When making the decision to buy either a pre-owned apartment or to buy into a new project in Eretz Yisrael, there are many factors to take into consideration. There are pros and cons to each decision and the choice that you make is based on your preferences, your needs, and which of the options is more financially viable for you.
If you are planning to live in the apartment, there are a number of factors that need to be taken into account such as the need to renovate the apartment in order to tailor it to your own taste and needs. The renovation costs should be taken into account when making the decision to buy a pre-owned apartment. Unless the apartment you are buying needs major renovations and is therefore sold at a lower price, it should be noted that the cost of buying a pre-owned apartment is usually greater than that of buying an apartment on paper.
Two of the main advantages of buying pre-owned apartments is that there are no hidden costs and you already know who your neighbors are. When buying an apartment in Eretz Yisrael, you will find that you could have three or four neighbors in close proximity to you. This makes the need to know and like your neighbors much more important than it is in the U.S. where you are most likely living in a self-standing home or an apartment building that has more space between apartments.
It is also important to be aware of future developments that are set to take place in the area. You might notice the seemingly insignificant vacant lot across the way from your second floor apartment, however, the lot could have been earmarked for a future shul that will be three stories tall and will obstruct your view. The Getter Group ensures that buyers are given all the information needed in order to avoid situations such as these.
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