Reply To: How do people afford apartments in Israel?

Home Forums Eretz Yisroel How do people afford apartments in Israel? Reply To: How do people afford apartments in Israel?

#1218494
Ex-CTLawyer
Participant

None of my immediate family lives in EY, but several of the extended family do.

One thing that two cousins did to help with housing costs when they were quite young was to find an elderly widow/widower still living alone in a large apartment that needed some live in help. In exchange for some of that assistance, they were able to get cheap rent in a large space.

One eventually wrote a contract to buy the apartment at a greatly reduced rate after the elderly person died (in consideration of the care given). The other inherited the 4 bedroom apartment from the deceased. The will stated that since her children could not be bothered caring for her for the last 12 years of her life that my niece and her husband/kids who shared their love and kindness deserved it. She deceased left each of her children 100 NIS so they could not claim they were left out of the will by mistake.

This is not a new concept, back in the early 1970s when I was in college this was a way that a number of my friends afforded Manhattan rent.

You need to be creative in your thinking to afford housing in a tight market. I just rented out an apartment in a duplex with an option to buy after one year. I’ll give the tenant $250 month credit at closing from her rent plus handle the closing so there is no legal fee.