Renting is still the most common choice for living alone, but in recent years more people have also started purchasing condominiums. This article explains the characteristics of people who are better suited to buying, those who are better suited to renting, and recommended floor plans.
Buying or renting a condominium: which is a better fit?
Whether you should buy or rent depends on your lifestyle and financial situation. It is important to understand which option suits you better.
People for whom buying a condominium is recommended
- People who can qualify for a mortgage：Those in good health, with stable income, and able to meet screening criteria
- People who want to build assets：Once the loan is fully repaid, rent is no longer necessary, and the property can also be sold to access funds
- People who want freedom to customize：DIY projects and renovations can be done freely
People for whom renting is recommended
- People who receive housing assistance from their company：If your out-of-pocket cost is JPY 30,000 or less, renting may be more advantageous
- People who are transferred often for work：However, renting out the property while you are away is also an option
What floor plans are recommended for a single-person condominium?
1R (studio)
Less than 20㎡ is common, making it ideal for people who want to keep costs down.
1K
The kitchen and room are separated, which helps prevent cooking smoke and odors from spreading into the living space.
1DK
You can separate the dining area from the living area, giving the home a more spacious feel.
1LDK
With a living, dining, and kitchen area plus a bedroom, you can maintain privacy even when guests visit.
What features are necessary to live safely and comfortably?
Auto-lock entry, security cameras, and parcel lockers are essential features for living alone. If there is a bathroom dryer, you also will not need to hang laundry outside.
Frequently Asked Questions (FAQ)
Q. What is the typical price range for condominiums for single occupants?
It varies by area, but in urban locations, JPY 20 million to JPY 40 million is a common benchmark.
Q. What should I do if I am transferred for work after buying?
By renting out the property, you can continue repaying the loan while generating rental income.
Q. How much do management fees and repair reserve funds cost?
Around JPY 20,000 to JPY 30,000 per month is typical. These costs continue even after the loan is fully repaid.
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