1.Introduction
For foreigners who have moved to Japan, buying a house is an important step in starting a new life. However, the Japanese housing market has special rules and procedures familiar to Japanese citizens. This article provides basic information for foreigners who wish to purchase a house in Japan.
2.About buying a house in Japan
The Japanese housing market is centered around urban areas and there is limited supply of land, resulting in high prices. Additionally, apartments and condominiums are more common, and single-family homes are limited. When purchasing a house in Japan, it is common to use a real estate agent or intermediary.
3.Steps for foreigners to purchase a house in Japan
When purchasing a house in Japan, it is common to use a real estate agent or intermediary, but real estate information websites can also be used to search for properties. Viewing the property requires an inspection by a real estate agent or intermediary and an examination of the building’s structure. The building’s structure can be inspected according to the Building Standards Act or by a specialist. It is important to understand the contract before signing it. Although contracts are usually written in Japanese, some real estate agents or intermediaries may offer contracts in multiple languages.
4.About Japanese housing loans
Japanese housing loans are complex even for Japanese citizens. A credit check, including income and credit history, is necessary for obtaining a housing loan, and a guarantor is required if income is insufficient. Interest rates for housing loans vary among financial institutions, so it is important to compare multiple institutions. Foreigners’ permanent residency status affects loan application procedures. If permanent residency is granted, the same application procedures as for Japanese citizens will be applied, but if not, different procedures will apply. In some cases, it is possible to obtain a full loan without down payment even without permanent residency. Some financial institutions also treat foreigners who are applying for permanent residency the same as those who already have permanent residency. Housing loans are one of the biggest concerns for customers who want to buy a house in Japan. Further information is available in related articles.
5.Points to note
When foreigners purchase a house in Japan, the following points should be noted:
Foreign registration: Foreigners who buy a house in Japan must have a valid status of residence. If a foreigner’s status of residence changes after purchasing a house, they must report the change to the authorities.
Taxes: When buying a house in Japan, various taxes apply, including registration and stamp duty, consumption tax, and property tax. It is important to understand and prepare for these taxes in advance.
Language barrier: Since contracts and procedures are mainly in Japanese, a language barrier may pose a challenge to foreigners. It is important to use a real estate agent or intermediary who can support communication in the desired language.
6.Conclusion
Buying a house in Japan can be a challenging process for foreigners due to the special rules and procedures. However, with the proper understanding and preparation, it is possible to purchase a house in Japan.
At APU Real Estate, we support complex matters like the above on behalf of our customers. Our staff, who can communicate in Japanese, English, and Vietnamese, will assist you in your language. Please feel free to ask any questions, no matter how small.
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