Halal FINANCE and Buying a Condo
Once you’ve made the decision to buy a condominium with Halal finance, you can rest assured that the property will be sharia compliant. Of course, there’s a lot more to making this type of purchase for a practicing Muslim.
Here’s a few things that you need to know about buying a condo.
• When you buy a condominium, your rights are somewhat different than if you’d bought a separate house. For example, generally buying a condo means that you purchase a unit. There is also a shared ownership in some of the common areas in the building.
• As well as a Halal finance mortgage, you might also need to pay maintenance fees for upkeep of the building and the grounds. Generally, you’ll share this expense with other people who own units in the building where you live.
• It’s very important that you read the condominium’s rules before you sign on the dotted line. Some of the more common complaints that people have with this type of living arrangement are parking, people and pets. It’s critical that you read any documentation to find out things like how many people are allowed in each unit.
As a condominium owner, you also become a member of the local ownership corporation. There are certain rights and responsibilities that come along with this new role. You should make yourself available to vote at the local meetings and elect a Board of Directors.
People who bought condominiums rave about the fact that there are fewer maintenance responsibilities. However, there’s a downside in that you need to cooperate as to when some repairs get done.
You might have to pay for certain amenities that you don’t use regularly. However, if you do the proper research and take your time, you’ll come to the right decision that suits your lifestyle. Use the same processes you did when you decided on Halal finance. Why not get in touch with us today?