So I’ve come really close to buying a house here like three times before hilariously untimely changes of circumstance stopped me each time at the last second.
Hoping fourth time’s the charm but I have a couple (probably) dumb questions.
For cheaper houses (under 10 mil yen) Im of the understanding banks won’t be willing to do a mortgage. Would it be possible to negotiate by offering to take a disgustingly high interest rate and pay like 30% up front?
Second, are rent to own situations a thing here? Like I agree to pay the owner/bank/real estate company a set amount up front and then pay the remainder monthly similar to rent or mortgage? I’ve seen a friend do that in the US but I’m not sure if it would fly in Japan.
If neither of those options are possible I’ll just keep saving until I can buy in cash, but I’d ideally like to move as soon as possible.
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I would talk to your bank, I’m not sure there is any hard and fast rule that places a minimum amount. But worth considering that you can also borrow towards any renovations (which a cheap house may well need).
I have never heard of rent-to-own as being a common thing here, though I suppose something could be arranged with an amicable owner. (Though it might create a less than desirable tax situation for them depending on how the deal was structured.)