Written by Dorit Shanan

There are numerous considerations when we searching an apartment to buy or rent; therefore, a deep understanding of our needs will help us to find the right apartment.

Purchasing an apartment for investment purposes is different than buying an apartment you intend to live in. The process of buying an apartment you wish to live in, which is what I will focus on in this article, involves personal questions, dealing more with needs.

1.The reasons -

The answer to this, will guide you in the right direction, thereby preventing you from chasing after the wrong apartments and thus avoiding bitter disappointment.

1.The need to move to a different area.

2.The need for more space

3.The need for an elevator / parking / others

4.Uncomfortable surroundings, noise, annoying neighbors, and other disturbances

5.Upgrade in standard of living

2. Budget –

Make a detailed list of resources that you have at your disposal:

·Loans

·Payment of an existing mortgage / Taking an additional mortgage

·Future expected income – gifts, an inheritance, bonuses, a raise in salary

·Take into consideration an additional 10% in costs to cover various bank commissions, lawyer fees, real estate agent commissions, taxes (such as purchasing tax), plus other unexpected expenses

3.Territory –

Focus on the regions worth considering in your opinion. Make a list of at least three options and rank them in order of preference. List the criteria for choosing each option.

4.Space -

Increasing one's living space is one of the most widespread reasons for moving.

Define the minimum size you are looking for in an apartment – how many bedrooms you need. The home office should be defined separately – this can always be located in different spaces. In older houses built in the Bauhaus Tel Aviv style for example, there is usually space that is not reflected in the number of rooms, or the rooms themselves are particularly large and thus can be rearranged. As an alternative, set the minimum net area you need, rather than the number of rooms.

One of the important considerations in the architectural designs of an apartment is clarifying in just which spaces you live today.

5.Checking the market -

a.Checking the market – does the current supply in the market meet the needs that you have defined for yourself. Is your budget appropriate for the market?

b.The information published in newspapers and home listings does not list all the information you need. You have listed a number of articles that answer the main concerns that you have noted and get off your comfortable couch: go see apartments! Update yourself and learn the market prices, and the inventory of available apartments. Visit between five and ten apartments (if indeed the supply in the market allows this).

c.Key Tip –

It is essential to list exactly which apartments you saw, also the ones you chose NOT to see, each detail, marking date and prices, or attach the information that you downloaded from the Internet and add your comments. It is important to mark down which real estate agent showed you which apartment (the easiest way – attach the business card of the agent to the apartment page).

6. Real estate agents -

It is recommended to go to Real estate agents whom you have heard about, who have been recommended to you, and who work in areas that you are focusing on. If you cannot find an agent through these means, turn to newspaper home listings and work only with those agents with whom you feel comfortable, who is credible, and who understand your needs. Let them know your profile as a guideline.

7.Budget -

What happens when the budget does not match the market conditions?

Do you have the ability to increase the budget? Additional loans? A larger mortgage? Selling another asset? If 'No' - Does moving into area "B" or "C" on your list of preferred neighborhoods allow you to find an apartment that matches your demands? Check the advantages and disadvantages in moving between the different neighborhood options that you listed, or - which is not at the top of your list of criteria, can you compromise on.

Good Luck!

Written by Dorit Shanan TOVADO Properties