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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 🙂
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.
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