QuestionsCategory: Money MattersInvestments and mortgage
Mustafa asked 6 months ago

Asalamu Alaykom,
My family and I have accumulated a $90k down payment on a house, but with the current market, houses are increasing in value and the houses that we are looking at are not something we’d like to live in for the long term, specially when our family is getting bigger.
We are thinking to buy something for now instead of paying rent, specially when rent is high, and sell the house whenever our financial situation has improved and are ready to move into something bigger in a few years.
Kindly advise on what are the limitations on that, and since the house will have interest and let’s assume that in a few years, the house’s price increases in value where profit would be involved upon selling it, in 3 years or so.
Thank you!