價格之外的物件價值

Thesis

The asking price is the least sophisticated number in the deal.

Japan has assets that look cheap because they are cheap for a reason. Tokyo especially is full of irregular land, narrow roads, private roads, old legal conditions, small parcels, and buildings that look acceptable until the land and road status are reviewed.

Price is not value. Price is where diligence starts.

The First Filter: Purpose

A home buyer, second-home buyer, and investor should not underwrite the same way.

For a home, value includes use: privacy, light, approach, building tone, daily routes, layout, school access, and comfort.

For investment, value is colder: rent, vacancy, management, financing, legal status, repair risk, and exit liquidity.

For land, value is legal capacity: road access, frontage, zoning, buildable area, and whether the site can support the future building the buyer imagines.

Use the wrong filter and you buy the wrong property.

Road Access Can Kill The Deal

Road status is not a side note in Japan. It can define the value.

A site generally needs proper access to a qualifying road. If the site fails the 接道義務 (road access requirement), it may be 再建築不可 (not rebuildable). The existing building may be usable, but rebuilding may not be allowed under ordinary rules.

That is not a minor defect. It can affect financing, insurance, renovation, resale, and land value.

A 再建築不可 (not rebuildable) property may show attractive yield because the denominator is low. That does not make it a good deal. It may simply mean the market has priced in a serious defect.

Private Roads Need Real Review

私道 (private road) issues are common in Tokyo.

The questions are practical:

• Who owns the road?
• Does the property have usage rights?
• Is excavation permitted for utilities?
• Are there maintenance obligations?
• Is neighbor consent required?
• Is there a setback?
• Does the road qualify under building rules?

If the answers are unclear, the property is not ready for serious capital.

Zoning Capacity: The Numbers That Actually Matter

Japanese listings show 建ぺい率 (building coverage ratio) and 容積率 (floor-area ratio).

建ぺい率 controls the building footprint. 容積率 controls total floor area. But the stated 容積率 can be reduced by front-road width. Narrow roads can cut development capacity.

That changes land value.

For land and detached houses, check:

• effective 容積率 (floor-area ratio), not only the headline number;
• road width;
• setback obligation;
• height restrictions;
• use district;
• existing non-conformity;
• rebuildability.

A site that cannot support a future building is not a hidden gem. It is a constraint with a price tag.

Off-Market Is Not A Quality Label

Good investment assets trade quietly. Anything with clean legal status, strong rent, bankable structure, and attractive returns may never need public marketing.

But off-market also hides weak assets. Some sellers avoid broad exposure because the property has problems.

Access without judgment is dangerous. A bad deal shown privately is still a bad deal.

Bad Buildings Often Cannot Get Loans

Loan eligibility is a market signal.

Banks may reject or heavily discount assets with poor road access, 再建築不可 (not rebuildable) status, weak seismic profile, unclear rights, bad management, excessive age, or limited liquidity.

If lenders do not want the collateral, future buyers may not want it either.

Kagura's View

We do not treat cheap as interesting by default.

The review is simple:

• What is being bought?
• Can it be financed?
• Can it be rebuilt?
• Can it be rented?
• Can it be sold?
• What is the hidden defect?

If the answer is poor, the answer is no.