Survey on the Reality of Purchasing and Renovating Used Condominiums Amidst Rising New Construction Prices

With new condominium prices continuing to rise, the Ministry of Land, Infrastructure, Transport and Tourism's 'FY2024 Housing Market Trend Survey' indicates that approximately 75.7% of households that purchased used condominiums cited 'affordability' as their primary reason. As more people choose the 'used condo + renovation' path over new builds, Anabuki Digital Service, operator of the renovation quote service 'Reform Guide,' surveyed 198 people who purchased and renovated a used condo within the last three years. The results show that about 60% of buyers chose properties aged between 20 and 40 years. Regarding costs, about 80% purchased properties for under 40 million yen, and 70% spent less than 5 million yen on renovations. For budgets under 3 million yen, priority was given to plumbing and flooring. For budgets between 3 and 5 million yen, structural changes and storage improvements were included. Motivations varied by age: 20s prioritized design, 30s-40s prioritized location, and 50s-60s prioritized timing. Common regrets included failing to check for hidden defects like aging plumbing before purchase, and uncertainty regarding the fairness of renovation quotes. The survey concludes that professional inspections and obtaining multiple quotes are key to a successful renovation project.