Question Has anyone bought a house in Okinawa?

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How did you buy a house in Okinawa?
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How did you buy a house in Okinawa?

David

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I'm looking to buy a house in Okinawa and wondering what the first bank I should take a trip to should be. I have JA and Okiginkou. Though, I will definitely shop around to get the best contractual terms.

I plan on putting 12%-40% down and wondering if this is sufficient enough too.

What bank did you end up using, what rate did you get, and how much did you put down for a loan of what size?
 
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Ta-Noza

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Hello everyone in the community.
I am a Japanese living in Naha city.
I worked at a bank in Okinawa for 38 years until I retired three years ago.
If you are considering a bank loan for building a home, I can advise you on the terms of the loan.
Please feel free to contact me.

By the way, the standard cost of building a house in Okinawa is 1 thubo (= 3.30578m x 3.30578m) ¥ 800,000-850,000 for RC construction. Aside from high grades, if it's higher, it's a good idea to negotiate with some construction companies.
 
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David

David

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By the way, the standard cost of building a house in Okinawa is 1 thubo (= 3.30578m x 3.30578m) ¥ 800,000-850,000 for RC construction. Aside from high grades, if it's higher, it's a good idea to negotiate with some construction companies.
That's good to know. The only quote I got was from Kyan and it was ¥1,000,000 per tsubo for RC construction. On top of that, they finance 10-year loans at 5%. From what you're saying, that is one hefty markup.

My income is from America and no bank would mortgage me. I had to pay full price in cash in order to get the 3LDK mansion I am moving into soon. I'm hoping to live in it for 5-10 years while saving more money as I will no longer owe rent. Then, I plan on using it for rental income — so that I have income coming from a tenant in Japan — to be able to afford a new or larger 3/4LDK house or mansion.

Which bank do you think I should visit next? Okigin denied me on a pre-loan for a house that cost less than what I paid for my mansion!
 

Ta-Noza

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David, Sorry for the late reply.

There is no difference in the requirements for Oki-gin, Ryu-gin, or Koza-shinkin.
Basically, you need to meet the following conditions. A bank with good service will offer you a different plan when you do not meet the conditions.

1. must be a Japanese citizen or a foreigner with a permanent residence permit.
2. Those who need a house to own and live in Okinawa.
3. Those who are under the age of 70 as of the date of application.
4. Those who have a monthly income of at least 5 times the monthly repayment amount.
5. Those whose income for the previous year is less than or equal to the following amount.
 ・Those with salary income only -- Salary income of 8 million yen
 ・Those who do not receive only salary income -- Income amount of 6 million yen

It is important to note that you should not explain to the bank that you will rent your home to someone else.


Translated with www.DeepL.com/Translator (free version)
 
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David

David

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Congrats on your new home. Ocean view ?
No. I'm leaving my current Naha International Airport tarmac / "ocean" view (west of Okinawa) for a quieter area with a view of the Okinawa Cellular Stadium outfield. I believe this stadium is where Mainland baseball teams go to practice during the cooler months up there. However, the area is also host to where some of the most spectacular fireworks shows are put on each year (pre-virus). So, I have a front-row seat for some entertainment...

I don't see this first home purchase as my last though; I see it as an upgrade that gives me the ability to save more money for a larger purchase, or even for one that is even out of the city when the kids aren't reliant on us. I'm hoping that this place either retains quite a bit of value for resell to combine with savings or that it can be rented to offset my mortgage.
1. must be a Japanese citizen or a foreigner with a permanent residence permit.
2. Those who need a house to own and live in Okinawa.
3. Those who are under the age of 70 as of the date of application.
4. Those who have a monthly income of at least 5 times the monthly repayment amount.
5. Those whose income for the previous year is less than or equal to the following amount.
 ・Those with salary income only -- Salary income of 8 million yen
 ・Those who do not receive only salary income -- Income amount of 6 million yen
I am a permanent resident with a need of a house in Okinawa as I have none in the States—I haven't had a residency at a permanent address since I was 18. I'm only 34, so I meet the age criteria too. If I were to get a Flat 35, my down payment of ¥25,000,000 would still allow me to get a loan upwards of ¥75,000,000 if the 5x repayment were applicable to me.

I am only uncertain about #5 as they said my income is from the US and doesn't count as income. That was my only disqualifying factor.

Perhaps ownership now can help with my next loan in 5-15 years. 🤔
 

Ta-Noza

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Devid .
For #5, a salary certificate from your company and an income certificate from a public institution will be fine (same for Japanese).
Didn't your bank give you any advice?
Flat35 is a popular choice for people who want to build a house because of its low interest rate.
 

Ta-Noza

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Probably, #5 will be fine with the US certificate.
The original certificate, with the document translated into Japanese.
In other words, it would be good if you can confirm the payment of salary by a third party, so please try next time.
 

erminiosouth

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Is it difficult to find a good house to buy in Okinawa for cash dollars? Or do I have to exchange them for yens? I have always wanted a house in Japan, and now I can finally afford that. Would $200 be enough for a small house there?
I don’t want anything special – just a small house in a nice district to live a quiet life and not have to see anyone from the US. I don’t want to see anyone I know in the following years, an moving to Japan could be a good way to achieve that.
Are there companies like (site) that would make a house report for me and tell me whether the house is alright and whether the price is suitable?

Moderator note: Because a member replied to this message that is believed to be spam, it is being kept up with the link removed due to the response being educational for Okinawa.
 
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Ta-Noza

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I am Japanese and have a public qualification related to real estate.
At the current yen-dollar exchange rate, I think you can buy 20% to 25% cheaper.
The purchase price depends on the location, area and age. Interest rates on bank loans are also low at 1.3% per annum.
Also, if you don't mind a small Japanese house, renting a house has its advantages.
Ask me a question.
 
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David

David

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Ask me a question.
I already paid in full and own my mansion now.

Though, I am looking to add an extra income stream for later in life. I'd also like to diversify my income by getting paid some in Yen too, especially in the instance we ever head back to $1 to ¥74.

In this circumstance, is it possible to take a loan out for a second mansion solely based on the income it can make/does make (if it's already leased and is being sold as-is with an owner change only)? Or, would this have to be done as a business loan instead?
 

Ta-Noza

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Hi.
Happy to have some income.
I will start a real estate company in December. We provide the best information about real estate.
David, I have a suggestion for you. Please P.M
 

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