What You Need to Know About Buying an Apartment in Tel Aviv: Part 1
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Buying a home is one of the biggest decisions you will make in life; which is why we’ve built our entire business around helping buyers just like yourself, to make the purchase of your home as easy as possible, so you can enjoy the experience of living in The White City.
Purchasing a home is exciting. Nothing beats that magical feeling of stepping into an apartment, knowing that this it! This will be your new home in Israel. But, as it is with any other big decision, purchasing a home in Tel Aviv needs preparation, careful planning and professional guidance.
Before you begin exploring different options, the first step would be to define your budget. Consider your finances before you start your search. This will give you a clear and realistic picture of what the market can offer. After all, you don’t want to fall in love with a home that you cannot afford.
There are several mortgage plans offered by various banks, however, note that a bank mortgage advisor will most probably try and sell you the best mortgage plan suitable for the bank, rather than the most suitable plan for you. So my best advice is to carefully research your options, schedule appointments and compare different plans. Apart from consulting the bank, there are quite a few independent mortgage consultants who have no interest in selling you a specific plan, but rather do all the work for you by reaching out to different banks and tailoring a mortgage plan fitted to your current and future needs.
Second, take time to define your search parameters like location preference, size of apartment, building amenities and most importantly your timeline for moving. Prioritize your needs and leave room for flexibility.
Third, find the right real estate agent to help navigate you through the process.
Set up appointments and get to know a few before making any decisions.
Choose a professional who understands you and listens to your needs; someone who specializes in apartments in your price range and desired neighborhood; who’s available to work closely with you and on your schedule and who takes time to explain things you may not understand.
The brokers’ fee is the payment your agent receives for successfully finding you a home and the standard brokers’ fee in Israel is 2% + VAT (17%).
If you need to sell your existing apartment while buying another one, look for an agent who can help you accomplish both tasks by researching all local professionals.
Finding a new home should be an exciting and enjoyable process but it is also time consuming so look for someone whose company you enjoy – you will likely be spending a lot of time together.