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Old house for renovation-will somebody want?



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SRF




 
 
    
 

Post Mon, Jul 08 2019, 6:25 am
Hi!
I have an old house in Israel, Jerusalem, Nahlaot in a very attractive place.
I'm trying to sell it but because it needs renovation people are less interested.
I wanted to ask if it is true that Americans who buy a home in Israel prefer to pay a lot more for the house built than designing and planning it themselves?
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amother
Crimson


 

Post Mon, Jul 08 2019, 6:27 am
Generally, Americans who don't live in Israel and are buying a vacation home don't want to deal with renovations. But there are always exceptions to the rule.
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shabbatiscoming




 
 
    
 

Post Mon, Jul 08 2019, 6:41 am
SRF wrote:
Hi!
I have an old house in Israel, Jerusalem, Nahlaot in a very attractive place.
I'm trying to sell it but because it needs renovation people are less interested.
I wanted to ask if it is true that Americans who buy a home in Israel prefer to pay a lot more for the house built than designing and planning it themselves?
I think anyone, israeli or anglo, citizens or people buying vacation homes, are more likely to pay for a home they dont have to do renovations on.
But if there are renovations needed, and you know it and you are letting potential buyers know it, the price will have to be put down to reflect that.
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Rappel




 
 
    
 

Post Mon, Jul 08 2019, 6:45 am
shabbatiscoming wrote:
I think anyone, israeli or anglo, citizens or people buying vacation homes, are more likely to pay for a home they dont have to do renovations on.
But if there are renovations needed, and you know it and you are letting potential buyers know it, the price will have to be put down to reflect that.


Not necessarily. Some people have very specific needs - for example, disability access, or a separate apartment - and they may want to work off of a blank slate.
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essie14




 
 
    
 

Post Mon, Jul 08 2019, 6:50 am
It's hard enough managing renovations when you live in Israel, I can't imagine the headaches of managing renovations from abroad.
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DrMom




 
 
    
 

Post Mon, Jul 08 2019, 8:31 am
Why do you only want to sell to someone who lives abroad?

Don't any locals express interest in your house? Nachaot is a lovely place.
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etky




 
 
    
 

Post Mon, Jul 08 2019, 12:12 pm
essie14 wrote:
It's hard enough managing renovations when you live in Israel, I can't imagine the headaches of managing renovations from abroad.


You'd be surprised.
There are architects and interior designers whose professional niche it is to work with clients from abroad in renovating and decorating their homes in Israel. Many of these homes start off as run-down properties in old but desirable neighborhoods like Nachlaot.
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etky




 
 
    
 

Post Mon, Jul 08 2019, 12:13 pm
DrMom wrote:
Why do you only want to sell to someone who lives abroad?

Don't any locals express interest in your house? Nachaot is a lovely place.


And a fantastic, gentrifying location.
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SRF




 
 
    
 

Post Mon, Jul 08 2019, 3:12 pm
DrMom wrote:
Why do you only want to sell to someone who lives abroad?

Don't any locals express interest in your house? Nachaot is a lovely place.


We are trying to sell it to Israelis too we want Bring more potential buyers

We are also offering to build it for whoever buys it and that is why I asked because It looks like Americans like ready made things

Thank You so much for all of the answers
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amother
Sapphire


 

Post Tue, Jul 09 2019, 6:00 am
when you say renovations-how much work does it need? sometimes putting a cheap white coat of paint and polishing the floors makes it look better and encourages buyers
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SRF




 
 
    
 

Post Tue, Jul 09 2019, 3:19 pm
This house is around 100 years old, that is what makes it so special, its near a well, very authentic but needs real fixing up. There is an insurance to build a basement and another house on the roof, that is not build yet [We started digging] I do understand why it turns someone off but on the other hand a person can design his own house with his taste and get it for much cheaper
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Amarante




 
 
    
 

Post Tue, Jul 09 2019, 3:27 pm
I don't think the issue of fixer upper versus move in ready is unique to Israel.

What you are describing goes way beyond a normal remodeling and most people would not want to take on this kind of project - wherever it is located.

I sometimes relax with home renovation shows and have seen these kinds of historic homes showcased - old villas in Italy or on the Amalfi coast. Generally the people are in some form of construction or home decoration business and have done several homes before tackling this kind of project. They also tend to have deep pockets because there can be all kinds of hidden costs.

I think the target audience are professionals who have the knowledge and contacts to take on this kind of job. The average person who would welcome a home with an outdated kitchen/bath with pricing reflecting this so as to be able to put their stamp on it is not equipped for this kind of project.
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SRF




 
 
    
 

Post Tue, Jul 09 2019, 3:40 pm
Amarante wrote:
I don't think the issue of fixer upper versus move in ready is unique to Israel.

What you are describing goes way beyond a normal remodeling and most people would not want to take on this kind of project - wherever it is located.

I sometimes relax with home renovation shows and have seen these kinds of historic homes showcased - old villas in Italy or on the Amalfi coast. Generally the people are in some form of construction or home decoration business and have done several homes before tackling this kind of project. They also tend to have deep pockets because there can be all kinds of hidden costs.

I think the target audience are professionals who have the knowledge and contacts to take on this kind of job. The average person who would welcome a home with an outdated kitchen/bath with pricing reflecting this so as to be able to put their stamp on it is not equipped for this kind of project.


Thank You so much for your answer
You opened my eyes, You explained it real good!
That is why we offers to build it cause we know the place and started adding the batsmant.
We can sell it after we build it but that means taking Investors and giving them profit
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Amarante




 
 
    
 

Post Tue, Jul 09 2019, 3:47 pm
It seems as though you have the expertise to build but not the financing.

I might think out of the box if I were you and contact real estate agents in Jewish communities who might be interested in buying the home and having you being the project manager. This is going to depend on whether you have a background in this so that someone is going to trust you to be able to do the project.

But really it comes down to selling it for cheap to someone who does have the money to invest - looking for investors so that you can build an attractive place and then market it accordingly - or attempt to market yourself as a builder/developer to a person who would be interested in the home, has financial ability to pay for it but lacks the construction contacts in Israel to be able to do it.
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shabbatiscoming




 
 
    
 

Post Tue, Jul 09 2019, 3:55 pm
SRF wrote:
This house is around 100 years old, that is what makes it so special, its near a well, very authentic but needs real fixing up. There is an insurance to build a basement and another house on the roof, that is not build yet [We started digging] I do understand why it turns someone off but on the other hand a person can design his own house with his taste and get it for much cheaper
The area that you mentioned will be expensive, even if you lower the price so that someone could do their own renovations and it has to be financially worth it for something to want to do that. I think that is the problem.
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SRF




 
 
    
 

Post Tue, Jul 09 2019, 4:15 pm
shabbatiscoming wrote:
The area that you mentioned will be expensive, even if you lower the price so that someone could do their own renovations and it has to be financially worth it for something to want to do that. I think that is the problem.


I agree, but when you see the houses in this street that were fixed up and the high prices they were sold you can understand it is worth it. The prices of rental and the demand of this aria are very high. only adding a small studio apt will cover costs.
[a house near us was divided into 7 studio apt and is rented all the time with a very nice income]
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amother
Floralwhite


 

Post Tue, Jul 09 2019, 4:20 pm
Can you post details and pictures? I know someone potentially looking to buy in that neighborhood.
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SRF




 
 
    
 

Post Wed, Jul 10 2019, 6:07 am
I can upload picketers
I don't know if it is o.k. in this site.
If you want send me your email in a private message and I'll send you details and picketers.
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