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Renting Vs. Buying: Realities of Home Ownership August 3, 2007

Posted by islamicfinanceaffairs in Uncategorized.
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Sunni Sister: Blahg Blahg Blahg » Blog Archive » Renting Vs. Buying: Realities of Home Ownership

Award-winning blogger, Sunni Sister, on the ball:

Muslims who abide by the Command of Allah regarding riba are often told that we are “throwing our money away” by not engaging in the interest-based home mortgaging system to buy a house and “establish the Muslim community” in the United States. Personally, I think it’s kind of shady to try and entice people to violate the Command of Allah by appealing to their care for the Ummah and their desire to be good Muslim citizens, but… whatever. But let me not rant on this latest haram that has suddenly been made halal by (thank God) a handful of “experts.”

There is a really good blog out there called Get Rich Slowly, and recently, he wrote an article about this idea that people who rent “throw their money away,” while people who buy make sound financial decisions and see a return on their dolo.

Renting vs. Buying: The Realities of Home Ownership

I’m not saying that some of the things he outlines should be counted as “reasons not to engage in riba’” by us Muslims. I only posted it b/c it kind of points out how, in a dunya sense, we actually aren’t throwing our money away. And of course, in the larger scheme of things — in the things that matter — we aren’t throwing money away. You’re getting something in return for that money anyway: a roof over your head, a bathroom, appliances (in most places), and so on. You’re paying for something, and you’re getting something out of it. Who ever said it was all supposed to be easy? We’re investing in our akhira. Come join us in the Society for Riba’ Free Livin’.

Related links from the Renting vs. Buying article:

Wall Street Journal: Your Home Isn’t the Nest Egg That You May Think It Is
New York Times: A Word of Advice During a Housing Slump: Rent
New York Times: Is it better to buy or rent? (graphical calculator)
The Motley Fool: The Worst Investment Ever
SmartMoney.com: Renting Makes More Financial Sense Than Homeownership
CNN Money: Stocks vs. Real Estate
Priced Out Forever: Renting vs. Purchasing

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