You need to avoid these first time home buyer mistakes
After you’ve decided that you’ll be getting that ijara mortgage so you can stay Sharia compliant and away from riba, the next step is actually getting the ijara financing and proceeding to buying a home. Don’t get too excited at this stage or you might find yourself making one of the following first time home buyer’s mistakes.
- Remember that what the bank says you can afford and what you actually can are quite often two different things.
Here’s where you need to have a budget that clearly marks out all of your monthly expenses including the utilities and property taxes. Don’t take the number you get pre approved for as the figure you use as benchmarks to buy with.
- You don’t want to fight against dropping some items off your wish list either. If you’re too picky, you might wind up renting for longer than you had planned. Remember you might need to compromise when you’re first starting out until you’ve built up some equity.
Being awestruck can be a problem as well. There are people who will put in the smallest upgrades because they know the first time buyer will be swept away. It’s better to find a place that has unrealized potential.
