Hi Everyone,
We’ve decided to look for a house in the countryside and everything is happening way faster than expected, so Im a bit at loss. Here is my current situation :
Im on a work visa as specialist in Humanities, over 1.5year in my current company, fairly high income, no PR. My partner is virtually Japanese (special permanent resident – 特別永住), working as IT pm with the same company for a few year, tho freelance so employed as soleproprietor (個人事業). He will stop working at the end of March and take significant time off. Lastly, We are not married.
Here is what Im trying to figure out :
Mortgage
\- Assuming we get married :
Can I get a loan in my name under my name (as the higher earner and soon only person employed), even thought I don’t have PR ? Or do we have to get a pair loan ?
\-Does the name the home loan is under has to be the same as the name of the title ? (Can we have 1 person taking a loan but 2 ppl on the title as it would be a 50/50 co-ownership?)
\-Tax abatement
The houses we are looking at are in the countryside, it should be within our budget so we could buy it without taking a loan, it might be a bit of a stretch but it’s doable.
We are looking at getting one because of the tax abatement, but I would like to run some simulations to see if it’s really worth it in the long run.
Is there anyway I can calculate how much the tax abatement would be so I pit that number again loan interest over 20years ?
\-Property taxes
Is there any good simulator to calculate how much fees I should forecast on top of the price of the house ( assuming some one time fees + some extra taxes)
Im doing a bunch of research but there is a lot to figure out so I was hoping you could share your experience.
Thanks !
3 comments
Have you talked to a lender? Generally, if you don’t have PR it’s difficult to get a loan and if you do the payment period can’t be longer than your visa period. Your partner would have a better chance but employment and income would be important.
You have too many questions to ask online. It would take hours to type out all of the answers. Get yourself to a real estate agency! Trying to figure all of this out without an agent will doom you to years of asking Reddit how to get out of the legal, cultural, financial and physical problems that you will inevitably create when doing it by yourself.
I will answer two of your questions. Property tax. You cannot find out the exact tax valuation of a property (and thereby calculate the annual tax payment) without the consent of the owner. So when you want to bid on a property, the first step is to ask for the actual tax valuation or for the tax documents themselves.
The closing costs of of buying a house will include the real estate fees, the stamp taxes, the fees for the scrivener and for registering the property, and for a real estate acquisition tax (due a bit later). In total you should budget about 6 or 7% of the cost of the property for these.
One thing to keep in mind, the share of ownership (50/50) should accurately reflect the payment contributions of both of you.
Failing to do so could result in a tax bill for one or both of you – the ownership ratio has to accurately reflect the share of the funds that each party contributes to the purchase of the property. You cannot simply decide to have a 50/50 share if one party only contributes 5% to the purchase, because the tax office would consider the other 45% to be a gift with the recipient liable to pay gift tax.