Japan’s real estate market is one of the biggest markets in the world. China and America are the ones ahead. In the last ten years, the tourism business has seen a boom, and many foreigners are interested in purchasing a house in Japan. Who can blame them? When you look at the pictures of traditional Japanese homes, you immediately fall in love with them. There are many options, from charming kominka houses (traditional Japanese homes) out in the county side to the modern apartments in Tokyo. It seems that Japan has something for every one house hunting, but things are not so clear. Let’s talk about 6 crucial things about Japan’s real estate trends.
1. Have the money ready is the first thing in our 6 crucial things about Japan’s real estate trends.
Buying a house is a significant investment in anybody’s life, but if you are purchasing a home overseas, the cost accumulates even more. That is why most people get mortgages to help them with paying out a house or an apartment. However, if you are thinking of applying for a mortgage in Japan, we have to stop you right there. The fact is that banks in Japan are not open to giving out loans to foreigners. You can always try.
Find out what documentation you need to submit and wait. But in our opinion, you might be just wasting your time. It’s better to go down to your local bank and apply for a mortgage there. You know the process, and if you meet the requirements, you are getting approved hundred percent. However, if you do not get approved, start saving and try again.
2. Hire a Japanese real estate agent.
Where ever you buy a house, a real estate agent will be of use to you. The fact that you need a realtor is even more true when buying a home on a foreign market. Now, when buying locally, the process is simple. You ask your friends for recommendations, research a real estate agent’s website, interview and finally hire the best person for the job.
However, unless you know to read and speak Japanese, things won’t be that easy. The process is the same, but it’s made difficult because of a language barrier. The problem with understanding comes from both sides. Most people in Japan are not fluent in English, but that has been improving in recent years. And most people outside of Japan do not speak, write or read Japanese.
To help you with hiring a realtor and enabling you to communicate with him down the line. You need to hire an interpreter. Many companies provide these services. A translator will help you convey your needs and prevent misunderstandings. In addition, they will make the process a lot faster. Many Japanese realtors avoid foreigners because they can not communicate with them. With an intermediary, everything will be going brisk. Maybe they will help you find out secrets no real estate broker will tell you.
3. No location is equal is the third crucial thing in our 6 crucial things about Japan’s real estate trends.
Location is the most significant thing about any housing market, and the same applies to Japan. What to know before choosing a location:
- Why location is one of the 6 crucial things about Japan’s real estate trends because it will affect the price, homes in Tokyo are more expensive than in a rural village.
- Try to buy a house where there is convenient transportation.
No matter what location in Japan you buy your property, reach out to professionals nearby – Moving Sevice Japan will cover all of your needs. Moving to Japan from abroad or moving locally – it is all new territory. They will make sure your things arrive safely at their location.
4. Where to buy a house?
In this paragraph, we are going to explain why some locations are better than others in Japan. Buy a home in the center of any big city in Japan if you want to flip it. The prices in more populated cities in Japan are rising. Buy a property in a rural area only if you aspire to leave there for a long time or use it as a vacation home. Homes in remote areas are not increasing in value. Their prices are dropping. The prices are falling because Japan has an older population, a low birth rate, and many younger people are moving to bigger cities.
5. Look before buying is the fifth of 6 crucial things about Japan’s real estate trends.
When you have gone thru all the hassles of buying a property in Japan, you need to check it out before completing the deal. People should never buy a home remotely. So before you sign, fly to Japan and check out the house yourself. Look at the neighborhood, and most importantly, feel the place out. This place has to feel homely and welcoming to you. If the feeling is right, relocating here can be a breeze. Local Japanese movers specialized in international relocation will get you from any country to Japan safely. And when you finally arrive in Japan, their teams will move you in hiccup-free.
6. Hiring a building inspector
The final thing in our article about 6 crucial things about Japan’s real estate trends is hiring a building inspector. Now, if you have gotten a translator, this will be a piece of cake. Hiring a Japanese house inspector is crucial because they know how Japanese houses are built. They might be able to prevent you from making a huge mistake. In addition, they might save you a lot of money if you find an older house and they say that it is in good condition. Good luck with buying a home in Japan!