How much should be allocated towards large-scale repairs and maintenance on a condo?
On May 11, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the results of a survey into the approximate costs of large-scale maintenance and repairs for apartment buildings. The goal of the survey is to provide apartment owners associations with a general idea of what the repair work should cost in an effort to reduce over-charging.
This is a useful guide for potential apartment buyers as you can check the amount of money in a building’s repair reserve fund before purchasing. Some buildings may have ample funds, providing some peace of mind, while others may have very little accumulated which would mean each apartment owner may have to pay out of pocket in the future or necessary maintenance won’t be carried out at all.Read more
Buying an apartment with a garden
Now that we are entering summer, some of you may be looking for apartments with outdoor spaces. If you are buying or renting an apartment in Japan with a garden included there are some key points that you should be aware of.
With apartments, your ownership rights are limited to the interior of the apartment while exterior spaces such as balconies, terraces and gardens are considered part of the building’s communal space. The owner or occupant of each apartment is granted the exclusive right to use the balcony or garden space attached to their apartment. However, the occupant must follow the building’s bylaws which provide rules on how these outdoor spaces can and cannot be used. Barbecues, for example, are almost always banned due to issues regarding open fires and problems from smoke and smells affecting other residents in a building.Read more
Home buyers and sellers: Building inspection guidelines introduced this month
From April 1st, 2018, licensed real estate agencies must include a clause in agency agreements with buyers and sellers that make note of home inspections. The added clause will indicate (1) whether the real estate company has an affiliated home inspection agent that they have a referral program with, and (2) if a home inspection has been carried out within the past 12 months and the main details of those inspection results.
If an inspection has been carried out, the contract of sale will have a clause whereby the seller and buyer both confirm the results of the inspection. An outline of the results will also be included in the Explanation of Important Matters documentation which is read to the buyer before contract documents are signed.
It is important to note that there is no obligation or requirement for a seller to carry out a home inspection, although it is hoped that the revision will make more consumers aware of building inspections. A seller might choose to carry out an inspection when listing their home for sale to provide some comfort to potential buyers.Read more