing

Some homeowners find themselves in the unenviable and usually temporary position of not being able to pay their Islamic mortgage financing, but not wanting to sell the house and leave the equity they’ve built up. One of the options to be able to save your real estate and at the same time continue to build the value of your investment when you find yourself in a tight economic position is renting the house out.

It’s a viable alternative as recent research reports 61% of Americans feel renters can be just as happy as homeowners. Of course, one of the first steps you want to take is to find an ideal tenant and you’ll need negotiationsto place an ad either online or in the local newspaper. Make sure any applicants who answer are able to supply information about their past landlords, current employer and even provide you with a social security number you can use for a credit check.

It’s important to be as thorough with this process as you were with Islamic home financing and get references that are verifiable for any prospective tenants you want to consider.




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