So, are you looking to buy real estate in Jerusalem yet aren’t sure where to begin? Before starting your property search, we want to offer you 5 ways to set yourself up for success. We promise to keep the list short and full of helpful tips since we’re sure that you want to get out there and start your property search.
1. Know Your Budget
First and foremost, you need to know what your budget is when looking to buy a property. The Jerusalem real estate market has a lot to offer, therefore it’s important that you first: 1. Determine your ideal budget. 2. Know your spending limit. It’s also just as important to remember that added costs after your real estate purchase are inevitable. Your budget should include an additional 10 to 12% for costs like property taxes and fees. The extra amount should include things like real estate broker fees (broker fees are 1 to 2% of the sale price). Renovation costs should be considered (especially if you’re thinking about buying real estate in an older building).
2. Prepare Your Finances
After calculating all of the costs and figuring out your budget, it’s time to prepare for your real estate purchase. Have your funds readily available if you’re buying the property in cash. The same applies if you’re taking out a mortgage. Confirm that you’re approved for the financing. Additionally, you’ll need to figure out the cost of your down payment, and have that ready.
Preparing your finances before your purchase sets you up for a smooth buying process. An added advantage: you can have peace of mind, knowing that once you find the right place, you can go ahead and start the closing process.
3. Know What You’re Looking For
Choosing your Jerusalem neighborhood
It goes without saying, but the location is everything. Jerusalem is chock full of neighborhoods, and each area has a special charm of its own. What are your needs? Are you looking for a small space and a bustling location? In search of a homey apartment in a family-friendly neighborhood? What about a modern vacation apartment in a hi-rise building?
Consider your personal preferences; whether they’re social, religious, or convenience needs. After you’ve established what you’re looking for, remember that every location in Jerusalem has something unique to offer. By prioritizing what’s essential, you’ll be able to find the ideal location for you.
The Ideal Size For Your Jerusalem Property
Once you’ve settled on an area for your property in Jerusalem, the next step is determining what size of space you’ll be looking for. When deciding what size property you should buy, keep the following points in mind:
Firstly, The apartment size in Israel is a metric system-based system. That means that property size is advertised in square meters form (for example, 900 square feet is about 83 square meters).
Secondly, most property listings in Israel show the total number of rooms. Be aware of the fact that this number includes the living room! So a four-bedroom apartment is a three-bedroom apartment with a living room.
4. Choose the Right Real Estate Agent
The Jerusalem real estate market is very competitive. Many people are looking to buy, and many choose to hire a real estate agent for help in their search. Doing this can prove to be helpful, especially in Jerusalem’s bustling market. It’s crucial to be mindful when making your decision. When hiring a real estate agent, confirm that the agency’s brokers are licensed and experienced. (And of course, a little research goes a long way- you can do a quick Google or Facebook search to see what others have said about the agency.) Once you found the right team to help you, remember to communicate your real estate needs with your agent. Describe exactly what you’re looking for and be open to viewing what they’d like to show you.
5. Be Realistic During Your Property Search
Who wants to be told to be more reasonable? We get that it’s not always fun to hear this, but it’s important to be down-to-earth when searching for real estate in Jerusalem. You may find an apartment that’s in the exact location that you want, yet the layout is a little different than what you were hoping for. There’s a chance you’ll find a property that’s a little older than you envisioned, but it’s perfect for your family’s needs.
Remember, small renovations or touch-ups can change the look of an apartment, but the perfect size apartment at a prime location can be hard to come by. Flexibility can go a long way in helping you find the perfect property in Jerusalem. Good Luck With Your Apartment Search
Congratulations! Now that you’ve gone through the above steps, you’re on your way to fulfilling your Jerusalem real estate dreams. We have some more important things to discuss, so stay tuned for part two. We’ll explain things like apartment zoning, the legal status of the property, home inspection, the closing agreement, and more. In the meantime, feel free to contact Gov Ari Real Estate Agency Jerusalem with any questions about buying real estate in the area.