Employment Status & Home Loan Questions

A place for properties in the countryside
Shizuman
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Re: Employment Status & Home Loan Questions

Post by Shizuman »

starting_the_dream wrote:
Mon Jul 06, 2020 9:58 pm
Similar to Ibaraki Llama. Our house is about 30 years old and we got a home/renovation loan with a local bank. 40% of the loan was for buying the property and 60% for renovations.
Does your place include any agricultural land?

Ibaraki llama
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Re: Employment Status & Home Loan Questions

Post by Ibaraki llama »

I’ll add my takeaway is that mortgages for these properties are more like personal loans as the value of the property is likely to decrease in the medium term in spite of renovations. They collected documents on the property but didn’t seem to really care about or look into possible future value etc. More concerned about income.

Ibaraki llama
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Re: Employment Status & Home Loan Questions

Post by Ibaraki llama »

Shizuman wrote:
Mon Jul 06, 2020 10:08 pm
Ill give JA a go and see how we go.
Saw your vid the other day and its looking really good mate, good choice with the gutters
Thanks a lot! Yeah the gutters turned out fine.

Shizuman
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Re: Employment Status & Home Loan Questions

Post by Shizuman »

Ibaraki llama wrote:
Mon Jul 06, 2020 10:11 pm
I’ll add my takeaway is that mortgages for these properties are more like personal loans as the value of the property is likely to decrease in the medium term in spite of renovations. They collected documents on the property but didn’t seem to really care about or look into possible future value etc. More concerned about income.
Oh right? Thats interesting. Gives me hope, we were pre approved by AEON bank so might be ok with say JA. Only thing is before we can get a loan we have to get the agricultural boards approval first to use the farm land, then the banks can either yay or nay us. We got knocked back by a bank because they couldnt lend money for a home loan for nouchi.

Ibaraki llama
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Re: Employment Status & Home Loan Questions

Post by Ibaraki llama »

Shizuman wrote:
Mon Jul 06, 2020 10:09 pm
Does your place include any agricultural land?
No, the agricultural land that used to be part of the property was subdivided and separated from the residential portion. It’s now abandoned. JA really wanted us to buy the land and were going to include it in the mortgage but the nougyou inkai denied our join request to have the land reclassified as residential.

Shizuman
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Re: Employment Status & Home Loan Questions

Post by Shizuman »

Thats really interesting that JA was on your side, the place we are looking at is about 20,000m2 of nouchi so im hoping the JA here will be just as accommodating. cheers mate

Ibaraki llama
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Re: Employment Status & Home Loan Questions

Post by Ibaraki llama »

Shizuman wrote:
Mon Jul 06, 2020 10:16 pm
Oh right? Thats interesting. Gives me hope, we were pre approved by AEON bank so might be ok with say JA. Only thing is before we can get a loan we have to get the agricultural boards approval first to use the farm land, then the banks can either yay or nay us. We got knocked back by a bank because they couldnt lend money for a home loan for nouchi.
Are you a registered farmer? I was wondering if we went about it the wrong way. Maybe if we’d told the nougyou inkai that we intended to use the land for farming although we are not registered farmers they might have let us buy it.

Ibaraki llama
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Re: Employment Status & Home Loan Questions

Post by Ibaraki llama »

Shizuman wrote:
Mon Jul 06, 2020 10:21 pm
Thats really interesting that JA was on your side, the place we are looking at is about 20,000m2 of nouchi so im hoping the JA here will be just as accommodating. cheers mate
In our area JA and the nougyou inkai don’t appear to get along.

By the way 20,000m2 - awesome!

Shizuman
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Re: Employment Status & Home Loan Questions

Post by Shizuman »

Oh wow that sounds like a fun situation for the local farmers!

In my current town We have been in th process of applying to be registered farmers and we have several members who are keen on getting us in, but we are thinking of moving to another town and will have to start the application process all over again. the long and the short is, no not registered buy known by the local group.

Don't know about the application, some areas seem to be really strict about the whole using farmland correctly, i read somewhere some bloke got his tractor stolen because he wasn't a registered farmer. I rekon it varies from city to city.

starting_the_dream
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Re: Employment Status & Home Loan Questions

Post by starting_the_dream »

he place we are looking at is about 20,000m2 of nouchi
Nothing on that scale. The initial property listing included agricultural land and a few tanbo (can't remember the exact size). The real estate agent advised us to not pursue the tanbo, so the seller agreed to take that out of the sale (I'm a little salty about that. Now, knowing the people in the area and learning more about the inaka life, I feel like we should've at least tried to purchase it. But at the time we didn't know much and listened to the 'expert'). The nouchi is more the size of two home gardens. We applied and were granted a transfer to residential classification. But the whole process was interesting. We ended up including a clause in the purchasing agreement that said if we didn't get the nouchi land the sale was void. We closed in September and had to wait until December when the inkai met to learn if they agreed to the reclassification. I don't really know what we would have done if they declined the reclassification as we had already started the renovations!