Apartments in Japan ? some things to remember ? Real Estate ...

Renting isn?t easy. It leaves your pockets almost empty so you?re going to have to prepare financially for renting a place out.

There are various payments to make during the process:

Chukai Tesuryo (real estate agent?s fee) ? this is non-refundable and is typically one month?s rent.

Shikikin ? a security deposit, typically two or three months? rent

Reikin ? is a mandatory payment to the landlord that is often the same amount as the original deposit. However, reikin can be the equivalent of six months (or more) of rent, but is typically the same as one to three months of rent. This money is considered a gift to the landlord and is not returned after the lease is canceled.

Tetsukeikin (reservation fee) ? This is the real estate agent?s way of making sure that you?re serious about the deal. It is refunded as soon as you sign the contracts.

Older places sometimes waive the key money. However, they will charge a commission fee equal to 1.05 of the monthly rent. Exceptions depend on the area and the type of place you?re renting. Most apartments are unfurnished, and because of this, you?re going to need more money to furnish your apartment. But one good thing to remember is that the amount of shikikin and reikin are often negotiable.

Let?s say you?re financially stable and have saved enough to pay for those fees. The next thing you have to ensure is a guarantor. This is basically a co-signer to the rental agreement. It is much better to have a close Japanese friend as your guarantor, also because most rental contracts are in Japanese and it would be much better if you have someone who can help you understand the terms and conditions to avoid confusion. Agents listed on realestate.co.jp do specialize in dealing with foreigners but you will find some cases where the landlords simply don?t want to deal in English.

Your guarantor has to be someone with a good credit history. Sometimes, your employer may volunteer to act as your guarantor. But there are also private companies known as hoshonin-gaisha that can act as your guarantor for a fee.

TIPS AND WARNINGS?

?

- Inquire on multiple apartments. Remember that paying key money and other fees is pretty heavy, but paying twice is worse.

- Once you find a potential apartment, consider not only the fees or the amount you?re going to spend, but also the surroundings. Safety is one of the things you should keep in mind, another is amenities. Some buildings will have the basic amenities and there are those that already come with air-conditioning and heating with the basic amenities.

- Take note of any defects, from floor to roof. These things are expensive if they have to be replaced.

- When it comes to contracts, be sure that you understand all the terms and conditions before signing it. Be sure that you pay your rent on time because this can be a good negotiating tool that may help you change the terms of your lease later.

- Real estate agents will show you an apartment once the current tenant has moved out. It is much better to visit the apartment during the day to get a good look at things.

With a little patience, you?ll manage to find a nice place to live. The worst thing you could do is to get stuck in an apartment you don?t like.

Tokyo Apartments For Sale | Tokyo Apartments For Rent | Real Estate Japan

Source: http://www.realestate.co.jp/2012/11/19/apartments-in-japan-some-things-to-remember/

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