Curious about the typical monthly building fee charges that come with owning an apartment in Tokyo?
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Government to collate real estate info on one website
The Japanese government is working on creating an online resource that will provide information on land values (government assessed values, not market values), town planning, and risk maps all in one place.
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What happens to an old building that doesn’t meet current fire codes?
On January 28, NHK published a piece on old ‘non-compliant’ buildings that don’t meet current fire codes. A ‘kison-futeki-kaku’ （既存不適格) or non-compliant building is one that was built to the correct codes at the time of construction, but as codes were updated over the years, would not meet current standards and could not be re-built to the exact same specifications today.
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Japan’s two-address systems for land and buildings
Did you know that buildings and land in Japan can have two addresses? One for registration identification purposes and another to be used as the postal address. While this won’t affect your day-to-day life, it always comes up as a question from buyers when going over the contract of sale documents, so it may be worth explaining it in detail below.
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Buying property in an Urbanization Control Area
If you are looking at purchasing property in the outskirts of cities, you may come across land that is in an Urbanization Control Area. This land comes with a very different set of building limitations than other classifications. Here’s why you need to pay careful attention to this difference.
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What is the lifespan of a house or apartment in Japan?
Do Japanese homes only last 30 years before they need to be torn down? Will you be kicked out of your apartment when the building reaches a certain age? There are a lot of tropes floating about regarding the lifespan of Japanese buildings, and the majority of these stories are based on incorrect information.
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How a sale contract can be cancelled
Real estate contracts in Japan are legally binding, and as a buyer or seller it is extremely important to understand what can happen after you sign a sale contract. As we will explain below, it’s not always a done deal until settlement. But it can be costly to walk away after signing the paperwork.
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Understanding the difference in earthquake codes for apartment buildings
Buyers often ask us about earthquake codes. For a country that lies alongside the Pacific Ring of Fire, it is a risk that we should all be aware of.
The most recent major change to the Building Standards Act for earthquake resistance occurred in 1981.
Why is this important?
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What’s an appropriate amount to pay for apartment repair fund fees?
When you own an apartment in Japan you, along with the other apartment owners in the building, will pay monthly fees each month that go into the building’s repair reserve fund. These fees go towards periodic maintenance and repairs of the common structure of the building. Some buildings have high fees, while others have low fees. What’s the reasoning and what is a reasonable amount to expect?
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How to better understand the market price of land
Looking to buy land to build on but a little unsure if you’re paying the right price? The best way to determine land prices is to take the time to look at various real estate listings and talk with your agent. With a little research, you will work out how much you can expect to pay in a certain neighborhood.
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