The cost of living Since rental rates are outrageous, we all try to buy apartments. They cost hundreds of thousands of dollars. The fact that we have no hope of earning that much money is never an issue.
New immigrants receive governmental and institutional loans in order to pay for part of the price of the apartment.
As new immigrants, we receive governmental and institutional loans. The mortgage payments have to be repaid at a fixed amount each month. Here's where the little Israeli twist comes in.
The monthly mortgage payments become easier to repay with each blessed devaluation of the Israeli currency. As a matter of fact, banks sometimes ask people to close out their mortgages early, when it begins to cost more to process the monthly payments than the profit that the bank is making.
Many apartments are purchased on paper, in order to help the builder raise cash for his initial costs.
You may sometimes save money by buying an apartment on paper. Builders may need cash for their initial costs, so the first apartments that are sold in any project may cost less than subsequent ones. It's a different way of thinking. You don't know anything about your neighbors, schools, and facilities until later. They become surprise issues that add to the excitement.
Typically, families buy a two- or three-bedroom apartment in the beginning. Banks, relatives, and friends help with the down payment, and everybody blithely signs their lives away on each other's loans. It's a kind of game.
The original three-bedroom apartment that was purchased with "rights" can often be sold for enough money to buy part of a four-room apartment.
Too bad the government lowered inflation and reduced the special mortgage terms.
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