Buying in Israel can feel like making a purchase on another planet. Everything is different; the currency, the culture, and the way business is conducted. On your home turf, you felt comfortable making financial decisions. You knew how much things should cost, how much you were willing to spend, and where you had flexibility.
Buying in Israel is like playing a different game. So how do you know if you’re getting a good price? By knowing the factors that impact the price of an apartment.
- The view– Two identical apartments will go for different prices if one has a beautiful view.
- Accessibility– Ease of access raises the value of an apartment.
- Privacy– Apartments that afford more privacy can be considered more valuable.
- Elevator & Shabbos elevator access– If the apartment is situated in a highly populated building with only one elevator, that should bring down the price.
- Landscaping- what’s known in the US as “curb appeal” will add to the apartment’s market value.
- Layout- A poorly organized apartment should be sold at a lower value. If the kitchen or dining room are too small, or the structure is not user-friendly, the price should reflect those undesirable elements. On the flip side, a smaller apartment with a highly functional layout can be more valuable than a larger, less organized apartment.
- Sukkah porch- While virtually every apartment comes with a sukkah porch, not all are created equal. In many porches, only a small portion will actually be kosher for your sukkah. A larger kosher-sukkah scope can bring up the value of the apartment.
- Actual size- While all registered apartments have a listed size, the information can be misleading. We’ve seen apartments of 100 meters, where only 50 meters were built legally. A professional surveyor can measure the apartment for you so you can assess if the apartment is priced right for its true size.
- Amenities- Many apartments come with access to a car park or a storage room. These things also contribute to the value of the property.
While hunting for an apartment, never be afraid to ask questions and conduct additional research. You’re the buyer. This is your investment. You deserve answers so you can make a smart decision.
Mr. Shia Getter is an authority in the world of Israeli real estate & buyer protection. He founded The Getter Group to help you avoid pitfalls and to protect your interests. Get protected with help from The Getter Group. Call today 718-473-3950 or email@example.com
This article is intended to provide general information about the subject matter covered. It is not meant to provide legal opinions, offer advice, or serve as a substitute for advice by licensed, legal professionals.
The author does not guarantee that the information contained herein is complete or accurate and does not assume any liability for any loss or damage caused by errors, inaccuracies or omissions contained in this article.