Apartment in Arad

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  • #618947

    Lightbrite
    Participant

    I know someone who owns an apartment in Arad.

    She’s thinking of selling it.

    Thing is that it is currently the only real estate property that she has to her name. She lives and works in Tel Aviv and has two children.

    Baruch Hashem there is a nice family renting out the apartment right now. They are frum (though I do not think that makes a difference).

    The property taxes are high. She is not sure if she will always have renters (May she always have good renters and financial security).

    The plus side is that she has property in Israel. She worries that if she sells, her children wouldn’t have property as an inheritance. Though, there is no indication that any of her children will someday want to live in Arad, and have the resources to do so.

    Other risks are that the property may reduce in value, chas v’shalom, and that if unoccupied, it would be vulnerable to squatters, also chas v’shalom.

    I said that maybe keeping the apartment gives her extra brachot because she owns land in Israel and is providing a nice safe place for this family.

    On the flipside, I also said that maybe letting go of it would be good. Instead of worrying if she should or shouldn’t, she can just do it and move on. Or at least try to sell it and let Hashem guide her the rest of the way.

    I suggested that she ask a LOR, but dunno if that will happen.

    Figured that I might as well ask here, maybe someone in EY or chul has experience or advice.

    Thank you in advance 🙂

    #1206570

    WinnieThePooh
    Participant

    Most Israelis believe owning an apartment no matter where it is, is a security, even if they don’t live there. Why would she think that she won’t be able to rent it out? The renters should be paying the property tax (I assume she means arnona) and any other fees and utilities. property values in EY continually go up, although Arad is not a central high value area, there is such a housing crisis in the country and shortage in available apartments, that young couples go further and further afield to find anything affordable. If she feels that Arad is not the best location, then she can sell and buy elsewhere, although she will probably not be able to find something comparable in the center of the country for the money she will get. But if she doesn’t buy something else, the money will end up slipping away. real estate in Israel is considered a good investment, both from a financial point of view and an emotional one.

    #1206571

    Lightbrite
    Participant

    “But if she doesn’t buy something else, the money will end up slipping away. real estate in Israel is considered a good investment, both from a financial point of view and an emotional one.” (WTP)

    Thanks WTP. Yes it’s def a financial AND emotional investment. I don’t know what else she would do with the money if it wouldn’t go towards another property.

    In retrospect, i’s def so much easier for me to suggest selling it if it not my place and I’m not yet at the stage in my life where I own property and have the need to pass on the value to my next generation.

    However it’s one thing to say to let go of one’s emotionally-attached possessions around the house to make space in life, and something different to suggest letting go of someone’s entire house.

    So another idea is that maybe she needs to feel secure in her investment? Yes there is the possibility that chas v’shalom something may happen that she doesn’t want.

    OR

    What if she remembers:

    *Tracht gut, vet zein gut*

    And realize that no one knows what’s in store in the next generation.

    #1206572

    Lightbrite
    Participant

    What we do know is that it could also be a great bracha that she held on to the apartment even during her hard times financially, for it will indeed be a fantastic investment for her children and children’s children b’esrat Hashem.

    Thanks again 🙂

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