Tips for Buying Your First Property in Israel

    It is not easy to purchase a property. This is especially true in Israel, where the laws and processes are quite different from those in North America, Europe and other parts of the world. To minimize risk and make your transaction smooth, it is important to take each step carefully when buying a home or investment property. Find a real estate agency to help you make this happen. Anyway, there are some things you need to keep in mind when buying property in Israel.

    Begin the process. Check your finances, understand your market, and qualify your needs. The first step is usually the most difficult, but don’t be discouraged. Ask yourself what your goal is before you start looking for the perfect property. Is the property being bought for investment, living or both? What are you hoping to gain from buying property in Israel what will it cost? Do you need financing? What percentage of the cost will you have to finance? What are you truly looking for? Size? Character? What is the value of your money? These are all a combination of them. These are the questions you need to ask before you start a serious search. This will make your search much easier and ensure that you are prepared to find your dream property.

    Ask about financing and opening Israeli bank accounts. Opening an Israeli account will lower the fees and hassles associated with international transfers. However, this should be discussed with your accountant or financial advisor. Based on our experiences working with clients, we have found that opening an Israeli bank account makes things much easier both financially and practically. You should shop around for the best mortgage companies and banks in Israel if you are certain that you will need a mortgage.

    Hiring an attorney is a must. Your attorney will help you find debts and negotiate legal aspects of your contract. They will also figure our tax and financial issues and act as your legal advisor throughout the purchase and subsequent ownership. Typically, attorney’s fees are about 1% of the property’s purchase price plus VAT.

    Locate and hire an agent to help you find the right property. An agent will not only save you time but can also help you reach far more people than you could do a search by yourself. It may be difficult to find the right agent. Experts, licensed and knowledgeable agents are the best choice. Many Israeli brokers aren’t as reputable as we would like. This makes it more important to choose someone you trust and can rely on. Check that your agent is licensed in Israel to work in real estate. Check his clients’ review. In Israel, agents typically represent both the seller and the buyer. The agent must inform you of this before you view any property. You should ensure that your agent is able to work with other brokers so they can show you all properties available. You will need to sign a document stating that you will pay 2% of all property prices + VAT to establish a relationship.

    Some of the info is provided by BHII – Buy Home in Israel, your local guide to real estate in Israel. Visit their website https://bhii.co.il/

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