What's new

buying an apartment

Elgin

先輩
23 Oct 2003
662
5
28
Soon I`ll be going to Japan on a working holiday visa (maybe I'll extend it later to a working visa) and I have my eye on this cheap apartment it's going for around 2 500 000yen and it was built in the 1970`s, anyways what I really want to find out is if I want to buy this apartment do I need a lawyer or something to close the deal? Or as long as I have the cash to buy it everything's ok.

An other thing, If I wish to sell the apartment I bought in around 1-3 years will I be able to get roughly the same amount of money that I had paid before? Is it really hard to sell an apartment without using a company?

I don't know much about this all so if anyone could give me some information about buying apartments in Japan I would really appreciate it.

Thanx!
 
You might need something more along the lines of permanant residency to be able to buy property.
 
Is that for real though? Well my girl friend is Japanese and were going to split the cost so she could always put it in her name or something.
 
Luc said:
Is that for real though? Well my girl friend is Japanese and were going to split the cost so she could always put it in her name or something.

You are, of course, aware of the sort of problems you're letting yourself in for, right?
 
Girlfriend?!? Unless you're already married to this woman I would SERIOUSLY reconsider this endeavor.
 
Are you sure you're not forgetting a zero there? I can't even imagine what kind of money pit a $21,000 USD apartment would be...

Also, keep in mind that real estate in Japan is currently depreciating... it's not like the US where homes generally increase in value over time...
 
1.) Yes, you can buy real estate in Japan in your name if you pay cash regardless of visa status.
2.) The house on the link presently has tenants.
3.) The information provided on the link is insufficient.
 
Windy said:
1.) Yes, you can buy real estate in Japan in your name if you pay cash regardless of visa status.
2.) The house on the link presently has tenants.
3.) The information provided on the link is insufficient.

What was insufficient? That it is 31 years old and has less storage space than the glove compartment in my car was all the information I needed.

(As it is for sale, it doesn't have "tenants", the owners still live there).
 
mikecash said:
(As it is for sale, it doesn't have "tenants", the owners still live there).
Yes, you're right. Someone lives there, though it says neither tenant nor owner.
As for storage space, OP is just coming so I suppose he won't have had much time to accumulate too much stuff.

Mind you, he has already accumulated a girlfriend, which may already be too much baggage.
 
Windy said:
Yes, you're right. Someone lives there, though it says neither tenant nor owner.

It says 窶忱窶冢ナ陳?窶藩 ツ焦?窶猫ナ陳?.

What larger clue does one need?
 
Are you aware that ナ?テ??板昶?敕ッ窶懌┐ is a monthly fee separate from the price of purchase? That is to say, that you will have to pay it every month so long as you are in possession of this "mansion"?

Of course 7000 yen a month isn't bad.

I agree with Mike that it doesn't have much closet space, but if that's fine with you, then more power to you!
 
Luc, were you wanting to live in the area and you found that place or did you find that place so you are thinking of living in the area?
 
Well I lived in Kyoto before so Im trying to find a cheap place in kyoto or maybe shigaken. I just happend to find that one online. It doesnt mean that ill buy that apartment its just to give me an idea.
 
Make sure you do your due diligence if you buy a cheap place. It's cheap for a reason. Though the reason for the place with the link is difficult to discern with only the info provided.
If you PM me with your budget, I can give you more advice.
 
I would recommend renting at least until you see if you're going to extend the holiday into a regular working visa. All the more so since you're contemplating putting it in the name of someone you're not even related to.
 
Mike Cash said:
I would recommend renting at least until you see if you're going to extend the holiday into a regular working visa. All the more so since you're contemplating putting it in the name of someone you're not even related to.
It's good advice if you have never been to Japan before. Seeing as how you've lived here before though I think buying is a good idea. I'm on the side that thinks property values are set to increase within a couple of years and the market is bottoming.
Buying in your girlfriend's name would be a major mistake though.
 
Ya that's not really a good idea. I talked with my girlfriend's boss who's Japanese and he told me that if I have the money it's pretty easy to buy an apartment. He also told me that if I take good care of it, it should stay at around the same price if I wanted to sell it in the future. Since he said the economy might go back up.
 
Looking at the info on the apartment, I would never buy it, even if it's cheap.

Property values rise only for the "quality" ones (excellent location, anti-earthquake structure, luxury features, etc.). The age and size of the apartment tells me it is doomed to be scrapped sooner or later, considering the stringent building laws that were introduced since the Great Hanshin Earthquake, as well as the "Heart Biru Law" requirements to make buildings accessible to disabled persons.

Buy it if you think it's cheaper than renting an apartment of equal size for whatever span of time you'll be staying there.
 
**** eh. A lot of people have different opinions. I don't know much about these laws you talk of but it kinda makes sense in a way. I'm pretty sure the apartment isn't luxury of any kind but hell I don't think I'll get a better apartment if I pay 50 000yen a month for rent.
 
Another trap in buying an old apartment is whether the apartment building is scheduled for renovation (filling the cracks, replacing worn parts that are replaceable, paint job, etc.) anytime soon.

Usually, people who live in such a building pay installments every month to create a reserve fund for such jobs. Is there a fund for it? Has the former occupant of the apartment paid up? If there is no such fund for the building, you may be required to pay a couple of million yen more sometime in the future. The money you pay for the apartment now does not necessarily end all property-related payments. There is also property tax paid annually.

If you rent an apartment, you don't have such obligations.
 
Luc,
I am planning on doing the same in this June, I have asked similar questions in the past, check out this thread for many useful tips from many wonderful forum members:
For those who have purchased property in Japan
In my opinion owning a property is always nicer than renting. As long as you are paying with cash, you are almost set, there are no restrictions, althrough you still need several items in order to complete the transaction, I don't see any reason for you to run into any major obstacles.
Obviously not everyone buy a piece of property for investment. For me buying a piece of property give me that feel of home, a place that I could proudly call it my own, I could come back to USA and knowing whenever I go to Japan, I get to stay in my house.
Only thing that is somewhat questionable is the price, at 2.5million yen, I think you are going end up getting what you paid for. Most decent ones I have seen are costing at least 10~15million yen for a cheap small tiny apartment.
 
Just a suggestion. You might be very wise to also check on the construction of the apartment in the wake of the recent construction scandal. I would be a little leery if the price seems "too good to be true".

This guy was caught, but there may be others who also cut corners that may be caught in the future.
 
Hey Luc,

Over your budget but I have a place for sale:

Yahoo | Mail, Weather, Search, Politics, News, Finance, Sports & Videos

If I still have it when you get here and you're really interested in it maybe I can offer financing.

Epigene had a lot of valid points about the pitfalls of buying an apartment. You would probably be better to get a small terrace house with a small chunk of land. With your budget there are few and far between but they are out there.

I will put more info on my website when I get time, but I'm busy as a dog these days. Stupid expression really, as I don't know any busy dogs...
 
Back
Top Bottom