How to properly choose real estate in Israel: tips and recommendations

Cadastral marking in the Israeli land registry

The cadastral marking used in the Israeli land registry is a system in which each real estate object is identified by three main coordinates: gush, hilka, and tat-hilka. Gush corresponds to a specific plot of land, hilka denotes a share in private ownership, and tat-hilka usually indicates a unique apartment number. However, it should be noted that tat-hilka is not always tied to an apartment. For example, attics and basements can be included in the registry, and sometimes properties may be completely unnumbered — this applies, for instance, to old buildings.

In such cases, when selling an apartment, it may only be a matter of shared rights to the property, without a clear delineation of the boundaries of the specific asset.

Legal aspects and mortgage loans

Despite the complexity of situations with unclear boundaries, such real estate can be legally bought and sold. However, these characteristics can create difficulties for banks when processing mortgage loans. Incomplete boundary definitions increase the level of risk, which may lead to less favorable loan terms. This can also affect the market value of the property when it comes time to sell.

Condition of the buildings

Significant attention also needs to be paid to the condition of the buildings themselves. The majority of the housing stock in Israel was built in the 1960s, so many of them show signs of aging and physical wear: damaged walls, peeling tiles, and other defects.

Although such houses may remain habitable, the lawyer will generally not object to the transaction taking place. However, potential buyers should consider the many issues related to the condition of such properties.

Possible difficulties in assessment

• Bank assessment.The specialist can identify serious deficiencies, which will affect the terms of the mortgage loan and may lead to the offer of less favorable interest rates.
• Need for repairs.Property owners in such buildings often face the need for repairs, sometimes in collaboration with neighbors (if it's an apartment building) or even the possibility of receiving fines for potentially hazardous living conditions.
• Difficulties with sales.If the issues are not resolved, it will complicate the future sale of this property, as buyers may be concerned about additional financial costs to address the deficiencies.

Studying the neighbors

It's also important to study the surroundings. For example, if there are antisocial elements living nearby, it will be difficult for you to avoid constant conflicts related to noise, unsanitary conditions, odors, and other communal issues. Additionally, property in such an area may be hard to rent out.

Excessive noises and constant sounds from neighbors can increase stress levels, both for residents and for those renting out their property. It's important to note that the legislation does not strictly regulate noise levels during the day, so resolving conflicts can be problematic.

Recommendations for potential buyers

Therefore, when studying the infrastructure and living conditions in your chosen area, it is important to consider the vulnerable spots. The experiences of others, particularly immigrants, can provide insight into various nuances and challenges.

Recommended:

• Subscribe to specialized resources and channels to stay informed about the intricacies of real estate, immigration, and investments.
• To exchange opinions and advice with like-minded individuals.
• Focus on preparing for potential initiatives and simplifying the adaptation process in a new country.

Adaptation to new conditions

When choosing a new home or moving, it is important to consider many aspects, with the adaptation to new living conditions being the top priority. Special attention should be paid to the choice of neighborhood, as its characteristics and the local residents play a significant role in comfortable living. It is most advisable to gather information about the neighborhoods you are interested in in advance, so you can navigate them better.

Choosing favorable areas

The ideal option would be places where people with comparable income levels live. Nowadays, there are many online platforms that offer detailed descriptions of various neighborhoods, which simplifies the process of analyzing living conditions in them.

Safety and crime rate

Equally important are indicators such as the level of safety, crime statistics, and other significant factors that affect life in the area. It is also worth paying attention to the education level of local residents and their professional skills – the difference between intellectual and manual labor workers can significantly impact the quality of life.

Features of the area

It's important to remember that sometimes the situation can change depending on the specific street: what seems to be a thriving part of the street can smoothly transition into a less developed area. Therefore, when choosing a place to live, it's crucial to thoroughly check the information about the specific property.

Unique features of the Israeli real estate market

In the Israeli real estate market, there is an interesting feature: a significant portion of the land designated for development is state-owned and leased to developers for up to 99 years. However, there are also plots that are privately or church-owned. This can affect the value of housing in different buildings, even those located close to each other, as the price of apartments often depends on the ownership rights to the land.

Private property and rental rates

Apartments located on private lots may be more affordable, but this should raise some concerns. Firstly, private landowners have the right to set rental rates, which can lead to unexpected increases in utility costs for residents. Therefore, it is essential to thoroughly investigate this aspect before making a purchase.

Conclusion of the deal

When concluding a real estate purchase deal, it is important to strictly adhere to the terms of the standard contract. The seller is required to provide necessary information about important aspects related to the transaction. Before making a final decision, it is wise to check the cadastral data and ensure that there are no debts associated with the property.

Additional checks

However, this research does not always cover all important aspects, so it is useful to consult with the property manager. They will be interested in providing truthful information about the condition of the building and the neighbors, as you may become their new resident.

Communication with neighbors

It is also advisable to talk to several residents of the building and the surrounding area. Some buyers prefer to spend time outside, observing the atmosphere and life in the neighborhood. This helps to get a complete picture of what life is like in that place.

Hire an expert

If you are considering investing in real estate, it might be worth thinking about hiring an independent expert who can conduct a professional assessment of the property and provide a detailed report on its condition.

Obtaining a mortgage loan

If you plan to take out a mortgage, it is wise to ask the bank for a list of appraisers it works with. Usually three options are provided. It is recommended to choose a specialist working with different financial institutions, because it is not known in which bank you will get approval and under what conditions.

Naturally, one should not forget about the prices for services. Usually, the cost of an appraiser's work is around2,500 shekelsApproximately770 dollars), and for the assessment after signing the deal, you will need to pay around1 thousand shekelsabout310 dollars).

Responsibilities of an appraiser

This professional not only assesses the value of real estate but also checks for any encumbrances, ensuring that there are no liens or debts on the property. In addition to this, he interacts with the engineering department of the local administration, reviews the documentation, and provides an assessment of potential risks or the quality of the construction.

The appraiser performs their work with utmost care, as they are responsible to the bank, which in turn provides an additional guarantee of safety for the client and increases the likelihood of receiving a favorable mortgage offer.

A story from practice

Recently, our source from the company Zipika shared an intriguing story. "A year ago, I was helping acquaintances with the purchase of a property. The building had issues with cadastral registration: it was constructed 15 years ago but had no registration in the cadastre and was only accounted for in the land management office.

Elegant interiors and unique offerings

The interiors of the mentioned properties impress with their exquisite design. There aren't many apartments on the real estate market that are similar to those located in the center of Tel Aviv — they can be counted on one hand. We have a unique offer from Isra Home: an apartment in Tel Aviv priced at2,200,000 €, with an area of110 square metersincluding 4 rooms, 3 bedrooms, and 2 bathrooms. There is also the option for remote transaction processing with a loan rate.3-4%You can choose from a variety of apartments directly from the developer at very attractive prices! Options are available both with and without finishing, as well as the possibility of obtaining a mortgage on favorable terms, where the down payment can beup to 20%.

Luxurious penthouse in Bat Yam

Another wonderful offer is a luxurious penthouse in Bat Yam, priced at3,450,000 €It has a total area230 m²and includes 6 rooms, 5 bedrooms, and 4 bathrooms. The penthouse is located at Itzhak Sade Street, on the 34th floor, and also features a balcony with an area of60 square metersThis luxurious property comes with2 parking spacesand a storage room. The enchanting view of the sea is another significant advantage! The designer renovation has been done to the highest standard, the house is completely new and offers concierge services, as well as a spacious gym. Additionally, there is an option to pay in rubles within Russia!

Villa for sale in Caesarea

A wonderful villa is offered for sale in Caesarea, with the price available upon request. It occupies an area of800 m²and includes 6 rooms, 4 bedrooms, and 5 bathrooms. This magnificent property is located in a prestigious area with a plot size of1320 m²Unique location:

• Neighbors only on two sides;
• On the other sides, there is a beautiful park that provides residents with the necessary privacy.

The villa is equipped with a swimming pool of size15 by 5 metersIt has two floors and a basement. The total living area is approximately850 m².

Apartment in Haifa

There is also an apartment in Haifa available for the price of550,000 €its area is113 m²It has 4 rooms, 3 bedrooms, and 2 bathrooms. If you are looking for accommodation in an area with developed transport infrastructure, but at the same time you strive for peace and privacy — this offer is just for you! The apartment, located on Birama Street, has been completely renovated, featuring spacious rooms, and the master bedroom is equipped with a separate bathroom and a balcony with greenery. The kitchen is modern, and the air conditioning system is new.

Apartment in Rishon Lezion

There is also an apartment in Rishon Lezion, priced at1,250,000 €, with an area139 m²It has 5 rooms, 4 bedrooms, and 3 bathrooms. This property is located near Tel Aviv and includes two balconies with a total area of30 square metersCars can be conveniently parked in the double underground parking, and the windows face northwest. The apartment has designer renovations and is located on...11th floor out of 12.

Apartment in the Gindi TLV project

And one more interesting offer - an apartment for sale in the center of Tel Aviv at a price of1,250,000 €, with a total area90 square meters...which includes 3 rooms, 2 bedrooms, and 2 bathrooms. This is part of the iconic Gindi TLV project, located in the city center, near a shopping mall and metro stations. The project consists of...4 towersof which 2 are already occupied, the third will be ready in May 2023, and the fourth is under construction. The apartment for sale is located in the third tower and has an area of90 square meterswith a balcony area12 square meters.

Special offer in Bat Yam

It is also worth noting the residential complex under construction in Bat Yam, where an apartment is currently available with an area of82 m²for580,000 €, consisting of 3 bedrooms and a living room. The balcony of the apartment measures10 square meters, and it is located on8th floor out of 24The expected completion date for the construction is May 2026, and the apartment will be delivered with high-quality finishing.

Conclusion

In conclusion, it is important to note that buying real estate in Israel is a much more complex process than it may seem at first glance. There are many factors to consider, from cadastral information and the condition of the building to neighbors and the character of the neighborhoods. The initial thought of purchasing an apartment or house may be accompanied by feelings of joy and anticipation, but as I have come to understand, before taking such an important step, one should carefully think through all the nuances.

Key aspects of purchasing

Cadastral markingThe properties of real estate and land rights become key aspects that can significantly influence the terms of mortgage lending and the future value of your property. I have found that a lack of clear cadastral information can deter banks from offering favorable mortgage conditions, which in turn can become a serious financial burden.

Condition of the buildings

The condition of buildings also plays a critical role. An old housing stock, while it may look attractive, hides the risk of expensive repairs and undesirable neighbors. I strongly encourage you to familiarize yourself not only with the condition of the property itself but also with its surroundings.

Problematic neighbors

The presence of noisy neighbors or antisocial individuals can not only complicate life but also reduce the marketability of your property.

Tips for Buying Real Estate

• Don't rush to make a decision.
• Conduct thorough research.
• Consult with experts.
• Explore the surroundings.

Result

Considering everything mentioned above, my advice is to take your time with the decision, prioritizing thorough research, consultations with experts, and a personal exploration of the surroundings. I believe that this approach can not only help avoid mistakes but also make the process of buying real estate more thoughtful and enjoyable. Ultimately, your home is your fortress, and it should meet all your expectations and requirements.