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Your most important decision after the
one of making aliya is where you are going to live. You must choose
an area that is compatible to your life style, your family’s
religious, social, cultural and educational needs, and ease of travel
to the parents’ place of employment.
DETERMINING YOUR TRUE BUDGET FOR A HOME:
Before even beginning the search, determine exactly how much your true
budget is: the loan the bank will allow you, based on the
ability to repay the mortgage;
The exact amount of money you possess
and when it becomes liquid;
The exact amount of loans you will
receive from private sources and when that money will be available.
Once this is clear, determine exactly
what closing costs you have, based on your status as new immigrant,
returning resident, young couple, or Israeli who never owned a home
before. (see my article on closing costs in my website)
Once you have determined the exact amount of budget at your disposal,
you go on to the next step.
CHOOSE A LAWYER
Just like you choose a doctor before you
get sick, choose a lawyer before you need one. Get recommendations
and speak to the lawyer before you begin your search. He will give
you important information which will assist you in choosing a
reputable agent in the area. A lawyer can give you valuable
information necessary in protecting you from doing something that can
aversely affect you. We tend to naively believe that no one would
willingly mislead or lie to us. Not true. Do not sign anything
without your lawyer’s consent. I have seen people sign seemingly
innocent documents, which because of ONE word caused them inestimable
damage. A property lawyer sometimes also has properties or projects
he represents which he can offer you.
Since a lawyer is always signing contracts he also knows what the
right prices are in particular areas. This is important
knowledge, because he can help prevent you from overpaying for a
property.
My best advice is to meet with a minimum of two lawyers before you
choose the one you feel most comfortable with and who would best
fit your needs.
CHOOSE AN AGENT:
Again, get recommendations before you choose an agent. Make sure
the agent is licenced. Choose an agent with a good reputation
and much professional experience.
A professional agent will listen to you, and will show you the
properties most suited to your budget and needs. The more the
agent knows about you the easier it is for him/her to choose the
properties to show you. If you need easy access because of a
family member who has mobility problems or is confined to a
wheelchair, your agent must know this vital information. If you
need an office in your home this is essential information the
agent must know.
Be honest with the agent about your
budget. The agent must know the absolute highest budget you have, so
that he/she will show you a maximum of homes that meet your needs and
pocket. Your time is valuable, as is the agent’s, so be as exact in
the specifications as you can be.
HOW TO CHOOSE YOUR NEW HOME
Keep a record of every property you are
shown and who showed it to you. Dedicate a page to each property.
Have two columns on each page: a plus column and a minus column.
Write down everything you like about the property in the plus column
and everything you feel is negative about the property in the minus
column. This will help you focus on what you really want, and will
help you remember what you have seen. Evaluate every apt. Give stars
to the ones you like (grade them by number of stars). Show your list
to the agent, so that the agent sees what you like and dislike in a
property. Hopefully, the agent will then circle in on other
properties that have the same good qualities that you are searching
for.
Once you have seen enough properties, go
back to the ones that have the most pluses, for now you will be better
able to decide which of these apartments is more suitable for you and
your family.
IS IT NECESSARY FOR AN ENGINEER TO CHECK
THE PROPERTY?
Make sure to have an engineer check the
home you have chosen to purchase. It is well worth the $300-$600,
depending on the size of the home, that it will cost. The engineer’s
report will serve you well in the negotiating stage of purchase. If
there is anything wrong with the home which requires a financial
outlay to repair, then you might be able to get this outlay off the
cost of the home. Remember, it is not important if there is
something wrong or damaged: what is important is if it can be fixed,
how much it costs to fix it , and who pays for the repair. I usually
tell my clients to try to get the cost of the repair off the cost of
the house and fix the damage themselves, because you can never count
on the quality of repair of the person selling the home.
WHAT ELSE SHOULD A CLIENT LOOK FOR?
I have always felt that parents can handle anything, but they want the
best for their children. It is essential to make sure that there
are compatible, quality schools for your children where you have
chosen to live. If your children will not be happy in their
schools or with the children in the neighborhood, they will make your
life miserable. They will wear you down, until you even think it might be preferable to return to the
Galut, just to make sure they have a good education.
Parents: the husband normally goes out
to work, so is always stimulated by his interaction in the workplace.
The wife is more often at home. I have always felt that it is the
wife who should choose the home, or at least her voice should be
heard the loudest in this decision. The wife must clean that house,
she must play hostess, keep peace between children, and have neighbors
who will be her support system, since often as not families have been
left behind across the Ocean. Good neighbors whom one can count on
in difficult times and to invite for simchas are very important for
your integration into life here.
Happy hunting!
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