New Apartments in Israel

Before committing to a project, it is essential to thoroughly research the developer and contractor. Look for information on their history of completed projects, read reviews from previous customers on independent platforms, and verify their reputation within the industry. It's also important to confirm that they have a clean legal and financial history, and that they have a proven track record of meeting deadlines and providing high-quality finishes.

For a new construction project, make sure there is full bank accompaniment. This is a crucial step to protect your investment. A project with bank accompaniment means that a regulated bank is overseeing the project's finances, ensuring that your payments are tied to the progress of the construction and providing you with a legal guarantee that your money is safe. Do not sign a purchase agreement without this guarantee.

A real estate purchase agreement is a complex legal document. The contracts provided by developers and contractors are typically drafted to protect their interests, not yours. It is strongly recommended to hire a real estate lawyer who specializes in these types of transactions to represent you. Your lawyer will meticulously review the contract's clauses, clarify your rights and obligations, and negotiate on your behalf to ensure the terms are fair and your interests are protected.

Before signing any contract, make sure you have a clear understanding of the payment schedule. This includes knowing the construction milestones, what you will pay at each stage, and what the consequences are for delays. Clarify whether there are fines for delays on your part or on the part of the contractor. This transparency helps you manage your budget and hold the contractor accountable.

Even when purchasing a brand-new apartment, it is highly advisable to perform a professional engineering inspection before the final delivery. An independent inspector can identify any hidden defects or construction flaws that may not be apparent to an untrained eye. This inspection report gives you leverage to demand that the developer or contractor rectify any issues before you take possession, saving you from potential repair costs and headaches down the line.

If you plan to make any customizations to the apartment, such as adding electrical outlets, changing the location of water points, or modifying internal partitions, you must clarify the developer's policy in advance. Find out what types of changes are allowed, if there are any additional fees associated with these changes, and what the deadline is for submitting your requests.

Before moving in, get a clear understanding of how the building will be managed after occupancy. Who is responsible for ongoing maintenance? Is there a management company, and if so, what are their responsibilities? What are the expected monthly management fees? Knowing these details is crucial for your long-term quality of life and helps you budget for recurring costs.

The mortgage process can be lengthy and complex. Do not wait until the last minute to start planning. Begin the mortgage counseling process at the very beginning of your home buying journey. Getting pre-qualified and understanding your financing options early can give you a significant advantage, help you set a realistic budget, and potentially save you tens of thousands of shekels over the life of the loan.