Pros of Buying a Second Hand Property in Jerusalem
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It already exists - It might be something ‘Captain Obvious’ would say, but it’s not a minor point. The property already exists which means that unlike an off plan apartment, you can visit it, take a look around, and get a real feel for how you might be able to use it and whether or not it will be suitable for your needs. It also means that you don’t have to wait two years for the building work to finish and can move in right away.
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Price - Second hand properties are generally less expensive than buying the equivalent brand new apartment or house. There are also opportunities for bargains to be had when there is a reason that the seller needs to make an urgent sale - these opportunities aren’t usually available with new construction.
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TAMA 38 - This is a pro and a con. There's a scheme that allows for accelerated planning permission for complete building renovation for older buildings. On the one hand, you may get to add up to 25% extra space to your property plus an elevator at no cost to you, on the other hand, you will have to put up with several years of construction work on your building.
Cons of Buying a Second Hand Property in Jerusalem
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Wear and Tear - If the apartment is second hand, it means that it has an age to it and the potential problems that can bring. Regardless of how well looked after an apartment or house is, there is always natural wear and tear that needs to be dealt with in time.
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You Get What You Get - Unless you do some serious renovations, the property that you buy is the property that you get. Some walls are easier to move than others, and a paint job is a quick way to give a room a refreshed feeling, but ultimately the layout will be the layout and you’ll have to adapt yourself to it.
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Age - In addition to normal wear and tear, second hand properties tend to be several years old if not more. This can lead to issues other than normal wear and tear - for example you may be required to contribute to a building level repair/upgrade such as for the roof or the elevator. Old buildings also do not comply with current building standards, with many lacking shelter rooms, elevators and other modern amenities.
* This page is part of the CapitIL website guide to buying property in Jerusalem. You can jump around to any of the articles using the guide menu. The next page in the guide after this one, is Buying brand new.