You might want to get an Islamic loan or more traditional financing. Either way, an appraisal is needed. These can also be important when you’re looking at refinancing. These are a professional opinion of the house’s value. They give both lenders and buyers a clear picture of what it’s worth.
Here’s a few tips that can help you get current market value when your home is appraised.
Getting Ready For The Appraisal and Islamic Loan
- Putting together the necessary documents is an important first step. To make sure you get a sharia compliant islamic mortgage usa on the next purchase , it’s important to find information like a land survey and proof of the most recent sale price. Don’t forget to include all of the recent improvements you’ve made.
- Decluttering and making sure that your pets are restrained makes the home appraiser’s job easier.
- Making small improvements can help add to your home’s value. Switching out a broken doorknob or repairing chips in the paint can make a big difference.
Here’s a few other things that you can do to increase your home’s value.
Understand The $500 Rule
Appraisers work in $500 increments when their gauging the value of your home. That’s the number they work with even if only a small upgrade or repair is needed. Small things like missing handrails, a cracked window or a leaking faucet can have a big impact on the value of your property. Even if they don’t cost a lot to fix.
A home appraiser looks at the exterior and interior of your home. They will take photographs and note the overall condition of the place. Even if you are looking to get a sharia compliant islamic loan, the value of the property is important. Even with a trust involved in the process, you will have the same responsibilities for maintenance and upkeep as traditional homeowners.
Make Your Own List
That means that even though your home is being appraised by a professional, you have a right to brag about it. If you are selling, make a list of your home’s features and give it to the appraiser. You can also keep a list of the homes that are selling on your street to see what they are going for. The appraiser will look for comparable prices in your area, but it helps if you provide some data on your own.
The islamic mortgage usa alternatives that we offer include residential and commercial financing alternatives. IjaraCDC is a sharia compliant structuring organization and not a broker or lender. We are always working to simplify the process of applying for Islamic financing and accessing good products.
The Priority Is An Islamic Loan
Our number one priority is providing proper financial options for consumers who are looking to adhere to religious prohibitions regarding interest paid on mortgage and other loans.
The Islamic loan products that we offer fit within more traditional banking systems. They also offer finance options that are competitively priced.