This week, we will explore the steps necessary to prepare for your property search. As many individuals are planning to visit properties in the near future, here are some suggestions to assist you in your preparation.
Pick a Broker
Consulting with friends and family can provide valuable recommendations for real estate professionals, such as brokers, lawyers and mortgage brokers. Conducting thorough research can give you a clear understanding of what to expect and what to look for in the process.
In Israel, the real estate system is unique, and it is crucial to establish a strong relationship with a broker who prioritizes your needs and helps you find the perfect apartment.
As a skilled and experienced expert in my field, clients trust me due to my reputation and positive references. This separates an average agent from a top-performing one. It is important to have an agent who adds value to your search.
Identify Specific Areas
Identifying specific areas to focus on is essential in the property search. This can be achieved by consulting with friends, family and your broker, as well as exploring different neighborhoods on your own.
Narrowing down your search to two to three areas can greatly simplify the process.
Location is a critical factor in finding the perfect apartment, especially when you prioritize being in proximity to friends, Emek Refaim or even the Kotel.
Understand Your Needs
Prior to starting your search, it’s important to have a clear understanding of your needs and budget with the help of your broker. Knowing what you can afford and what you’re willing to compromise on will help you set realistic expectations.
Having a clear understanding of your needs and budget from the start will provide a sense of comfort during your search and allow you to manage your time effectively.
Set a Budget
When searching for a property, it’s important to have a clear understanding of your budget, including closing costs, which can be 12%-plus for foreigners. For example, if you have $1.5 million to spend, whether through a mortgage or in cash, you will actually be spending around $1.7 million in total.
Knowing your budget from the start will make your search less stressful and help you focus on apartments within your price range. If your search doesn’t yield the desired results, you can make an informed decision on whether to increase your budget or not.
Additionally, if you’re relying on borrowing, make sure you can secure the financing you need. If taking out a mortgage in Israel, get pre-approval before signing a contract and consult with your lawyer if a pre-evaluation is required (this is regularly advised).
Build a Team of Experts
It is essential to assemble a team of professionals with the right experience and knowledge to guide you through the process and assist you in making informed decisions.
Seek recommendations and testimonials, and speak with the professionals before hiring them to ensure compatibility. In addition to an agent, you may also need a mortgage broker (if financing is necessary) and a lawyer.
A lawyer is crucial in this process, and having one from the beginning will result in a smoother experience. This will enable you to act quickly on opportunities as they arise, instead of missing out on a deal while searching for a lawyer.
By following these tips, your property search will be made easier.
The process of purchasing property in Israel used to be more complicated, but thanks to the specialized experts who assist Anglo buyers, the process has become more streamlined and efficient.
This article is based on the opinions of CapitIL Real Estate CEO & Co-Founder Ben Levene. Ben Levene is a Jerusalem real estate expert with over 10 years of experience, specializing in helping Anglos purchase real estate in Israel. To start your Israel property search, please contact Ben at +972-53-822-4336 or [email protected].