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SteveSteve
Joined: 30 Jul 2010
Location: Republic of Korea
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 Posted: Tue Jun 24, 2014 8:37 pm Post subject: Real Estate Agents in Busan |
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About me: Spent a year and half in Daegu several years ago. Coming back to Korea for a second tour. This time, I'm going to Busan.
Has anyone had positive experiences with a real estate agency in Busan? Are most agencies able to communicate in English, or will I need to have a Korean friend tag along to help translate? What's the typical commission for an agent who helps find an apartment?
I'll be able to put down 20 Million in Key Money, and I can afford up to KRW 700,000 in rent but nothing really higher than that. Trying to find a good balance of location (my ideal location has lots of restaurants, good nightlife, and entertainment) and space (I would like 2 BRs. a balcony or rooftop access would be a huge plus!) It has to be pet friendly (I'm bringing a small dog) and furnished with the basics (fridge, stove top burner, washing machine, floor heat. Doesn't have to have furniture).
If I go through an agent, is it possible to have the best of both worlds (location and space) with my given budget? And finally, any "hidden fees" or bait and switch tactics I should look out for?
Many thanks for your advice  |
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jjajangmyun
Joined: 31 Aug 2011
Location: way down south!
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| Posted: Tue Jun 24, 2014 10:25 pm Post subject: |
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There are plenty of real estate agencies that will be more than happy to help you.
Typically, agents take up to a month's worth of rent as their commission. It could be half a month's worth...could be a full month's worth...depends on the agency.
With 20 mil key money, you'll be in great position to find what you want.
In terms of area, you'd really have to come check it out yourself. Stay at a hostel/hotel/with friends and check out some areas. Given the few criteria you posted, Im thinking any big famous area (KSU, Gwangalli, Haeundae, Seomyeon, etc...) will do.
Most agencies do not speak English. I myself am Korean American and speak decent Korean but I still bring along a native Korean friend just to make sure absolutely nothing is lost in translation. |
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Overture1928
Joined: 12 Jan 2014
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| Posted: Wed Jun 25, 2014 4:13 am Post subject: Re: Real Estate Agents in Busan |
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| SteveSteve wrote: |
About me: Spent a year and half in Daegu several years ago. Coming back to Korea for a second tour. This time, I'm going to Busan.
Has anyone had positive experiences with a real estate agency in Busan? Are most agencies able to communicate in English, or will I need to have a Korean friend tag along to help translate? What's the typical commission for an agent who helps find an apartment?
I'll be able to put down 20 Million in Key Money, and I can afford up to KRW 700,000 in rent but nothing really higher than that. Trying to find a good balance of location (my ideal location has lots of restaurants, good nightlife, and entertainment) and space (I would like 2 BRs. a balcony or rooftop access would be a huge plus!) It has to be pet friendly (I'm bringing a small dog) and furnished with the basics (fridge, stove top burner, washing machine, floor heat. Doesn't have to have furniture).
If I go through an agent, is it possible to have the best of both worlds (location and space) with my given budget? And finally, any "hidden fees" or bait and switch tactics I should look out for?
Many thanks for your advice |
I have had between 400 000-550 000원 for Realtor fees on places that were around 1 000 000/month for 1 year. There is a formula they somewhat use. Something along the lines of like 1 months rent times the number of months the lease is times a certain percent. Ill try to find a piece a paper I had it written down on. |
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Lazio
Joined: 15 Dec 2010
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| Posted: Wed Jun 25, 2014 5:40 am Post subject: |
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Take the monthly rent 100 times and add the key money to this number. This is the total rental amount. Examples: 10 million key money and 1 million monthly rent is 110 million.
Using your numbers: 20 million key money and 700k a month is 90 million.
Below W50million - the fee is 0.5% (maximum W200,000)
From W50million to W100million - the fee is 0.4% (maximum W300,000)
From W100million to W300million- the fee is 0.3% (no maximum specified)
Over W300million - the fee is usually negotiated, cannot be more than 0.8%
So you shouldn’t pay more than 300,000k with your budget. |
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Dr. Lipschitz
Joined: 30 Aug 2013
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| Posted: Wed Jun 25, 2014 10:43 pm Post subject: Re: Real Estate Agents in Busan |
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| SteveSteve wrote: |
About me: Spent a year and half in Daegu several years ago. Coming back to Korea for a second tour. This time, I'm going to Busan.
Has anyone had positive experiences with a real estate agency in Busan? Are most agencies able to communicate in English, or will I need to have a Korean friend tag along to help translate? What's the typical commission for an agent who helps find an apartment?
I'll be able to put down 20 Million in Key Money, and I can afford up to KRW 700,000 in rent but nothing really higher than that. Trying to find a good balance of location (my ideal location has lots of restaurants, good nightlife, and entertainment) and space (I would like 2 BRs. a balcony or rooftop access would be a huge plus!) It has to be pet friendly (I'm bringing a small dog) and furnished with the basics (fridge, stove top burner, washing machine, floor heat. Doesn't have to have furniture).
If I go through an agent, is it possible to have the best of both worlds (location and space) with my given budget? And finally, any "hidden fees" or bait and switch tactics I should look out for?
Many thanks for your advice |
I stayed in an apartment in Centum City, across the street from Shinshegae.[ Centum square] The rent was 20,000 key 850 a month. A little more than what you asked for, but I had a balcony overlooking the city that was accessible via my living room. I am not talking a small veranda, but rather a full size "western" balcony. They had 5 of these units total in the apartment. Mine was a larger one, the smaller two bedroom may fit what you want.
Centum Star is also another high end apartment complex that may fit what you want. The apartment has a swimming pool, golf range, gym, etc..
I lived in both places so can vouch for them. If you are interested I can give you my real estate agents number. He speaks perfect English, but is not one of those " WE SPEAK ENGLISH WE CAN HELP YOU" real estate agents that are shady...and slimy.
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jjajangmyun
Joined: 31 Aug 2011
Location: way down south!
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| Posted: Thu Jun 26, 2014 5:26 am Post subject: Re: Real Estate Agents in Busan |
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| Dr. Lipschitz wrote: |
| SteveSteve wrote: |
About me: Spent a year and half in Daegu several years ago. Coming back to Korea for a second tour. This time, I'm going to Busan.
Has anyone had positive experiences with a real estate agency in Busan? Are most agencies able to communicate in English, or will I need to have a Korean friend tag along to help translate? What's the typical commission for an agent who helps find an apartment?
I'll be able to put down 20 Million in Key Money, and I can afford up to KRW 700,000 in rent but nothing really higher than that. Trying to find a good balance of location (my ideal location has lots of restaurants, good nightlife, and entertainment) and space (I would like 2 BRs. a balcony or rooftop access would be a huge plus!) It has to be pet friendly (I'm bringing a small dog) and furnished with the basics (fridge, stove top burner, washing machine, floor heat. Doesn't have to have furniture).
If I go through an agent, is it possible to have the best of both worlds (location and space) with my given budget? And finally, any "hidden fees" or bait and switch tactics I should look out for?
Many thanks for your advice |
I stayed in an apartment in Centum City, across the street from Shinshegae.[ Centum square] The rent was 20,000 key 850 a month. A little more than what you asked for, but I had a balcony overlooking the city that was accessible via my living room. I am not talking a small veranda, but rather a full size "western" balcony. They had 5 of these units total in the apartment. Mine was a larger one, the smaller two bedroom may fit what you want.
Centum Star is also another high end apartment complex that may fit what you want. The apartment has a swimming pool, golf range, gym, etc..
I lived in both places so can vouch for them. If you are interested I can give you my real estate agents number. He speaks perfect English, but is not one of those " WE SPEAK ENGLISH WE CAN HELP YOU" real estate agents that are shady...and slimy.
. |
Ah...another former Centum resident, eh? I was in Lotte Gallerium until a year ago. Lived in a 3BR 60-pyung family-sized apartment for 20 mil key money and 1.5 mil/month. But utility/maintenance fees were a bitch, bringing the total over 2 mil/month
to the OP: the only problem with Centum City, imo, is that it is boring/empty at night and on weekends. Same with Marine City. They are very upscale, family-oriented neighborhoods full of glass-and-steel high rises, but not much in the way of nightlife. the good things about centum include proximity to 2 enormous malls, a plethora of restaurants, and its overall cleanliness.
i could also hook you up with my realtor. speaks english very well and not a shady conman or anything. very professional and his fees are reasonable. |
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Dr. Lipschitz
Joined: 30 Aug 2013
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| Posted: Thu Jun 26, 2014 6:16 am Post subject: Re: Real Estate Agents in Busan |
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| jjajangmyun wrote: |
| Dr. Lipschitz wrote: |
| SteveSteve wrote: |
About me: Spent a year and half in Daegu several years ago. Coming back to Korea for a second tour. This time, I'm going to Busan.
Has anyone had positive experiences with a real estate agency in Busan? Are most agencies able to communicate in English, or will I need to have a Korean friend tag along to help translate? What's the typical commission for an agent who helps find an apartment?
I'll be able to put down 20 Million in Key Money, and I can afford up to KRW 700,000 in rent but nothing really higher than that. Trying to find a good balance of location (my ideal location has lots of restaurants, good nightlife, and entertainment) and space (I would like 2 BRs. a balcony or rooftop access would be a huge plus!) It has to be pet friendly (I'm bringing a small dog) and furnished with the basics (fridge, stove top burner, washing machine, floor heat. Doesn't have to have furniture).
If I go through an agent, is it possible to have the best of both worlds (location and space) with my given budget? And finally, any "hidden fees" or bait and switch tactics I should look out for?
Many thanks for your advice |
I stayed in an apartment in Centum City, across the street from Shinshegae.[ Centum square] The rent was 20,000 key 850 a month. A little more than what you asked for, but I had a balcony overlooking the city that was accessible via my living room. I am not talking a small veranda, but rather a full size "western" balcony. They had 5 of these units total in the apartment. Mine was a larger one, the smaller two bedroom may fit what you want.
Centum Star is also another high end apartment complex that may fit what you want. The apartment has a swimming pool, golf range, gym, etc..
I lived in both places so can vouch for them. If you are interested I can give you my real estate agents number. He speaks perfect English, but is not one of those " WE SPEAK ENGLISH WE CAN HELP YOU" real estate agents that are shady...and slimy.
. |
Ah...another former Centum resident, eh? I was in Lotte Gallerium until a year ago. Lived in a 3BR 60-pyung family-sized apartment for 20 mil key money and 1.5 mil/month. But utility/maintenance fees were a bitch, bringing the total over 2 mil/month
to the OP: the only problem with Centum City, imo, is that it is boring/empty at night and on weekends. Same with Marine City. They are very upscale, family-oriented neighborhoods full of glass-and-steel high rises, but not much in the way of nightlife. the good things about centum include proximity to 2 enormous malls, a plethora of restaurants, and its overall cleanliness.
i could also hook you up with my realtor. speaks english very well and not a shady conman or anything. very professional and his fees are reasonable. |
Ah, I used to live in Gallerium back in the day. I lived in S building. I had a 59 pyung apartment I got with 30 million key/1.2 a month. Utilities were a bitch...
You are right, Centum City can be a little boring…but I make my living as a tutor so it was convenient for me. They have added some pretty cool areas around Centum with some "hip" restaurants, one being Dos Tocos that just opened.
I am now a family man, so I moved out to a new town. 20 minutes drive or bus from Centum City. The apartment prices are crazy cheap. 20-30 million key - 400,000-500,000 rent for a 32 pyung APARTMENT. (MID 50's) in officetell pyung. The area I live in is pretty developed and has tons of parks and restaurants. I really enjoy it here...
Centum Sqaure’s “maintenance” fee wasn’t that bad. With the average being 150-200 a month. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Thu Jun 26, 2014 4:48 pm Post subject: Re: Real Estate Agents in Busan |
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| Dr. Lipschitz wrote: |
If you are interested I can give you my real estate agents number. He speaks perfect English, but is not one of those " WE SPEAK ENGLISH WE CAN HELP YOU" real estate agents that are shady...and slimy.
. |
My advice is that any person (not just in Korea) that sets up a business catering specifically to foreigners (just like those taxi's at the airport) is going to rip you off.
==
I used to live in 대연동 and really liked it there. In the streets behind the Busan Bank there are lot's of one-rooms. It is just a ten minute walk to Kyungsun bar district, but it you live in Kyungsun you'll be rooming with university drunks. |
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SteveSteve
Joined: 30 Jul 2010
Location: Republic of Korea
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| Posted: Mon Jun 30, 2014 8:21 pm Post subject: Thanks! |
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These are all great ideas, folks! Thanks for chipping in and offering to connect with me your real estate agents. I know that I won't be able to get everything on my apartment wishlist, but Centum sounds fairly balanced for what I'm looking to get. A tad over my ideal budget, but willing to go beyond it if it's very comfortable.
My wife really wants to live near the beach, and I was wondering if Gwangali is a nice place to live. Looking forward to hearing your thoughts 
Best,
SteveSteve |
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SteveSteve
Joined: 30 Jul 2010
Location: Republic of Korea
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| Posted: Thu Aug 21, 2014 12:08 pm Post subject: |
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Bumping this post. Moving to Busan in less than a month and still looking for more housing options in the city.
The first round of responses listed some very good realtors for the Haeundae, Centum City, and Marine City. I'm still seriously considering these neighborhoods, but I was wondering if anybody knows reputable realtors (preferably who speak English) who specialize in Seomyeon, Gwangali, PNU, and KSU?
Please write your suggestions below, or send me a PM. Thanks!
-SteveSteve |
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So Sincere
Joined: 04 Apr 2011
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| Posted: Mon Sep 01, 2014 6:39 am Post subject: |
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This thread caught my eye as I am also moving to Busan next month.
I was recently contacted by my future employer to inquire if I have any special requests for housing that they can tell the realtor. Aside from the obvious (furniture, internet), what would be wise to request and what should I expect to pay for certain requests?
I lived in a studio during my last teaching endeavor, but I'd prefer to have a separate living space from the bedroom if possible. Can anyone project what something like that would cost in Busan?
Thanks. |
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