Colli Real Estate

Investment Real Estate in Israel – 5 Golden Rules that will save you money

Rule # 1 – Define your goals Offering clear (preferably written) from its investment objectives will help focus their efforts in the right direction and improve their reflection process. When it comes to real estate investments in Israel, usually there are three main categories to consider: the Real Estate Board: when you buy the property for you or your family to live vacation property: When you buy the vacation property. This means that the property does can be used only a few weeks or months per year and remains vacant at other times. In this case, maintenance aspects must be considered as well. Investment Property: When you consider the property as a cash-generating assets, normally used as a building rental project or fixer Upper.

Rule No. 2 – What is your budget? This may seem trivial thing to do, but you'll be surprised how many people skip this crucial stage. It is important to define your budget and be aware of their financial limits before becoming emotionally attached to a certain property. This alone can save you big money! There are two aspects to consider: the purchase price of property (including sales tax, lawyers fees, conversion rates, fees of estate agents and others) .. Annual maintenance costs (taxes, invoices, etc..)

Rule # 3 – Make your own research before buying the property is recommended that you talk to local people and learn as much as possible about the area. Plus the issue the more you know and have fewer surprises on the road. Here are some questions you should consider: What is the condition of the property? How much work and effort are necessary to achieve its objectives? What are the characteristics socio-economic population in the region? Who are your neighbors? Recommended schools in the district? Access to major highways and transportation? What is the potential added value in the neighborhood? Check near the ocean, cities, attractions and other tourist attractions. This will impact the value of their property for the long term. How far is the nearest shopping center of family entertainment, a sports club? What activities and organizations are available in the region? What are the fees you should expect to pay? Are there hidden costs associated with property or neighborhood that does not take into account? Examine rents in the region, learn more about the profile of tenants and the average monthly rent payment a similar property. If Hebrew is not their native language, to see if there are English speakers in the area. If you are a religious person, to see if there are houses near God (synagogues, churches, mosques). Out of the box, send your questions to people who do not try to sell you something, you can get more honest answers. Listen to your instincts – if you feel ill, you should have a good reason this – do not rush.

Rule No. 4 – Understanding your funds following step is to decide how we will finance the purchase of property. You can pay the full amount in cash or, as most people take a mortgage. Today, there are mortgage advisers, and is worth checking with them before making a decision. All mortgages in Israel are related to a particular index or foreign currency. The three main types of mortgages are: A mortgage tied to the index of consumer prices. A mortgage linked prime rate. A mortgage linked to foreign currencies (dollar, Pound, Euro, etc.). Currently the average interest for different types of mortgage loans is approximately 5% -6%. If you want a mortgage of more than 60% -70% of property value, you must purchase insurance for payments in excess of 60%, generally known as EMI. EMI The cost is very high, about 4% of the value of the loan. Because of its high cost, not recommended. There are few other financial charges, which must be taken into account: Bank charges for mortgage loan processing is approximately 0.25%. Life and creation are necessary. The cost of registering a mortgage / Load in the Land Registry / Link.

Rule # 5 – The Devil is in the details of Real Estate Lawyers – You should have your own lawyer who knows the city where you buy your home. It is recommended to use a friend or family member. Make sure you never sign a contract with a builder without a lawyer. Property Inspection – You need to have the property checked by an engineer and reputable lawyer or a surveyor before signing the contract and receive a written statement. The cost is about $ 400 – $ 500 plus VAT, depending on the size of the property. Sold as is? There is a clear distinction between a new and well used. In general, use the goods are sold as is, which means that the seller is not obligated to correct defects unless mentioned in the purchase contract, whether known or hidden defects. However, when you purchase a new property, the Contractor shall provide three years warranty by law and is also entitled to civil liability gives another 4 years. Purchase Agreement – Prior to purchasing the Signing this agreement is desirable that everything has already been agreed to be all included in the contract. It is important to have an English translation agreement and all major related documents. It is important that the buyer money to be protected by needs, either by registration or registration warning mortgage or a bank guarantee.

About the Author

Shlomi Ben Ishai is the owner and general manager of Nadlan-Plus, a top
Jerusalem real estate Israel
firm, offering luxury
apartments in Jerusalem
and properties across Israel.

Jerusalem Real Estate – Israel Real Estate

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