Many factors can effect your search for the right neighborhood, such as what the demographic is like, what the anglo/Israeli composition is like, resources and comfort for olim, if it is a walkable neighborhood if you don’t plan to drive, if it is near schools, parks, commercial areas, etc. Use our helpful guide to help narrow your neighborhood choice
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It is important to find a neighborhood that has homes that fit your budget. Use our helpful guide to come up with a realistic budget (including all the added fees) so you can search within your means
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There are various styles of homes and various sizes, it is a good idea to have a realistic list of ‘musts’ so you can hone the search accordingly. Homes tend to be smaller than other countries, so the first step is to shrink expectations – and decide how many bedrooms you need, how many bathrooms you need, whether you want a balcony or a garden, and whether you are okay with some steps or need fully accessible.
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There tends to be a longer period between buying a home in Israel and getting the keys. Most homes tend to change hands in the summer, but properties are bought anywhere from 2-20 months in advance, and then payments are staggered over the period between ‘signing’ and ‘getting keys’. So one of the key factors when looking for a home is to have a sense of move-in date so that you focus on properties that will be ready for you when you plan to move.
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First we search all the active listings to find the right property in the right neighborhood at the right price point.
Then we try to get the best deal possible. While Israelis like to negotiate, with property negotiations a starting offer needs to be within range of the closing price as if a buyer starts too low, the seller will not even come back with a counteroffer (they’ll just say ‘no’). After some strategic back-and-forth, a price is hopefully agreed.
The seller is usually the one to determine the move-in date, and it is usually in the summer (July/August are the most popular key dates). However, sometimes there is some wiggle room on the date and this is part of the negotiation process.
After agreeing in principle to price and move-in date, the final phase of negotiations is centered on how the payments are structured. They are usually staggered between ‘signing’ and ‘key’ – a period that can sometimes span over a year. The window of time will determine how many payments there are, but usually the full amount is divided into 3-7 payments.
Once the key aspects of the deal are agreed, the deal moves over to the lawyers. At this point, nothing is signed and no monies have changed hands – there is just a general framework for the deal and an understanding that the sellers’ place is ‘off the market’ and the buyers are no longer looking at other properties. The lawyers start working on the legal aspects of the deal and confirming all the commercial elements are agreed (price, move-in date and payment schedule).
The engineer is brought in once the deal has moved to the lawyers (but before any contracts are signed). The engineer will usually provide an oral report on-the-spot, outlining any major issues; and will provide a written report about a week later. The inspection is to check for ‘major’ issues – namely damp or structural cracks. Most ‘minor’ issues are at the buyer’s responsibility to take care of when they get the keys (things like resealing bathtubs, filling in minor cracks, dealing with loose plug sockets, etc.)
The appraisal is needed for buyers who are taking out a mortgage. The appraiser works for the banks and comes in to evaluate the property, ensure all elements are legally part of the premises, and to give a safe number for the property’s value. The appraisers' estimates are commonly lower than purchase price (the appraised value can take a while to catch up with market value). For buyers who are not taking a mortgage, an appraisal is usually not needed as it does not carry any inherent value and will not effect the sale price.
Once all aspects of the deal are agreed and all the subsequent due-diligence is complete, parties move towards the signing. This is the point when the deal becomes locked-in. At that point, there are no contingencies and any change-of-heart can be very cost prohibitive thereafter (as pulling out of a deal once it has signed is a fundamental breach of contract and carries with it heavy penalties). It is also the exciting moment when you are ‘officially’ on your way to being an Israeli home owner.
Historically, property prices in Israel tend to go up. Whether you are looking to buy a holiday home, a short-term rental property or a long-term rental property, we can help you find the right options.
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Here is a link to some active listings, but we can plan an investment property tour to showcase suitable options in Modiin to fit your goals.
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If you currently have an investment property and want help managing the asset; or are looking to purchase a place and need help with the management thereafter, we have a team of professionals available to assist.
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There is a new area being built about 15 minutes away from Modiin, called Harova HaBeinLeumi (Nir Tzvi). There are various great buying opportunities for on-paper projects. We work with many developers in the new area and can help find a great investment property for as little as 10% down.
contact usWe turned to Rebecca when we were looking for a home in Modiin. We were in America and she really helped us understand the city and narrow down the right neighborhood for our family. She explained the home buying process and held our hands through the whole experience. We ended up buying on Facetime and the house was even better in person than we could have imagined. And arriving to our own home ensured a smooth experience for our whole family.
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