Time For A Change:
How To Sell And Buy My New Jerusalem Home
(These are the thoughts of CapitIL Real Estate Agency Sales Director Ben Levene.)
Many of my readers may already own a property in Jerusalem, having jumped in the market quite a few years ago. You may currently be using it as a holiday home or an investment property, but you are getting closer to the point of moving to Israel to live or spending significantly more time there.
It may be approaching the time to sell what you already own to find something more suitable for your current situation. Hopefully and presumably, you will make a significant profit on your original purchase price, and this article discusses considerations and points this process involves.
Questions to Ask Yourself
Are you going to sell the apartment regardless of how long it takes to find a new one?
Will you only sell once you find your new apartment?
These questions are crucial to understanding what your process will look like and will help you be prepared so that the process will be as smooth as possible.
There are two options if you currently hold a mortgage on a property. The first option is to repay your existing mortgage and take out a new one on the new property.
Please check with your mortgage broker/bank about details regarding if penalties and fees exist - and take a new mortgage for the new property presuming you qualify.
Another option is for your current mortgage to be held by the bank while you look for a new property, and presuming the new property qualifies for a mortgage, you can move the mortgage onto your new property. By moving over your mortgage, you may be able to keep your original mortgage rates.
This process is quite nuanced and detailed and requires proper understanding so for full details, please speak to your bank or your mortgage broker. This blog is for informational purposes only and should not be taken as financial or mortgage advice.
Working Out Finances
People often start the process without a firm understanding of their finances and what they can and cannot afford. Before you spend hours on selling and buying a new property, do your research into your finances and calculate all your costs of the buying and selling process.
It is also important to sit with your broker and get an evaluation of your home and an approximate sale price. Your broker should give you an estimate with some real-life examples of what your new property will cost.
Then, calculate the difference in the estimated price plus all estimated expenses and see if it is viable or worth trying to do before over-investing emotionally.
Once these things are organized, you are ready to start the process of upgrading your Jerusalem home. This process takes research, time, and planning.
I regularly help people considering this process and would be very happy to have a no-obligation sit down in New York or New Jersey in December or a phone call to those in other locations.
Make sure you have a team of expert professionals to guide you to ensure a smooth process.