When you move to a foreign country, everything will change. Especially when you don’t have citizenship or even permanent residency yet, your life might feel a little unstable, despite the excitement of an adventure.
For those who took a brave leap and moved to Japan, there are still some exciting options available when it comes to settling and putting down roots, making some investments and starting a family. If you’re an expat looking to buy a home, here’s everything you need to know.
Can Foreigners Buy Property?
First of all, the most important question. Can foreigners in Japan buy property? The answer is yes! Foreigners in Japan share most rights with Japanese citizens, which makes purchasing and selling property relatively simple even if you’re not a resident.
This means that if you’re tired of renting and ready to invest in something a little more permanent, you can start looking for Sapporo houses for sale, or property in your area of choice. Make sure that you’re well-informed about the legal, financial and administrative side of things before you commit.
What About Tax?
You’ll also need to consider tax, particularly real estate tax, before committing to purchasing a home in Japan. One of the main factors to think about is real estate acquisition tax.
It’s important to get in touch with a professional in the country who is fluent in English and will be able to assist you with any questions or concerns you may have about what you’ll have to pay, when, and why.
Is Property Expensive?
You might be wondering about the property market in Japan. Is it expensive to buy and own a home? As in any country, this depends on the area you’re looking to buy in, and a few other factors. However, purchasing a property is never a cheap endeavour and you will need to have your finances in order – but owning a home in this beautiful country is still worth it.
Further, putting in the time and money to invest in your own property and improve it over time will help increase the property value and potentially allow you to resell it for a profit in the future.
How Important Are Home Inspections?
In the USA and other parts of the world, it’s very important to have a home inspected and checked for safety regulations before the paperwork is finalized and the property is transferred into your name.
However, in Japan, this practice is not quite as common. Even if an inspection isn’t enforced, it’s recommended that you ask for one to be done anyway. You’ll need to be on the lookout for potential health and safety risks, such as asbestos tiles or damage to the structure of the home
What Do You Need to Budget For?
When you’re buying property, you need to consider more than just the price tag on the house itself. There are many financial factors associated with buying a home that you’ll need to think about, and this is even more important when you’re purchasing in a foreign country.