Islamic finance and some new payments.

Once you get islamic finance you’ll see right away that there are some new requirements that come with home homeownership. In other words, islamic financing comes with some new responsibilities and some new payments that you’ll need to make sure you house is in good order and these include:

• Property taxes. When you stop renting you take on property taxes in your new home and these are an extra expense you more than likely didnt budget for at first. Whether you pay this amount as a separate installment to your local municipality or include it in your islamic finance payment to the trust is something to be worked out, but you need to set some money aside for this.
• Repairs and Maintenance. When you buy a home you become your own superintendent.
  There’s no one but you to fix that leaky faYou need to set some money aside for those kinds of eventualities.

Finally, you need to set aside even more of your islamic finance money for emergencies.

It’s not always possible to tell what can go wrong when you own a house, so you need to be prepared.