One of the major profound and expensive decisions in your life is probably the decision to buy a house or an apartment. If you are planning on buying an apartment in Israel, it becomes an even more difficult decision to make. You have to talk with an Israeli law firm to understand the property laws in Israel and figure out how to apply for a mortgage.
Here are some essential tips for purchasing residential properties in Israel.
Knowing What To Buy
You should have a clear-cut idea of whether to buy an apartment under construction or a finished one. There will be some problems in buying an apartment that is under construction. The apartment may not be delivered in time or there can be some structural defects to the apartment. However, the purchase price will be lower if you buy an apartment that is under construction. Most often the purchase price of an apartment under construction will be 15% lower than that of a finished apartment.
Locate The Right Property
Locating the right apartment or house is now easier with the numerous real estate websites. You can check the real estate website to find a suitable apartment or house for you. Another way to find the right residential property is through a real estate agent. Hire a real estate agent who has good knowledge of the Israeli real estate market and he/she can help you to find the right apartment or house you desire.
Make Necessary Enquiries
Once you find an apartment or house you like to buy, you should check the quality of construction. Hire an engineer or an architect to find out whether there is any structural damage to the building and that the plumbing and wiring of the apartment are working properly. If there is any damage to the apartment, you can negotiate for a better purchase price.
Signing The Contract
Read the provisions of the contract carefully and make sure that they are negotiable. Hire a real estate lawyer to do all the necessary legal checks prior to the signing of the purchase contract. The lawyer will make sure that there are no existing mortgages on the property because existing property mortgages may affect the transaction.
You can pay the purchase price fully in cash or you can pay it through a combination of mortgage finance and cash. The Israeli banks can lend 50% of the purchase price as a loan to a non-Israeli resident.