Islamic mortgage loans and old versus new homesFebruary 27, 2014 at 7:01 pm
Beyond deciding on Islamic mortgage loans so you can stay Sharia compliant, you’ll need to decide whether you want to buy an older or newer house. There are advantages to both and each has a set of unique charms to entice buyers.
Using islamic home loans to buy an older home means you will be moving into an established neighborhood with trees and maybe even hedges. Older homes have other characteristics you may not find in new subdivisions like hardwood floors and crown moldings. The downside of buying these homes is generally more money spent on repairs.
If you prefer a generally maintenance-free atmosphere for at least 10 years, the newer subdivisions are a better bet. These homes often come with new appliances and windows and although they are builder grade, they should last at least a decade. These newer subdivisions usually have at least one strip mall close at hand and at least one public school in the near vicinity. Weighing your choices when it comes to islamic mortgage loans means choosing between older and newer properties and the advantages and disadvantages of each.