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Buying Into A Development In Eretz Yisrael

Buy 'on paper' or buy 'ready made?' There are advantages to both, says a real estate expert
Illustrative: Housing construction in Beit Shemesh in May 2012. (Nati Shohat/ Flash90/File)
Illustrative: Housing construction in Beit Shemesh in May 2012. (Nati Shohat/ Flash90/File)

When fulfilling the dream of buying an apartment in Eretz Yisrael, there are many points to consider. This is especially true when considering buying into a development as opposed to buying a pre-owned apartment.

There are many advantages to buying an apartment on paper. The apartment will be brand new, it is yours, and you get to make certain decisions regarding the layout and design before moving in. Another big advantage is that the buyer has some breathing space with payments because after the down payment has been paid, the cost of the apartment is spread out over a few years.

When buying into a development, there are some important points to be aware of, such as the price being linked to the cost of the building index, the costs of the developer’s lawyer, and other extra charges that need to be negotiated ahead of time. Amongst other surprises, buyers may find that apartments are not always available on the original move-in date.

When working with the Getter Group, the surprises are no longer a surprise. Our buyers brokerage service capitalizes on our knowledge of the Israeli building industry and our understanding of the government infrastructure, helping to smooth over the purchasing process no matter where the buyer is located.

The Getter Group guides buyers through the on plan buying process, from finding the best location and understanding the building plans, to navigating the entire purchasing process.

Buying an apartment on paper is often the better decision to make. It is, however, important to ensure that you have the necessary guidance by those who know the ins and outs of the Israeli property market. With the right guidance, buyers will be more informed and will not need to deal with the builders and various government offices alone.

Shia Getter is the CEO of the Getter Group, a full-range real estate services firm in Jerusalem catering to the Anglo investor. He is a noted expert, columnist, and author of The Guide to Investing in Jerusalem Real Estate. He and his professional team manage many upscale Jerusalem properties and have helped countless people buy, sell, and renovate property in Israel.

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. This article is published with the understanding that the author or publisher is not engaged in rendering legal or other professional services.

The author does not warrant that the information is complete or accurate, and does not assume and hereby disclaims any liability to any person for any loss or damage caused by errors, inaccuracies or omissions, or usage of this article.

Laws and interpretations of those laws change frequently and the subject matter of this article has important legal consequences. If not understood, legal, tax, or other counsel should be consulted.

About the Author
Shia Getter is known in Israeli real estate circles for “the man with common sense.” Having moved to Israel 12 years ago, Shia understands what rough experiences many people not used to the local ways of doing business can get entangled with. His company, the Getter Group, is Jerusalem’s #1 sales and brokerage services company, and trusted source of information, ensuring clients get the right investment, covering their bases and checking that they are getting full value and security for their hard earned money.
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