Islamic home financing and debating between a condo or a houseJune 26, 2014 at 8:16 pm
Islamic mortgage financing works for almost any kind of property that you can imagine including commercial or residential real estate as well as a house or a condominium. With the growing popularity of condos in bigger urban centers like Toronto, the choices between these two structures often comes down to personal preference based on a few criteria.
For example, many urban professionals prefer a condominium because they don’t have the upkeep they would otherwise have with a house. The thought there’s no lawn to maintain appeals to them. It’s important to keep in mind that for the price of most condominiums in large urban centers you can buy a much larger detached house that’s only a short commute away.
There are other considerations to the urban condo lifestyle as well and it’s not always best for people who don’t like living in close proximity to their neighbors. People who own their own semi-detached homes also have complete control over the kind of renovations they want to do. Similar renovations at a condominium are usually subject to the rules of a board. Still, either type of home can be purchased with Islamic home financing. Read How It Works.