#Japan #Tokyo #RealEstate #Renovation #REARX-Find

Exploring the Rising Appeal of Renovated Properties in Urban Areas

In urban centers, the allure of renovated properties is becoming increasingly significant. A recent survey conducted by REARX-Find Inc., based in Shinjuku, Tokyo, showcased insights from 500 individuals who have considered purchasing renovated properties. Their responses reveal essential factors and preferences shaping the current real estate landscape.

Research Overview

The research, focused on the perception of renovated properties, was carried out through an online survey between December 26, 2024, and January 5, 2025. Among the various responses, several key patterns emerged regarding home-buying preferences and motivations.

Key Priorities in Home Purchases

When it comes to selecting a new home, 59.2% of respondents highlighted "location" as the primary factor influencing their decisions. This preference underscores a growing sentiment for convenience in proximity to work and essential amenities.

1. Location (59.2%) - The distance from stations and quality of the surrounding environment matter significantly.
2. Price (51.6%) - Affordability remains a critical concern.
3. Layout and Space (47.2%) - Consumers favor homes that meet their spatial needs.
4. Sunlight and Orientation (19.6%)
5. Age of the Building (18.2%)
6. Building Structure (17.6%)
7. Additional considerations include aspects like security and pet-friendliness, which were less prioritized.

What Makes Renovated Properties Attractive?

The survey revealed compelling reasons why consumers lean toward renovated homes:

• - Affordability: 46.6% appreciate that renovated properties tend to be more reasonably priced compared to new builds.
• - Convenient Locations: 42.0% noted the importance of accessibility to key areas like schools and shops.
• - Unique Designs: 36.6% favored the distinctive aesthetic that often characterizes renovated homes.

This emphasis on cost-effectiveness and design suggests consumers are actively seeking homes that challenge traditional expectations and fit their lifestyle needs without straining their finances.

Strong Interest in Renovated Properties

Overall, a striking 80.6% of survey participants expressed an attraction to renovated properties, with 22.2% feeling "very attracted" and 58.4% feeling "somewhat attracted." Such figures highlight an important trend towards acceptance and preference for renovated living spaces, reflecting a shift in consumer mindset.

Concerns in the Renovation Market

Despite the enthusiasm for renovated properties, concerns persist. Significant apprehensions include:

• - Post-Purchase Service (47.8%)
• - Hidden Defects (48.4%) - These worries point to a consumer desire for reassurance regarding property conditions.
• - Quality of Workmanship (44.0%)
• - Legal Compliance (33.8%)

These findings illustrate that even with the appeal of renovated properties, potential buyers are cautious, emphasizing the need for transparent practices and reliable after-sales support.

Comparing Housing Options

A comparison of potential home types considered revealed a high inclination towards new properties:

• - New Condominiums (45.6%)
• - New Detached Houses (43.2%)
• - Used Condominiums (40.0%)
• - However, significant interest in renovated properties has emerged, with 22.4% considering renovated apartments and 21.4% looking at renovated detached homes.

Factors Influencing Real Estate Company Selection

When it comes to selecting a real estate company, 59.6% prioritized the "responsiveness and reliability of the sales agent." This factor indicates the crucial role of trust in real estate transactions. Other notable points include:

• - Post-sales services (47.4%) and the quality of properties offered (45.6%).

Conclusion

The findings from the REARX-Find survey illuminate the dynamic and evolving preferences shaping today's real estate market. The keen interest in renovated properties reflects a growing desire among consumers for unique, affordable homes while also indicating ongoing concerns about the associated risks and trustworthiness in the buying process.

As the housing market continues to adapt to societal changes such as aging populations and urbanization, understanding these consumer preferences and apprehensions will be pivotal in meeting the diverse needs of prospective homeowners.