Buying a property in Israel is not an easy task for a foreigner. The different real estate tax laws in Israel for Israelis and non-Israelis are one of the main factors for that. Buying a residential property is one of the most important decisions that you may have to take in your life and you do not want to screw it up. When you decide to buy a residential property in Israel, you may face a lot of problems. Most people seek the help of a real estate agent to help them.
Here are some of the tips that may help you to buy a residential property in Israel.
Locate The Property
The first thing you need to do is locate a residential property that may suit your needs. The easiest way to locate the right property is through various real estate websites. Some people also hire an experienced real estate agent to find the right residential property. Make sure that the agent you hire has a valid real estate license. You should also ensure that the agent’s fee is around 1% to 2% of the purchase price.
Inquire About The Property
Once you decide to buy a residential property in Israel, the next thing you need to do before moving the paperwork is hiring an engineer or similarly qualified individual to make sure that the house’s construction is in optimal condition and ensure that there are no irregularities in the building. This is very important because buying a damaged house will not be an ideal way to spend your valuable money.
Decide What To Buy
It is important for you to decide which type of residential property you want to buy in Israel, whether it is a house or an apartment. You should also decide whether you want to buy a finished apartment or an apartment that is under construction. Your decision to buy a house or an apartment should be taken after considering all your options.
Hire The Right Israeli Lawyer
It is very important to hire an experienced, competent Israeli lawyer to represent you. A lawyer who specializes in Israeli real estate laws can assist and guide you through the process. That includes the negotiation stage and also the conclusion of the transaction. The lawyer will protect your interest and you may have to pay them around 0.5% to 1.5% of the purchase price.