Free or very cheap inaka houses and land

A place for cheap properties in the countryside
User avatar
Zasso Nouka
Tech Support
Tech Support
Posts: 1835
Joined: Wed Sep 23, 2015 9:37 am
Location: Chiba Prefecture
Has thanked: 939 times
Been thanked: 610 times
Contact:

Re: Free or very cheap inaka houses and land

Postby Zasso Nouka » Fri Aug 04, 2017 5:42 am

You could also try approaching local councils directly as they sometimes don't bother listing properties that might be suitable because they don't think anyone would be interested, particularly with a property with farmland attached.

sigismund
Posts: 7
Joined: Wed Sep 07, 2016 2:54 pm
Has thanked: 4 times
Been thanked: 8 times

Re: Free or very cheap inaka houses and land

Postby sigismund » Tue Sep 19, 2017 4:58 am

gonbechan wrote:You have to pay gift tax and of course for the registration etc but apart from that the actual property is free.

Great find gonbechan. Any guess on how much the gift tax would be? I imagine it is based on percentage of the estimated value for the property.

It definitely seems in need of restoration but those cost could be considered pretty much offset by the fact that it is free. Hakui seems like a nice place and the location of the house seems to be good. The post office is near by so that's convenient.

User avatar
gonbechan
Founder
Founder
Posts: 990
Joined: Wed Sep 23, 2015 9:10 am
Has thanked: 715 times
Been thanked: 328 times

Re: Free or very cheap inaka houses and land

Postby gonbechan » Tue Sep 19, 2017 9:20 am

Gift tax in japan (with exceptions for gift from family which has some different rules)

Less than 2,000,000 10%

3,000,000 15%

4,000,000 20%

6,000,000 30%

10,000,000 40%

Over 10,000,000 50%

So I suppose it depends on the book value of the property.

LeeB
Posts: 6
Joined: Wed Nov 29, 2017 4:44 pm
Been thanked: 4 times

Re: Free or very cheap inaka houses and land

Postby LeeB » Thu Dec 28, 2017 9:11 am

A very interesting topic.

I think that a 'young' person going to Japan with a few bucks could really put together a good plan to make use of these cheap or free properties. If only I was 30 years younger!!

As the Japanese population ages and more of the elderly population dies off there will be more and more of these types of properties in Japan and on the market. The value will probably continue to fall and many will will remain unsold or abandoned. The land registry and tax situation with many of them will prevent any reasonable solution to the problem though.

That being said research and a little knowledge would make the difference.

Another area with really 'reasonable' prices are many of the condos/units/apartments in the vacation areas in Japan. Some of them are very cheap and have give away prices compared to anything here in Melbourne.

There are caveats though with these properties:

1. Many of the buildings are getting quite old and that might entail huge bills for repair and upkeep.

2. The monthly maintenance fees and sinking fund payments are huge for some and over a few years would add up to more than the price of the property. Real estate taxes are another concern and while I am not sure about the methods to assess tax, I once read that the tax basis is based on the price when the property was first sold and not on the current value or the value of the most recent transaction. Under this situation the taxes would be quite high.

3. As some of the owners die and no one 'claims' the property there may be more and more units/condos/apartments that are vacant and have to be either sold or taken over over by the body corporate and the increased fees to other owners would be huge over time.

4. Generally in Japan the price of condos/units/apartments fall over time and unlike here in Australia/Hawaii/USA these things are depreciating assets.

Frequent visitors to Japan who could buy and rent these out to recoup some of the costs might find thee cheapo properties a worthwhile alternative to hotels, monthly/weekly mansions, or airbnb type properties.

User avatar
Zasso Nouka
Tech Support
Tech Support
Posts: 1835
Joined: Wed Sep 23, 2015 9:37 am
Location: Chiba Prefecture
Has thanked: 939 times
Been thanked: 610 times
Contact:

Re: Free or very cheap inaka houses and land

Postby Zasso Nouka » Sun Dec 31, 2017 8:36 am

It seems strange that property here declines in value over time rather than increases in value as it does back in the UK, the house I owned there was getting on for over 150 years old and wasn't considered exceptional. Now house prices are so high in London they have pretty much excluded young people from getting on the property ladder which can't be a good thing. To be honest the prices I've seen houses going for on my old street are truly ridiculous.


Return to “Cheap Inaka Properties”

Who is online

Users browsing this forum: No registered users and 1 guest