Four years ago, we decided to stop renting and finally buy our own place. For the longest time, we thought we’d be renting for the rest of our time in Japan. We didn’t want to be tied to a multi-decade mortgage. We didn’t even apply for permanent residency because we believed only people applying for home loans would need it. We argued that if we lost our jobs, we could simply terminate our rental contract and move back to the Philippines. We were keeping things simple.

However, things changed during COVID when we both started working from home and realized we wanted a bigger place, preferably with an extra room we could use as a workspace. Renting a larger place would, of course, cost more money, but we calculated that if we took out a loan instead, our monthly mortgage payments would be about the same as what we were paying for rent—except we’d have a bigger space, and we’d own it. We were also aware that buying a home would mean committing to a multi-decade mortgage and taking on additional costs like repairs and property taxes.

We began our search on SUUMO, looking for at least a 2LDK unit (two bedrooms with living, dining, and kitchen areas) within Tokyo’s 23 wards. It had to be within 10 minutes of a train station, and our commute to work had to be less than 40 minutes with no train transfers. Since we were buying it as a long-term residence, we also wanted it to be new or at most 10 years old. We weren’t looking for a big house with a parking space, as we had no plans to buy a car. Instead, we prioritized proximity to a train station and walkability to grocery stores, shopping streets, and restaurants we would frequent.

Essentially, we were looking for something similar to our old place in Yotsuya, where we had been renting a 1LDK unit (one bedroom with living, dining, and kitchen areas). This time, though, we wanted an extra room that we could use as a workspace or as a guest room when relatives visited from the Philippines. Eventually, we found a place that met all our requirements—and more. As soon as we found it on SUUMO, we immediately scheduled a tour with the real estate agent. Within just a few days, we finalized the deal and started the paperwork.

Four years later, we’re still happy with our decision. In retrospect, maybe we should have switched from renting to buying earlier so that we could finish paying off the mortgage before retirement. Mortgages in Japan typically run for up to 35 years, so if the retirement age is 60, I should have bought a place when I was 25—or at least by 30, to be more realistic. Since I took out my 35-year loan at 44, I’ll be paying it off until I’m 80. Of course, we could sell the place at some point and use the money to move somewhere cheaper, farther from central Tokyo—but we’ll cross that bridge when we get there.

For now, we love our home, our neighborhood, and we can easily see ourselves staying here at least until retirement.

What about you? Are you with team-rent or with team-buy?