Planning on buying a fixer upper with islamic home financing? Here’s what you need to know.March 10, 2014 at 11:04 pm
The real estate inventory is tight in many different areas across the United States and Canada and many people are looking to use their islamic home financing to buy homes that need some extra work. The tight market means that sellers are only offering to pay for some of the repairs if necessary and while these homes can be turned around to be profitable or comfortable to live in, there are some instances where buyers should walk away.
For example, when you find the following defects you should save your money for another purchase:
- Mold. When you find this on the inside, it could mean expensive plumbing repairs and the mess and bother of replacing drywall. Mold outside could spell drainage issues that cost a lot to fix.
- Foundation problems. These can drain anyone’s bank account and homes that have this problem should be avoided. Some lenders will even back away from financing if they find out about this.
Finally, remember to be smart with your islamic mortgage loans money and get a home inspection for any property that you’re thinking about buying.