Ijara Canada Tips for HomebuyingMay 9, 2020 at 4:10 pm
Ijara Canada has developed a lease to purchase program so Muslims can get involved with real estate interest free. This solution includes a payment on account and the property is held by what’s called an independent trust. Those are the technical sides of ijara loans.
Lots of our customers are excited to take the first step. We can walk you through the financial part of the process. Here’s a few tips for homebuying to get you started.
One of the first things you need to do is decide if buying a home is the right move. Make no mistake. There is a lot to consider. That’s why we suggest you ask yourself five questions before you sign on.
Are We Financially Ready?
This one is at the top of the list for good reason. Asking yourself if you are financially stable enough to get into the real estate market is a number-one priority. Here’s a few tips that can help you along the way.
- Having a home requires some payments you might not have thought of before. Like utilities and property taxes. If you can’t remember when you need to pay these bills at first, don’t worry. Creating a financial calendar is a good idea. The digital ones that you can get on the Internet will let you set appointment reminders. All you need to do is plug in the dates when those bills are due.
- Here’s a quick exercise. Put together a list of the upfront costs of purchasing a home. Some of these include insurance, land registration fees and the down payment. Don’t forget to add on moving costs and any renovations or repairs.
- A big part of finding out if you are financially ready to own a home is knowing your credit score. You’ll need to be as thorough as you are with ijara loans. When you put together all these numbers, you’ll be able to get a good idea of whether or not to proceed with an ijara Canada product.
Ijara Canada Products and Seniors
The kind of ijara loans that we provide are great for seniors. These folks have a specific range of health needs, personal preferences and budgets. As a senior looking for different options, you need to consider your finances and if you want to be close to family and friends.
There’s some important questions you need to ask like how much yard and home maintenance you’ll want to take on. Seniors should also decide how much space they really need.
Finding a property with access to public transit is usually high on a senior’s list as well.
Other alternatives here include retirement communities and retirement homes. Keep in mind, the Ijara Canada program works with whatever option you choose. If you take a look at our website, you’ll get all the information you need to make a good decision. There’s even a free Android/Apple app so you can look at what we have to offer on a mobile device.