What's the Deal with Vacant House Banks? Pros and Cons of Using Them on Hachijojima
A vacant house you own on Hachijojima.
When researching how to utilize or sell it, you have likely come across the term "vacant house bank."
Since it is operated by the local government, it seems reliable, and the idea of matching you with people who want to move to the island sounds like an ideal system.
In this article, I will talk about the ideals versus the reality, and more practical options for truly solving your "vacant house problem."
What is the ideal system known as a "vacant house bank"?
First, let me briefly introduce how a vacant house bank works.
A vacant house bank is a system where local governments, such as cities, towns, and villages, consolidate information on vacant houses within their jurisdiction and introduce them to people who wish to move or use them.
[Pros]
Because it is operated by the local government, there is a sense of security
Registration fees and the like are often free or inexpensive
You can contribute to the revitalization of the island
There is no doubt that it is a system with a wonderful philosophy, connecting owners who want to sell or rent out their vacant houses with people who want to move and are looking for a home on the island.
However, the "reality" is...
The vacant house bank has a wonderful philosophy. However, when you actually look at websites and the like, you notice a certain reality.
"Wait...? There are no properties listed..."
That is correct. Even though the system exists, the current situation is that it is difficult to say that properties are being actively registered and transactions are taking place.
Why does this happen?
Three reasons why it is difficult to function
The operators only "post" listings
A vacant house bank is not a real estate agency. It merely provides a "place" for owners and interested parties to meet; it does not provide property tours, price negotiations, or mediate contract procedures. Generally, the mediation of sales or purchases is handled by affiliated real estate companies.It takes time and effort, and there is no guarantee it will sell quickly
Registration requires many documents, and if you are contacted by an interested party, you must handle it yourself each time. Even after putting in all that effort, you never know when it will sell, and it is not uncommon for a property to remain without a buyer for years.It is difficult to register "as is"
Properties registered in vacant house banks are often expected to be in a somewhat clean condition. Houses that still have many household goods left behind or that require repairs tend to be hesitant to register in the first place, or they tend to be avoided.
In short, the vacant house bank is a system for those who "are willing to put in the effort, can wait patiently, and have a property in good condition," and it is slightly misaligned with the needs many people have of wanting to "solve it quickly, without hassle, and as-is".
Another option for "solving the problem"
The annual fixed asset tax, the hassle of maintenance, the anxiety caused by aging...
What you want to solve is not just "selling the house," but the "problems themselves" that the vacant house brings.
The fastest, most reliable, and simplest way to solve that problem is "purchase." The biggest advantage is that you can have it purchased "as-is," which is difficult with a vacant house bank; in other words, even if there are belongings left behind or it is in a state that requires repairs, it can be purchased in its current condition.
You do not need to spend any time or money on cleaning or renovations for the sake of selling.
Summary: Make the best choice for your goals
The vacant house bank is a wonderful system that creates the future of the island. From the perspective of liquidity, if you can make use of it and return your resources to the region, that in itself will become "island revitalization."
However, for some people, their property may not meet the conditions for listing on a vacant house bank, and there are also owners who are currently struggling with vacant house problems and want the fastest possible solution. For such people, what is important might be your time, effort, and peace of mind.
If you wish to be freed from the "anxiety of not knowing when it will sell" or "endless maintenance," please consider the option of "purchase" at least once.
First, please let us know about the problems your vacant house has and your wishes.
▼ Click here to apply for a free sales consultation