Many properties for sale
Call: 050.874.4275 for more details
Owning a piece of the Rock!
A list of things to consider and questions to ask
Below is a list of short questions or warnings (points to consider) for people who are buying property in Israel. We have all heard the term "Buyer beware" . Well Israel will certainly teach you this. Forget about all the services and warranties and guarantees that we Americans have gotten used to. Hopefully this page can help you receive most of what you actually want in your real estate purchase. Remember the land is what is holy, here in Israel. Not necessarily the people and business tactics you will have to learn from.
- Who can block my view?
- When you want to do a legal addition to your home, you often need your neighbors permission
- Many homes have illegal additions that are not permitted or taxed. Check with your lawyer to verify what is not appraisable. No bank is going to loan you money on values that are not legal permitted additions.
- Where is my hot water heater? Air conditioners? Roof access?
- There may be a heating system for the whole building that you have to pay for even if you do not use it. Temperature settings?
- New construction contracts, you pay first, pray a lot, and pray some more. While there are bad stories, there are also wonderful homes. Never pay in full until the work is complete or the product is delivered.
- There are "crazy neighbor" stories, and there are amazing neighbor stories. Understand that Israeli neighbors may have a different mentality and act out in ways that are truly foreign to an Anglo mentality. It's part of the package sometimes.
- Property taxes are based on size of unit, not on value of unit.
- It may be worth it to appraise the property before you make an offer. This will cost $200-$500, but it's important to note that your bank won't lend money beyond the appraised value. And it is very common for properties to NOT appraise for the purchase value.
- Once you sign the first contract/offer you bought it. Now you get to pay the realtor and lawyer and hope they follow through and complete their job. Hope the seller actually moves on time, leaves it in good condition.
- Be aware and talk about what stays with the property. The seller could take the entire kitchen with them even the cabinets; they may take light fixtures, and even toilet seats!
- Machson (storage space), guard it and take possession.
- Same as above with a reserved parking spot.
- It has happened that neighbors will sometimes steal common areas or try to change the borders of a property. Be aware and don't be intimidated.
- Propane gas tanks are called "balloonim." Find out where they go early on. Check for them before you move in.
- Real estate agents, are very protective of their knowledge of available property. A 2% fee plus MAM (16% tax on the fee) is paid at contract signing, good luck!