An ijara loan finances primer - ijaraCDC

An ijara loan finances primer

After you’ve signed on the dotted line for an ijara loan and finally bought the house of your dreams, it’s important for you to understand how ijara financing is only one small part of the overall financial picture that you need to deal with as a new homeowner. Getting an ijara loan is a great way to ensure that you’ll stay sharia compliant but you need to factor in the other costs that owning a property comes with you might not have incurred when you were renting. For example, you’ll be paying property tax for the first time and it’s important to set aside some money every month to make that payment on time. It won’t be long after you get the ijara loan that you come to understand maintenance is another big cost for the average homeowner. Depending upon the climate where you live, there can even be seasonal repairs and maintenance that need to be done on a constant basis so the value of your house increases over time. Finally, you should always be considering the possibilities of renovations that will increase the amount of money you can ask when the time comes to sell.