Should I Buy in a HUGE
(These are the thoughts of CapitIL Real Estate Agency Sales Director Ben Levene.)
Ganei Zion, Bustan Baka, Quadra, and Park Eight are all examples of large complexes in Jerusalem. Each complex has a range of approximately 100-200 apartments and consists of a good mix between Anglo and Israelis.
There are many enticing reasons to move to a complex and there are also reasons why some people choose not to live in such complexes.
Let's examine the ins and outs of buying in a big aparment complex.
Why You May Like Living in a Complex
Here are a few reasons why you may enjoy living in a huge complex. Please keep in mind that not all complexes are the same and each point is geared towards the general concept and not specific places.
• Community feel
• Management companies
• Outdoor space/amenities
• Market prices
When you buy in an apartment complex, you are in a way buying into a community. Not everyone has to be best friends, but there is definitely more of a community feel.
Whether it is borrowing eggs or milk from your neighbor, hosting shabbat meals, or making private minyanim, buying in a complex has its perks.
Another reason some people enjoy complexes is that usually a management company is hired to maintain the building. For people that like their building to be kept to a high standard, this is extremely beneficial.
Outdoor space and amenities such as pools and gyms are also a big bonus. They may not be private, but they are available for the entire community to enjoy at their leisure.
Lastly, there is generally huge demand for complexes in Jerusalem, which in a way creates an artificial market.
These complexes generally increase in value even quicker than the market - as the demand from friends and family of the residents of the building drive prices up.
Why Some People Prefer NOT To Buy in a Complex
There are of course reasons why some people prefer not to buy in a big complex.
For people that prefer more privacy, buying in a complex may not be the right choice. Additionally, if you prefer not to spend a lot of money on management fees and amenities such as management companies and gardening, then buying in a smaller building may be a better option.
Complexes, for all there benefits, are generally quite large buildings, therefore, people searching for character and charm will generally be more enticed to buy in smaller buildings and picturesque side streets.
Lastly, a concern we sometimes hear is that complexes may be noisier than living in a boutique building.
There are many attractive reasons why you should buy in a big complex, but it is not for everyone.
At the end of the day, it is a personal choice.
Having a discussion with your realtor about what you are looking for and what your expectations of living can help you determine whether buying into a complex will be fitting for you.