Hello! I found RetireJapan as I was researching about how to move my interactive broker acct to Japan, I am impressed by how informative this forum is!
I have a dummy question:
Me and my boyfriend planning to buy a used house the coming 2 years. Our budget is 1500万 and we will split 50-50. We plan to stay in Japan long term.
Boyfriend worked 11 years in Japan, currently applying for PR ( hopefully it goes well) , 41 year old. First time buyer.
I will move to Japan once border opens with a student visa, try to find a job within 1-2 years.
Our plan is : once he gets PR, he will get mortgage pre-approved, and we will buy whenever we found a home we desire. I will pay that 50% in cash since I know I won't be able to get mortgage in Japan.
Things in Japan are so different, I wonder if I missed any points or over-simplified it... is it possible to have joint-ownership with a non-spouse, with him getting mortgage and I pay half? Will my visa status be an obstacle?
It will be great if you have any comments on this !
Thank you!
Buying first house with boyfriend (both are foreigners)
Re: Buying first house with boyfriend (both are foreigners)
Have you lived together before? If so, how long? Have you lived in Japan before?Moving to a new country is enough of an upheaval and there are so many changes, perhaps living together in Japan for a year or two to see how it works, before paying cash for half a house, would be a good starting point. You can always research during that time, but jumping straight in to uncertain territory with a huge financial commitment would make me very nervous.
What if things don't work out between you, but you've spent your savings on a house and then it turns out it's not actually yours...Re: Buying first house with boyfriend (both are foreigners)
Thanks for the reply. We have lived together in Japan before the pandemic. It will take time to find a home , so during the time of searching, of course one could change his/her mind before committing.
if a couple (married or unmarried) have joint ownership of a home, I believe even if they split they will get half of the home.. so if I spent my savings and we eventually split, I believe I will still get half if we sell the home. (of course we hope it doesn't get there).
is it possible to have joint-ownership with a non-spouse, with him getting mortgage and I pay half?
if a couple (married or unmarried) have joint ownership of a home, I believe even if they split they will get half of the home.. so if I spent my savings and we eventually split, I believe I will still get half if we sell the home. (of course we hope it doesn't get there).
is it possible to have joint-ownership with a non-spouse, with him getting mortgage and I pay half?
Re: Buying first house with boyfriend (both are foreigners)
This is a really good thing to get clarity on and I’m not clear of the answer. I don’t think it works the way you have explained it. I recall our mortgage is under my wife’s name. When we did our mortgage 8 years back, I don’t recall the option to have two names on a mortgage but things may have changed (ha, it’s japan!). The reddit community might help.drpiglet wrote: ↑Fri Apr 09, 2021 8:08 am Thanks for the reply. We have lived together in Japan before the pandemic. It will take time to find a home , so during the time of searching, of course one could change his/her mind before committing.
if a couple (married or unmarried) have joint ownership of a home, I believe even if they split they will get half of the home.. so if I spent my savings and we eventually split, I believe I will still get half if we sell the home. (of course we hope it doesn't get there).
is it possible to have joint-ownership with a non-spouse, with him getting mortgage and I pay half?
Re: Buying first house with boyfriend (both are foreigners)
The issues of the mortgage and the title often get confused. In your situation you will not be able to get your name on the mortgage, but you can certainly get your name on the title. The title deed specifies the owners and the percentage each owns. When you buy, you will go though the process of registering the new home/property in your names, at that point, just get the deed paperwork to reflect your 50% ownership. Especially as you're putting up half in cash, this is a no-brainer. Two people do not need to be related to share a property, nor does their visa status matter. You don't need residency to buy/own property in Japan, you only need it to get a loan. As an aside, I imagine your boyfriend will only get a mortgage for half the purchase amount anyway, as there's not much point going into double the debt necessary, from his perspective, if you're putting up half in cash.