Buying an Apartment in Tokyo

[@bluasterisk]

Owing property is always exciting! Congrats on the new place!

[@barrettish]

Yeah first time for me! Thank you!

[@roxas896]

Yay! Congratulations🙂. You guys did good. So happy for you.

[@barrettish]

Thank you!! 😊

[@danielhan1757]

Really good video Barrettish! Very informative 👌

[@barrettish]

Thanks Dan! 🙌

[@rosscosan6647]

We bought an mansion ( apartment ) in Yamaguchi Pref. . My partner , she is Japanese so she led me through the paperwork etc . Our friends live nearby that’s why the location. We own a house in Sydney , Australia also so as I’m retired now we spend part of the year in each property .

[@barrettish]

That sounds like a great life, congrats! Yamaguchi is nice, I lived in Fukuoka before for a few years. I love Karato Ichiba and Nagato Onsen was great too. Doing a back and forth life like that sounds pretty ideal though, I hope it’s working out for you!

[@KickAssets]

Congrats! I own 15 properties in Japan myself. Real estate is fun here cause it's still affordable.

[@barrettish]

Wow 15?! That’s impressive!

[@basic808]

congrats Barrett! great video

[@barrettish]

Bei!! Thanks man, I hope you’re doing well these days!

[@cafelate9515]

Hi Barrett this is my first video I seen of yours. You don’t seem like a Japanese person and more like a Chinese person from the US. I am also a real estate broker. It is nice to see how real estate looks like in Japan and the prices and location.

[@barrettish]

lol why do you think so? I'm glad you found this interesting. From what I can tell, real estate is pretty different in Japan compared to the US.

[@SuperWhacka]

I've stayed in a few different parts of Tokyo before and always loved the west side of Shibuya around the Uehara area, congrats! 🎉

[@barrettish]

Yeah it’s a nice area! I’m glad you were able to stay in different parts of Tokyo! Thank you! ✨

[@gfabie4901]

#3 was the best imho with 70s Tarantino character, provided it was retrofitted.

[@Komainu959]

Congrats and Happy Thanksgiving!

[@barrettish]

Thank you and hope you have a nice holiday season!

[@goutfromfriedokra]

@@barrettish why not consider Osaka? it's cheaper price home, right?

[@garcurran5079]

Very informative, thanks

[@barrettish]

Thanks for watching!

[@shibafujiwatches2808]

Congratulations! Been there done that twice here so far.

[@barrettish]

Thanks! That’s awesome!

[@SubtleProvisions]

Very informative. What's the link to that map with the colored dots? Thanks

[@barrettish]

I have linked on my blog, but the controls/filters are only in Japanese: www.barrettish.com/log/post/buying-an-apartment-in-central-tokyo

[@inquisitvem6723]

I’m having the same idea as you though I don’t have a choice. I want to buy a place, but no visa , so planning to live there like 6 months out of the year and letting family and friends stay there half the year if they want to vacation there…basically it will be my vacation home.

[@inquisitvem6723]

Did you have to open a bank account in Japan and transfer money from your U.S bank account to buy an apartment? I wonder if it would be ok if I decided to transfer money from my brokerage account or retirement account directly to seller. I wonder how this works?

[@franciscasantamaria3593]

Great video and choice, I appreciated your accurate explanations. I love floor plans. Does place come with storage and parking space? Regards!😀👍

[@barrettish]

Thanks! 😁 It doesn’t, both are definitely luxuries in Tokyo. This building has a couple of parking spaces for an extra fee if available.

[@inquisitvem6723]

If you buy a 1960s home/apartment, but it was renovated in 2024, would it fall under earthquake proof #6 or #7 or under #5 still due to when it was originally built? Also does the government provide financial assistance to homes damaged by earthquakes if your insurance doesn’t cover it? Thx

[@indigo_died6910]

I'm so confused with the timeline. You left Japan for America, still travelling regularly to Japan for your work, now you've bought an apartment in Tokyo? Congrats :D

[@barrettish]

lol something like that 😆 Thank you!

[@meena-joy]

Do you have any recommendations for subletting apartments in Tokyo for short-term (other than Air BnB) e.g. for a week up to 3 months?

[@barrettish]

Are you talking about being a renter or renting a place out?

[@meena-joy]

Being a renter

[@inquisitvem6723]

So I read that property values decrease in Japan over time, but I think if it’s renovated by foreign owners or investors, it would actually go up. I also see a trend upward in price as more foreigners move to Japan due to the government trying to increase birth rates. Also foreign investors will increase values by putting money into akiyas and make them attractive to buyers, especially foreigner buyers.

[@inquisitvem6723]

What is the HOA fee in these apartments ?

[@Dflowen]

4:46 is what you settled with - a fixer upper. 12:33 swept it right under then eh Barret? XD. As your realtor said, "It's business". But 7 years searching for the other bidder. 13:27 wowzer 2.5 million yen or USD$25k on hand.

[@barrettish]

Yup, glad it worked out! I do feel a little bad for that other person but hopefully they found something too! Bringing all that cash was pretty nerve-wracking!

[@TheForistality]

Are there condo fees? in Canada there are monthly condo fees.

[@barrettish]

Yes there are monthly fees here as well for maintenance, etc.

[@Dogsnark]

Once you have purchased an apartment, I imagine there is also an additional monthly fee, like the home owner association fee at American condominiums. Is there such a fee in Japanese apartment buildings, and if so, about how much is it for your ~50 million ¥ apartment?

[@barrettish]

Yes there is. I don’t know how it compares with other parts of the U.S., but it’s way cheaper than ones in Hawaii. Fees at this apartment and other similar ones I’ve heard are usually within the ¥30,000~¥50,000 per month range. In Hawaii if it’s $700 that’s not bad, some are a thousand or two!

[@harperb]

Did you end up getting a loan / mortgage somehow as a non-resident, or paying cash?

[@barrettish]

Yes, but there was some cash involved as well. Luckily my wife handled most of that kind of stuff!

[@shibafujiwatches2808]

@@barrettishboth of mine we in my name. I’m a PR here. Glad you got then loan. The rates are free money.

[@etherdog]

Wow, Barrett, we expected you to move back to Japan but maybe not so quickly--but this looks great! Buying in that neighborhood for only $300,000 seems like a good deal. If the place is going through renovation still, don't be afraid to insist on tailoring things to your liking because doing so now will be the best money you will have invested in the project.

[@barrettish]

Thanks! Well, I’m not fully moving back lol just trying hard to have two bases. Thanks for the tip, we can do everything at once but so far it’s going well :)

[@kahawaiihele]

Aloha, from Oahu. Found this video as I just started my own online research. My son will be going to University in Setagaya this fall. I will be there in Aug and will be looking to view apartments. Interested in thearea between Setagaya, Shibuya and Meguro. I really like the Yoyogi area. Was looking to buy around Dec/Jan timeframe, but exchange rate is great right now. Interesting detail on building age. I do see earthquake resistance on some ads. Looks like places are at a premium and that I might need to consider purchasing sooner rather than later? Do you notice more of a run on 1br vs 2br? Would like a 2br and keep it under $450K. Have you considered doing a short-term rental with your place when you're not there? If your building allows it?

[@barrettish]

Great! Those are all good areas, just have to check the stations and see if they’ll be convenient for the everyday. I think you could find someplace decent for $450k, it depends on what you’re looking for. Just have to look around a bit. There are a lot of 1 and 2 bedrooms. As for our apartment, we can full on Airbnb it or anything but we are open to guests. We have a site for it: www.omakasetravels.com/stay

[@joshshao2406]

Happened to buy a apartment how you guys doing renovation actually

[@barrettish]

I made a video about that! kzbin.info/www/bejne/moO5oneJrNaUd8ksi=NQpL4swfLjINnnbm

[@larrynebron7140]

Were you given a Comp Sheet? How could you sanely make a bid when do not know what similar properties recently sold for. Where i live the listing agent will give a comp sheet away to the home visitor

[@barrettish]

No but we knew that it was within range of what similar places sold for in the area, it and it was possibly on the lower end considering year, construction type, etc.

[@jirojiro1029]

I have heard that property tax is a big problem for owning real estate in Japan especially if you are not actually living in Japan you are like losing money every year. What’s your take on that?

[@barrettish]

To be honest I’m not super knowledgeable about that, luckily my wife handled it. Property taxes depend on the value, and due the area and the trend, it probably will go up which would potentially become a burden if we’re not there much.

[@Mwoods2272]

Barrett, you are a baller, an apartment in Tokyo and a house in Hawaii. People can't even pay their rent in Tokyo and you have 2 homes in two of the most expensive cities for housing.

[@barrettish]

Nah, I’m totally not. I don’t own anything in Hawaii. Still trying to figure out how to make a living there.

[@dothetwist298]

35-45 is very cheap for that area. Do you feel like there was a lot of competition for these apartment buyers-wise? I live in the area. It I’m renting a tiny apartment, would love to actually buy one here in the near future.

[@barrettish]

Yeah we felt that we lucked out so we pulled the trigger. I think there was a lot of competition, especially because of the season which was the busiest for buying and selling. One agent also said that he was considering a place for himself in the area and a rich Chinese person swooped in and paid in full so he couldn’t compete. Just gotta keep looking though, hopefully an opportunity comes up!

[@empeds9975]

Is your new apartment in Omotesando? Or Yoyogi? Both excellent areas

[@barrettish]

In the Yoyogi Park area. Yeah, the general area is really great!

[@Level70-x4d]

It’s kind of depressing that real estate depreciates in Japan. In most countries it appreciates over time.. If I moved to Japan I would probably rent.

[@barrettish]

Yes, it is a bit odd. But like I mentioned, not everywhere in Japan depreciates and it’s something we made sure to consider.

[@SamKNgo]

Can’t give up my 3100 square foot home in US for this. The narrow space made me feel angry already

[@barrettish]

Having a bit more space would nice. Where in the U.S.? With cities like Tokyo or NYC, it’s mainly paying for being in those cities.