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jigab
Joined: 28 Dec 2007
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Posted: Sat Jan 05, 2008 5:51 pm Post subject: Getting an apartment with 5mil key money |
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Hello, I am new to daves esl. I accepted a contract to work in Korea starting February. My hagkwon will not give me housing but will give me 5 mil key money. I've searched on these boards to look for what kinds of villas/officetels you might find, but haven't had luck finding informative posts.
I think I may be located in central seoul/gangnam/jamsil area, what can I expect to find with 5mil key and paying 500-700 in rent? any advice in finding an apartment would be great, thanks guys! |
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R. S. Refugee

Joined: 29 Sep 2004 Location: Shangra La, ROK
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Harpeau
Joined: 01 Feb 2003 Location: Coquitlam, BC
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Posted: Sat Jan 05, 2008 7:07 pm Post subject: |
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A lot of it depends what part of town you live in. My wife & I are in northern Seoul close to Gireum Station and we found a 2 bedroom Villa and fit into the price you described.
But if you want to live in Gangnam, Hongdae, etc., then you can expect to pay much more money. Did you say where you will be working? Many Westerners have been moving into Haebangcheon. It has a very cool arts & music scene happening. Good luck to you. |
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ajstew
Joined: 04 Feb 2004 Location: Korea
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Posted: Sat Jan 05, 2008 7:13 pm Post subject: 5 million key money |
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I hope you didn't sign into a bad contract. Most places offer housing... and 5 million seems on the low end for key money. Your hogwon must be paying you big money to make that housing option worth while. |
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Hanson

Joined: 20 Oct 2004
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Posted: Sun Jan 06, 2008 2:24 am Post subject: |
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5 million key money in Central Seoul? Good luck!
Why wouldn't your new job just provide housing, period? Why are you even paying rent? I smell something not quite right, here. |
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jigab
Joined: 28 Dec 2007
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Posted: Sun Jan 06, 2008 1:59 pm Post subject: |
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I'm an hourly paid worker and not a salary, so thats why I get 5 mil key. I really wish they would give 10 =/. Do you guys have any pictures, or can you describe the differences between a villa and an officetel?
also, just a curious side question: 1. in an officetel/studio that has a upstairs flat, is that for your bed? it looks awfully small up there. 2. I see pictures of a bathroom with a shower head and no shower/tub...how does that work? |
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GoldMember
Joined: 24 Oct 2006
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Posted: Sun Jan 06, 2008 4:47 pm Post subject: |
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Renegotiate. Get more Key Money. PERIOD!! Don't accept lousy deals. |
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hari seldon
Joined: 05 Dec 2004 Location: Incheon
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Posted: Sun Jan 06, 2008 5:54 pm Post subject: Re: Getting an apartment with 5mil key money |
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jigab wrote: |
Hello, I am new to daves esl. I accepted a contract to work in Korea starting February... |
The contract won't be in force until you have a work visa so don't feel like you're locked into it.
BTW, if anyone is looking for a place in Bupyeong, I'm moving out of an officetel that's less than a 5 minute walk from Bupyeong Station (Seoul Subway Line #1). Key money is 5 million; rent is 380,000 and there's no maintenance fee... |
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jigab
Joined: 28 Dec 2007
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Posted: Mon Jan 07, 2008 9:05 am Post subject: |
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The thing is I get paid pretty decently for an hourly as rookie to korea. I don't mind so much paying my own rent, I'm just worried if I can get a decent villa/officetel with just 5mil key? I dont mind if the property has some age on it, as long as its clean, doesnt have mold and such. |
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Bibbitybop

Joined: 22 Feb 2006 Location: Seoul
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Posted: Mon Jan 07, 2008 9:20 am Post subject: |
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Yo, you can get a decent sized studio on central Seoul for 5 million key money and 500-700 in rent.
Most places want 10 million key, so negotiate them down to 5 for an increase of about 100 in rent a month. I did this, but I negotiated down from 10 to 2 million with an increase of 200 per month in rent. I live in a very nice part of central Seoul, and though I had to talk to a lot of real estate agents (budongsan) I got exactly what I wanted. People who say you can't do it haven't tried, or quit too soon. |
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rowdie3
Joined: 22 Sep 2003 Location: Itaewon, Seoul
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Posted: Mon Jan 07, 2008 5:35 pm Post subject: |
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Good luck with that in Gangnam. You will end up with a grotty one room with mold on the bathroom walls that you will freeze in in the winter.
I looked in Gangnam for four days last February. Saw about 15 places that were the same. Ended up with a sweet three bedroom in Itaewon because my friend and I put our 5million key money from each school together.
Realistically, you really do need 10 million to live on the rich side of the river.
P.S. This seems like a lot of responsibility for your school to put on a newbie. Where are you supposed to live while you are finding a place. Does the school pay for it? Also, will the school be provided full furnishings (not just bed, fridge, but things like pots and pans and a kettle). If not, bail bail bail. |
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jigab
Joined: 28 Dec 2007
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Posted: Mon Jan 07, 2008 7:36 pm Post subject: |
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thanks for the replys guys. Yea they do put me up for a week or so in a hotel. The company is reputable, so im not too worried about it. So I gather I should probably think about north of the river, central seoul area? Whats the travel time from lets say right across the river from gangnam to actually gangnam? for that matter, whats the general time between subway stops?
lastly, im really really curious about the shower heads in the middle of a bathroom without a tub, how does that work? and about that second story loft inside an officetel...looks awfully small up there for a bedroom....thanks! |
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mindmetoo
Joined: 02 Feb 2004
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Posted: Mon Jan 07, 2008 8:13 pm Post subject: |
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What could you get with 20 mil down? |
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cdninkorea

Joined: 27 Jan 2006 Location: Seoul
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Posted: Mon Jan 07, 2008 8:37 pm Post subject: |
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jigab wrote: |
Whats the travel time from lets say right across the river from gangnam to actually gangnam? for that matter, whats the general time between subway stops? |
Bookmark this site:
http://www.smrt.co.kr/swf/english/cyberstation/main.swf
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lastly, im really really curious about the shower heads in the middle of a bathroom without a tub, how does that work? |
You don't get a bathtub- my apartment doesn't either. It seems only really nice places have bathtubs in Korea.
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and about that second story loft inside an officetel...looks awfully small up there for a bedroom....thanks! |
It's just for sleeping- if the place you looked at is like the places I've seen, you'll have to duck up there because of the low ceiling. It's not too bad though except that the first few mornings you'll wake up and hit your head. After that you'll instinctually duck when you get up.  |
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jigab
Joined: 28 Dec 2007
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Posted: Tue Jan 08, 2008 7:44 am Post subject: |
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cdninkorea....that website is soooo useful, thanks!
If the restroom doesnt have a tub, do you just shower in that bathroom like it was one big shower? |
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