Islamic home financing isn’t the only way to pay for renovations

Looking to update that bathroom that’s been the same since you moved in? Have you been waiting patiently to update your living room and get rid of that shag rug that’s been around since 1978?Islamic home financing isn’t the only way you can pay for these and other upgrades. Here’s a few suggestions that are great for matching up the size of the project and the source of the income needed to make it happen.

• Credit cards can replace islamic mortgage loans as the source of money for smaller projects like bathroom repairs and replacing light fixtures. Don’t leave the balance hanging around too long with these, however. Credit cards generally have high interest rates.
• Refinancing is another option when you’re taking on the bigger jobs like an addition. Look into any penalties you might need to pay to break a mortgage and determine if those are offset by the expected ROI on the reno.

Of course, one of the more traditional alternatives to using islamic home financing is the line of credit. This is great for ongoing projects since you have access to the funds at any time.