A Few Tips on Islamic Finance and Home RenovationsSeptember 8, 2019 at 10:30 pm
We’ve got everything on our website that can help you get an ijara loan through Islamic finance. Our professionals are always ready to help you with any questions. We’ll walk right beside you from beginning to end.
We like to go one step further. And by that we mean supplying some excellent tips once you’ve got the keys and want to do a little renovation work.
So here are a few tips on Islamic finance and home renovations.
There are a few things you want to keep in mind right away. For example, the size of any home renovation project is proportional to the cost. That means the bigger the job is the more you’ll need to pay.
That said there are some popular renovations that you can use Islamic financing for. For example, taking down interior walls and adding square footage are number one and two on the list. Here are some rough numbers that you can work with. Taking down an interior wall can cost up to $500.
There are some other factors that can increase the amount you’ll pay. For example, walls that help support your entire house are called loadbearing. Taking these down means you’ll need the help of an engineer. Replacing the frame and installing a proper header are two of the additional jobs you’ll need to think about.
Careful planning goes into the Islamic financing products we offer too. For example, we are experts at guiding you through the process so that you can avoid riba. If you’re unsure what this term means, please follow this link to a page on our website that will explain it.
When you’re taking down an interior wall, there are some other considerations. The wall you want to remove might have plumbing or heating ducts and electrical wiring. Knocking down one of these will mean you’ll need to pay more. The plumbing and wiring will either have to be replaced or rerouted.
A Good Contractor
Our Islamic financing products are as trustworthy as a good contractor. When you’re looking for a carpenter to help you with the renovation project, you’ll need to look at their credentials. The same goes for Islamic financing products.
When you’re looking to get an ijara loan you’ll need to make sure there’s a fatwa involved. A credible company will have links to the scholars who worked on the process.
As far as a good contractor or carpenter goes, look for client testimonials. Make sure that you can get addresses and phone numbers to track them down.
A Big Job
Renovating your basement is another very big job. It can involve a lot of work and things like installing floors as well as adding electrical and plumbing lines. A plumber can cost up to $300 an hour and charge by the hour or the job.
Electricians can set you back as much as $322. National averages for structural engineers put the cost at about $512.
Getting the money to buy your home and renovating it starts with us. Contact us today for Islamic Finance information.