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jackson7
Joined: 01 Aug 2006
Location: Kim Jong Il's Future Fireball
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 Posted: Tue Nov 20, 2007 5:17 pm Post subject: "Buying" a "house" (apartment) |
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In the states, we refer to our home as "bought" even though it's truly the bank that owns it until our mortgage is paid off. I notice a few people posting about purchasing their home here, and I'm curious...
Are people here taking out mortgages to buy their homes? If so, how much are you putting down on your places?
If not, how the hell are your coming up with the 250,000,000+ to afford a place? If I had that kind of liquid, I would head back to the states and get a beautiful house with a yard...
I've got long-term aspirations, but I'm wondering if I'll be 40 before buying a home... |
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jinju
Joined: 22 Jan 2006
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| Posted: Tue Nov 20, 2007 5:25 pm Post subject: |
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I put down $180,000US (160,000,000won at current exchange rates) in cash for my place but since Im in Seoul I dont own it. Its just a downpayment.
Yes, I COULD go home and BUY my own house, but what the hell would I do there anyway? I prefer Seoul. |
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jaykimf
Joined: 24 Apr 2004
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| Posted: Wed Nov 21, 2007 7:36 am Post subject: |
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| We paid cash when we bought our apartment. We paid 55 million won for a 27 pyong 3 bedroom place. Of course that was about 4 years ago and in a small town along the south coast. It's worth about 75 million now. |
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Wed Nov 21, 2007 1:05 pm Post subject: |
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| 230,000,000 in Seoul that's 천세 but the building is less than a year old and only 1 minute walk to the subway. |
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The Perfect Cup of Coffee
Joined: 17 Jun 2007
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| Posted: Wed Nov 21, 2007 1:33 pm Post subject: |
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| jaykimf wrote: |
| We paid cash when we bought our apartment. We paid 55 million won for a 27 pyong 3 bedroom place. Of course that was about 4 years ago and in a small town along the south coast. It's worth about 75 million now. |
Nice. Were you able to simply save the cash yourselves or did you get some sort of financing? Wondering about investing in real estate here for quite awhile. |
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Drew345
Joined: 24 May 2005
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| Posted: Wed Nov 21, 2007 2:07 pm Post subject: |
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Paid cash for my place, about 250 million. Had money from previous job, not English teaching. No disrespect meant for English teaching; one of the most challenging and rewarding careers there is. The job compensation just doesn't include big bucks, as the OP question kind of implies.
Yep, bought here because I like it better than the states.
After comparing "buying" with that wacko "chonsae" system, and the almost non-existent rental market, buying was the clear choice for me.
I doubt a foreigner could do any financing here. Hard enough just getting a credit card. But maybe it is possible, since there is the apartment as collateral. |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Wed Nov 21, 2007 2:58 pm Post subject: |
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| After comparing "buying" with that wacko "chonsae" system |
The wacko system is good when you wanna buy a whole villa style building and have the tenants in there who paid their chonsei's - so you use the chonsei's as your own capital and go to the bank just for the difference.
Not a bad way to turn a trick - to own a building + the land. |
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