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4 months left
Joined: 07 Feb 2003
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 Posted: Sun May 25, 2008 9:45 pm Post subject: Key Money Increase - Rent Decrease - How much? |
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| I'm currently paying 450,000 a month rent and 1 million key money. I might change jobs and get 10 million key money. Any thoughts on what rent I should pay? |
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Scouse Mouse
Joined: 07 Jan 2007
Location: Cloud #9
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| Posted: Sun May 25, 2008 9:48 pm Post subject: |
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| usually 10m key money reduces rent by 100K (or 5m will reduce it by 50K) |
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seoulsucker
Joined: 05 Mar 2006
Location: The Land of the Hesitant Cutoff
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| Posted: Sun May 25, 2008 10:17 pm Post subject: |
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| Scouse Mouse wrote: |
| usually 10m key money reduces rent by 100K (or 5m will reduce it by 50K) |
True dat...you'll probably end up paying 350,000/month. |
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tzechuk
Joined: 20 Dec 2004
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| Posted: Sun May 25, 2008 10:56 pm Post subject: |
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| seoulsucker wrote: |
| Scouse Mouse wrote: |
| usually 10m key money reduces rent by 100K (or 5m will reduce it by 50K) |
True dat...you'll probably end up paying 350,000/month. |
I wouldn't be so sure.
NORMALLY the above is true, but since your key money is so low... may be you can negotiate a bigger decrease.
I should imagine that with 10m, you can drop your rent by at least 150K. |
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KumaraKitty
Joined: 09 Jan 2006
Location: Bucheon
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| Posted: Mon May 26, 2008 1:25 am Post subject: |
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I agree with Scouse Mouse, but Tzechuk brought up a valid point as well.
Typically for each additional 5mil down, your rent dropped 50,000.
However since you only paid 1mil down, you may have a larger decrease in rent. IF they take a larger key money.
Some places take low key money because they want the monthly rent and if you offer more key money they turn you down. Be sure to check with your landlord. |
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Young FRANKenstein
Joined: 02 Oct 2006
Location: Castle Frankenstein (that's FRONKensteen)
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| Posted: Mon May 26, 2008 2:34 am Post subject: Re: Key Money Increase - Rent Decrease - How much? |
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| 4 months left wrote: |
| Any thoughts on what rent I should pay? |
The key money rule of thumb last time I looked (granted, more than several years ago) is a 20,000 decrease in rent for every million in key money. Judging by the above responses, key money has become a worse deal for renters. |
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ajgeddes
Joined: 28 Apr 2004
Location: Yongsan
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| Posted: Mon May 26, 2008 2:37 am Post subject: |
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| When I rented my place, they wanted 20 million won more for a 100,000 won decrease. So, we payed less key money. |
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