No such thing as a free house?

Ryo may inherit a house and discusses it with Mariko...

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Ryo: It’s free. It’s a free house.

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Mariko: There’s inheritance tax. And then property taxes to pay each year. And maintenance. And upgrading.

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Expensive inheritance

Ryo: So it costs a little. But land is land.

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Mariko: And then there’s the neighbors. As you said, they may not be the easiest people to get along with. And how will you use it? You already have an apartment.

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Ryo: A vacation retreat for spring and autumn. The weather is too hot in summer and too cold in winter.

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Mariko: Can you rent it out?

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Ryo: Hmm. Probably not. The community is dying. So many empty houses all around. The bus service is being reduced.

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Mariko: Can’t you just demolish the house and sell the land?

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Ryo: Land tax is six times for land with no house. There are no buyers.

__________

Voice-over

Gradually the idealistic Ryo sees the practical wisdom of Mariko. Property does not always yield a profit. Location, maintenance and market price need to be considered. Sometimes even a free house can rack up debts. Little wonder that many young Japanese decline to inherit a property.

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