All the foreigners living and working in Japan has the same questions in mind. Is it better to buy a house in Japan or continue renting forever. When is the best time to stop renting and be a house owner. Is it a good investment to buy a house in Japan? Let's dig in further:
Advantages of Buying instead of Renting in Japan
1. You pay less every month! Thanks to low mortgage interest rates your monthly mortgages will be lower than your rent. If you buy an identical house instead of renting, even with the property tax included your monthly mortgage payments would be cheaper. If you plan to upgrade your rental house, increase the number of rooms because of your growing family size but worried about the increasing rental cost, it is time for you to seriously consider buying instead of renting.
2. Pride of being a house owner! You will have your very own piece of Japan. You don't have to worry about dealing with the landlord. You can make changes to your house, create your perfect home. And you will be more flexible with number and size of the pets. 3. Sense of financial security! You don't have to worry about paying rent when you retire and grow old. You will feel more at ease about the future when you know your children will inherit the house.
4. No more rent! Rent is dead money. When you own a house the money you normally pay for rent will be invested in your house ownership or keeping your own property in good condition. When you are paying rent you are most likely paying your landlords mortgage, why not pay your own mortgage instead?
5. More options! Rental market in Japan for foreigners are very limited. After a while you will realize rental options look very similar to each other and even if you are willing to pay a very high rent the type of house you want to live in may not be available in rental market. If you have pets, if you don't speak Japanese, if you have a different type of visa, buying maybe your only option to live in a beautiful house in Japan.