The Ins and Outs of Buying Real Estate in Israel

If you've made the decision, Boruch Hashem, that you are going to start seriously looking to buy real estate in Israel, whether Ramat Beit Shemesh, Jerusalem or elsewhere it's worth being prepared.

We at Rimon Realty have made a checklist for you to go through and familiarize yourself with in order to be an educated buyer.

The general procedure for buying a home in Israel is broken up into a few steps.

1) Ascertain your budget by assessing your savings/available funds and your borrowing power. We recommend a mortgage broker to find the best mortgage for your particular needs and lifestyle. Get pre approved for the amount you need.

2) Decide what type of home you would prefer and with which features, ie, apartment, floor, yard, cottage, villa, number of rooms, storage, parking. Make a distinction between wants and real needs.

3) Think about what type of neighborhood would you feel most comfortable in based on your background and religious affiliations.

4) Talk to a broker to see if your ideas are in line with the current market and your budget.

5) View a number of homes and reassess your goals to see if they are valid. (It is difficult to see and remember more than 4-5 homes at a time. It is highly recommended to keep a notebook with addresses and details of homes seen.

6) When you find the home you want to buy, discuss with your agent what you can afford to pay and make a game plan to see that become a reality.

7) Make the offer through your agent.

8) Allow your agent to make the initial agreements of payment schedule and move in date.

9) Choose a lawyer. Real estate agents should have a lot of experience with lawyers and can suggest a competent one or one who works particularly well with the seller's lawyer.

10) Some buyers choose to have the home inspected by an engineer or builder.

11) After the lawyers have exchanegd contract and made their comments, the signing is scheduled. Your broker shoudl accompany you to the signing. At the signing, be prepared with 10-20% downpayment payable with a bank check.

12) Payment schedule according to terms.

13) Complete payment and receive the keys!

Best of Luck on your journey and get in touch with Rimon Realty for a unique level of customer service and help with your buying process.

Call 02-999-1000 or (845)262 3206 from the United States for a free consultation today.

A Netanel Neuman Real-Estate Website