If the sales information of a vacation home lists a "surface yield" that does not include various post-purchase expenses, do not select a property to purchase based on that "surface yield. This is also the case when investing in a single office building or rental condominium in Japan, but there are people who purchase such properties mistakenly believing that the "surface yield" is the "NOI yield (cap rate)" that takes into account various maintenance and management costs.
In particular, if you are going to rent out your vacation home to a third party after purchasing it, you should have a good understanding of the NOI yield (cap rate), which represents the rate of return, before determining which property to purchase. Understanding the cap rate will help you compare and evaluate the profitability of rentable vacation home properties in various locations.