Millennials reveal how they bought two houses for $11,000

A millennial couple who bought two abandoned properties for $11,000 are sharing their incredible new life, achieved on the cheap.

American pair Dani and Evan Benton purchased two lonesome houses in Japan in 2023 and have embarked on a full-scale rejuvenation.

They are turning the properties, on an island, into a honeybee farm and guesthouse, and filling it with new memories. They share their life abroad on their Instagram account – @BentonHomestead.

In a piece she has written for CNBC in the US, Dani explains that she and her partner were living on a farm in Louisiana, but they wanted something on a larger scale.

Priced out of the local market, they looked overseas, and found what they were looking for – and for small pennies – on Japan’s Ōmishima Island. They made the big transition thanks to a visa that enables foreigners to set up new businesses in Japan.

They bought two akiya (the Japanese name for unwanted houses) and are meticulously fixing them up, documenting the process of opening Benton Guesthouse and honeybee farm for thousands of curious followers.

They paid $US$9,292 ($AU11,227) total – $US7500 for the two houses, $US1500 in transaction fees, $US212 in real estate fees and $US80 annual property tax, Dani told CNBC.

Vacant houses in Japan are called akiya. They may not be abandoned, but just empty and still managed by an owner or a real estate agent.

Falling rural property prices and the preference for modern homes has led to the availability of akiya. However, purchasing one is challenging.

Japan has an “akiya bank”, which pairs buyers and tenants with vacant properties, for cheap prices. However, not all akiya are bought this way.

There is a precedent for foreign buyers acquiring an akiya.

An Australian dad is also sharing how he managed to buy a three-bedroom version for $30,000.

Jay Thursfield and his wife inked the contract for an empty farmhouse in rural Japan at a public auction for about $AU30,000 ($3 million Japanese Yen) – a sum less than an SUV. At the time of their purchase, five years ago, the total, including taxes, was $AU35,000.

Ever since, the couple have been sharing online the renovation steps and the logistics of buying an akiya.

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