How do i evaluate an apartment Building? (japan)
so im looking to learn more about the specifics of purchasing japanese real estate, more specifically single occupant units. Im trying to figure out what kind of operating costs and tax's i should consider before purchasing a small or medium apartment building. I do know that the type of structure makes a difference when acquiring a loan (steal/wood/concrete). If anyone knows the specific usable years for these structures that would be great.
It would be immensely helpful if anyone could enlighten me on what to expect on the subjects of fire, elevator and water tower inspections (frequency/cost), building maintenance, insurance, property management, etc.
I believe 5% each month and a 2-3 month fee for finding tenants, please correct me if im wrong.
Also with buildings essentially being disposable, and "reforming" only able to be done after 1990 something. does anyone have a plan for the investment when the usable life span begins to run out and vacancies begin to increase? I figure just tear it down and build a new one, but to my understanding it is very difficult to get people out once they are in.
Also with prices shooting up here in tokyo would it be advisable to look in another population center, or wait for a good deal locally?