Islamic Finance and Great Tips for Buying a HomeJuly 12, 2019 at 10:19 am
Getting the keys to your new home through Islamic finance means you’ll be sharia compliant. Taking this financial route doesn’t really change anything about owning your own place. Once it’s paid off, you’ll be in charge and able to do all the things other homeowners do.
Islamic finance is the right way to go for a practicing Muslim. However, you’ll still need some guidance on what kind of house to buy.
That’s why we’ve put together some great tips for buying a home.
Know Your Borders
Once you find the home that you and your family want, you’ll want to be a good neighbor. That generally means having a survey done on the property. It helps you and your neighbors to understand who owns what. A good survey makes for good neighbors. It’s a great way to avoid disputes.
There’s another good reason to include a survey with your Islamic finance money. Most property tax is based on the land that you own. It’s good to have an accurate picture of your property through a survey.
Know Your Neighborhood
Don’t wait to get to know your neighbors until after you moved into a new neighborhood. It’s always good to get the feel for the place before you decide on which neighborhood suits you. That means visiting any potential houses at different times.
If you show up on the weekends, you’ll get a good idea of what your neighbors are really like. Make sure to take a look around at surrounding homes too. More than a few cars parked in one driveway can spell trouble.
Another red flag is a front lawn that doesn’t look well-kept. After you’ve made the decision to go with Islamic finance, checking the neighborhood of is an important step too.
Know the Right Time
There are a few things that you need to look at before you start sorting through homes. Making up a budget is a great idea to start. Remember, if you’re moving from renting to ownership, there will be new costs.
You’ll need to put aside some money for property tax and utilities as well as maintenance. Take a good honest look at your job. If your employment situation isn’t stable, you might want to wait before taking on a new home.
Buying real estate is one of the biggest moves you’ll ever make financially. Take some time and make sure it’s the right time for you and your family.
Know How to Negotiate
Once you’ve found the place that you and your family will love, there’s still one more step. A little back-and-forth between you and the present owners to arrive at a price is normal. Here’s a hint. Start with a lower offer than what you imagine yourself paying.
Getting a home inspection is important. If there’s some work that needs to be done, you might be able to lower the price.
Starting the process off by getting the right Islamic finance product makes the rest easier.