Job Discussion Forums

sidjameson · Joined: 11 Jan 2004 Posts: 629 Location: osaka

I've been living in my crappy little box for long enough. It's time to move up. So the choice is renting a nice place which seems to run at about 10man plus key money or buy. Buying seems to cost no more than buying for the same quality. In fact cheaper. Also no key money but about 1.5million lost on broker fees.

So my questions;

Anybody know a good website/forum where the pros and cons have been discussed?

I feel that the property market is at its nadir. Japan is actually cheaper than the UK now. Do others think that now is a good time to buy? Relatively speaking of course.

Any good websites for second hand real estate in Osaka?

Buy new or used?

Especially would like an overview of the market in Osaka. Where is the value?

I know I am asking too much, but my ideal place would be in the city, quiet , nice view with sun light, lively area where you feel alive when you walk around the neighbourhood. NO to places with no light, concrete in front of the window. Suburbs full of old people and mothers.

I am full time at a university, was told "for life" but am NOT tenured. Been in Japan 8 years, this job only since April. Any chance to get a loan? Oh, any chance to get residency too?

Lastly, 64m2 2ldk, 32million yen, but only 117000 a month. Am I mad to even consider it? Smile

Are there any better forums for this kind of topic?

PAULH · Joined: 28 Jan 2003 Posts: 4672 Location: Western Japan

I know someone on another forum who invests in properties in Osaka by buying 'distressed' properties at public auction, some of them have tenants with the property, some don't.

the only problem is you can not see inside the building before you put in your bid. he has a property in Hirakata which he paid 5 million yen for. I can put you in touch if you are interested.

earthmonkey · Joined: 18 Feb 2005 Posts: 188 Location: Meguro-Ku Tokyo

In my opinion, buying an apartment in Japan is not a good investment. If you want to buy something, I'd suggest buying a house and the land underneath it. A "mansion" will be almost worthless by the time you pay off the loan. Check the prices of 30+ year-old mansions. They are worth almost nothing. Is it better than renting? Maybe. Is it a good investment? No.

patsensei · Joined: 06 May 2006 Posts: 27 Location: Tokyo

markrendl · Joined: 17 Jun 2006 Posts: 11 Location: Osaka

Bought an apartment here in Osaka about three years ago.

You'll need permanant residency to get financing. As mentioned in another thread on that recently, you'll need 10 years if single and maybe half that if you've got a spouse visa. You may also need a Japanese cosigner.

With the interest rates what they were, my mortgage, taxes and monthly building fees for a brand new 3ldk came to about what I was paying for the 15 year old 2dk I was living in in the same neighborhood. I figured newer and more space for the same money couldn't be an all bad move:)

A friend working in real estate who visited my place told me I could probably rent it out for almost double the mortgage. In fact, a few the people in the building have done just that, bought moved in - then moved out and rented the place out.

markrendl

saloc · Joined: 04 Jul 2003 Posts: 102

While technically you don't actually need permanent residency to buy a flat, in reality if you don't have PR and you're not married to a Japanese person I can't see banks lending you the money. I bought a house here without permanent residency, but my wife's Japanese and the bank was quite keen that I apply for residency as soon as could. I just had to wait until I had been married three years to apply. I did and got it, but the bank gave the loan in my name and I had the house before I had even applied. So maybe it's not impossible, but I think you probably need residency or a wife!