Japanese shun new-build tradition for cheaper home renovations
A lack of money is forcing young Japanese to buck tradition and renovate properties instead of build new housing. The nation's housing market has developed a culture of much shorter building lifespans, with houses typically lasting just 20 years to 30 years and having little resale value. The pattern has been reinforced by past poor building standards and a lack of incentives for home improvements. As a result, buyers tend to acquire land and demolish the property on it, building a new house instead. 

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