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Advice for First Time Home Buyers in Jerusalem

November 9, 2017

 

Congratulations! You are considering purchasing a home or property in Jerusalem. Real estate in the Jerusalem has proven a wise investment over time and shows no signs of slowing down in the future.

 

In order to make the best choice for this important decision, you should consider the following advice as part of your purchasing process:

 

Understand the terminology – Take some time out of your schedule to learn the real estate terminology used in Jerusalem. These terms are in Hebrew and learning the basics can help you gain a better understanding of the proceedings.

Partner with a trusted agent – Advice from a trusted person who is intimately familiar with the local market, can help you make the decision which is right for you. From a pragmatic perspective, they can also be a one-stop-shop for understanding local regulations and providing references for trusted local professionals.

Get a lawyer - The legal considerations for real estate in Jerusalem and the rest of Israel can get complicated. In order to be completely sure that legal ownership has passed hands, you need a lawyer who can look into its history and dig up old ownership deeds when necessary. A competent lawyer stays by your side, from the negotiation stage to the final transfer of the deed.

Open a bank account – You may need to open an account at a bank in Jerusalem at least three months prior to purchase. A minimal amount must be remain in the account for at least three months before you can apply for a mortgage.

Consider a mortgage – The banks in Jerusalem have friendly mortgage policies. The process consists of getting a pre-approval report based on a combination of your personal finances, the size of the loan and the appraised value of the property. Its important to understand that most banks finance up to 70% of the value of the property, the remaining 30% is provided by the borrower in cash.

 

As in most countries, real estate transaction costs should also take into account professional fees, taxes and renovations where required.

With these guidelines in mind, you are now ready for your next step in buying a home in Jerusalem.

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