Assessing Properties and Real Estate in Israel - key factors
April 11, 2019
Once you have found an apartment in Israel that you are serious about buying, you will need to have an assessor come and value the apartment. This is important if you would like to take a mortgage, and for negotiation to know you are paying market value. As a homeowner, using an assessor can be beneficial prior to putting your apartment on the market to know exactly what it is worth. In situations when there is more than one owner, in cases of inheritance, it can be beneficial to use an assessor as an independent third party professional that will determine the value of the property.
When an assessor comes to value your apartment in Israel, he is measuring and considering all the below:
Location – this is the most important aspect for the assessor to take into consideration when he comes to value the apartment. Just like city tax is set according to location, so is this. The more well-known and high-demand areas will have an impact on the final price.
Apartment size – When measuring the size of the apartment, the assessor needs to determine between usable areas and service areas. The assessor will only value areas that are registered.
Apartment Condition – An older and run-down apartment, that needs renovation will value less than a new apartment, or one that has recently been renovated. (plumbing and electricity included as well)
Taboo – An apartment that has not yet been registered on the Taboo will value as less than an apartment that has been registered. This is because there is uncertainty to potential buyers if, when, and what process they will need to go through to finalize the registration. When there is uncertainty the price is lower.
Elevator – An apartment with an elevator in the building is worth more than an apartment without one. Additionally, one that has 2 elevators for 7 or more floors, is worth even more. If there is an elevator without an elevator, but there is space to add an elevator, even a narrow one, will increase the value.
Balconies – They raise the value of the apartment, additionally, balconies that have an open view will increase the value even more.
Parking – Parking in a building is way more valuable than one may think. It can change the status of a regular building, to a distinguished building. The value that would be added for an apartment will be less for an uncovered parking spot, than covered one.
Here at Alon Central, we are happy to be a part of your journey in finding your dream apartment in Israel. We have years of experience in all that is involved, and we are happy to suggest and recommend additional professionals in other fields as well.