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tired of LA
Joined: 06 Nov 2006
Location: Seoul
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 Posted: Sun Mar 08, 2009 7:02 am Post subject: How Much for a Decent Apartment |
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I'm thinking about staying for another year, but want to get a place with my girlfriend. She works in Gangnam and I work in Nowon, so we're considering looking for a place near Konkuk. We're looking to spend 10 or maybe even 20 million won for key money and about 500,000 won a month. Now the thing is, she checked some websites and all the apartments we looked at cost way more.
So I'm wondering if looking for a decent apartment for that price is out of the question or should we just keep looking. Or should we be looking in another part of Seoul.
By decent apartment I mean; relatively new, one separate bedroom and a actual shower stall in the bathroom. |
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majesticmako
Joined: 12 Oct 2008
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| Posted: Sun Mar 08, 2009 7:29 am Post subject: |
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im pretty sure any apartment in all of seoul will not be in the 500,000/month range if you're expecting a separate bedroom.
you will barely get a studio at that price.
i think you should expect to pay around 1 - 1.5 million for a decent one bedroom. |
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Socks
Joined: 15 May 2008
Location: somewhere in here...
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| Posted: Sun Mar 08, 2009 3:02 pm Post subject: |
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Don't look at websites..
There are heaps of nice, good size apartments around for key deposit 10~20 million and 400,000~500,000won rent per month.
Contact this guy (Name - Keith) He is a Certified Realtor who speak perfect English and and works especially for Foreigners.
He will meet you (in his large American SUV) and will drive you around the area that you wish to live and will show you all the apartments that fit the description that you want and the price range that you want.
He does excellent work and is great at negotiating with the apartment owners for a decent price.
Mobile : 011-736-5247
Keith Ko
DTI International
Seoul, Korea
email - [email protected]
Mobile : 82-11-736-5247
Tel : 82-2-6467-6001
Fax: 82-2-448-6001 |
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PRagic
Joined: 24 Feb 2006
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| Posted: Sun Mar 08, 2009 5:19 pm Post subject: |
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And no matter what real estate agent you go through, make sure you research the going comission rates (or have a Korean help you out on it). THEN make sure that you get a discount over and above that.
Don't be afraid to try and knock 10%-20% off of their asking rate for the pojeongkum (downpayment) or chunsae. Times are tight all over. Never hurts to ask.
Also make sure that the apartment/building has no debt against it, or, if it does, that (1) the amount is manageable and (2) you are not the last person to rent a unit it. Last to rent = last to get paid if the owner goes belly up.
NEVER take the agent's or landlord's word on it for the monthly 'utility fees', usually quoted as X amount per pyoung. Ask to see one or two of of the monthly statements from the summer and from the winter.
Good luck. Oh, and I'd suggest ONLY renting on the very top floor unless you plan on being treated to a symphony of noises from above unit over the duration of your stay. Bank on it. |
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Francis-Pax
Joined: 20 Nov 2005
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| Posted: Mon Mar 09, 2009 10:57 am Post subject: |
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| PRagic wrote: |
And no matter what real estate agent you go through, make sure you research the going comission rates (or have a Korean help you out on it). THEN make sure that you get a discount over and above that.
Don't be afraid to try and knock 10%-20% off of their asking rate for the pojeongkum (downpayment) or chunsae. Times are tight all over. Never hurts to ask.
Also make sure that the apartment/building has no debt against it, or, if it does, that (1) the amount is manageable and (2) you are not the last person to rent a unit it. Last to rent = last to get paid if the owner goes belly up.
NEVER take the agent's or landlord's word on it for the monthly 'utility fees', usually quoted as X amount per pyoung. Ask to see one or two of of the monthly statements from the summer and from the winter.
Good luck. Oh, and I'd suggest ONLY renting on the very top floor unless you plan on being treated to a symphony of noises from above unit over the duration of your stay. Bank on it. |
PR MAGIC, I totally agree!!! |
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gteacher
Joined: 24 May 2007
Location: Ghost in the machine
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| Posted: Mon Mar 09, 2009 2:36 pm Post subject: |
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| PRagic wrote: |
And no matter what real estate agent you go through, make sure you research the going comission rates (or have a Korean help you out on it). THEN make sure that you get a discount over and above that.
Don't be afraid to try and knock 10%-20% off of their asking rate for the pojeongkum (downpayment) or chunsae. Times are tight all over. Never hurts to ask.
Also make sure that the apartment/building has no debt against it, or, if it does, that (1) the amount is manageable and (2) you are not the last person to rent a unit it. Last to rent = last to get paid if the owner goes belly up.
NEVER take the agent's or landlord's word on it for the monthly 'utility fees', usually quoted as X amount per pyoung. Ask to see one or two of of the monthly statements from the summer and from the winter.
Good luck. Oh, and I'd suggest ONLY renting on the very top floor unless you plan on being treated to a symphony of noises from above unit over the duration of your stay. Bank on it. |
Spot-on. |
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tired of LA
Joined: 06 Nov 2006
Location: Seoul
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| Posted: Mon Mar 09, 2009 5:53 pm Post subject: |
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| PRagic wrote: |
And no matter what real estate agent you go through, make sure you research the going comission rates (or have a Korean help you out on it). THEN make sure that you get a discount over and above that.
Don't be afraid to try and knock 10%-20% off of their asking rate for the pojeongkum (downpayment) or chunsae. Times are tight all over. Never hurts to ask.
Also make sure that the apartment/building has no debt against it, or, if it does, that (1) the amount is manageable and (2) you are not the last person to rent a unit it. Last to rent = last to get paid if the owner goes belly up.
NEVER take the agent's or landlord's word on it for the monthly 'utility fees', usually quoted as X amount per pyoung. Ask to see one or two of of the monthly statements from the summer and from the winter.
Good luck. Oh, and I'd suggest ONLY renting on the very top floor unless you plan on being treated to a symphony of noises from above unit over the duration of your stay. Bank on it. |
Thanks for the info PRagic.
Socks, thanks for recommending a realtor. I'll keep his info for when I seriously start looking. I haven't signed a contract yet. |
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eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
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| Posted: Mon Mar 09, 2009 6:20 pm Post subject: |
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| 20,000,000 is virtually no key money and won't interest many landlords. |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Mon Mar 09, 2009 6:27 pm Post subject: |
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and a Korean friend of mine thought I was getting ripped off if I took a five million key money, 350 thousand a month apartment in Tongyeong, he saying that is a 'big city' price
amazing |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Mon Mar 09, 2009 7:39 pm Post subject: |
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| VanIslander wrote: |
and a Korean friend of mine thought I was getting ripped off if I took a five million key money, 350 thousand a month apartment in Tongyeong, he saying that is a 'big city' price
amazing |
I hope your place is nicer than this: http://www.edenrealty.co.kr/index.asp?q=2&idx=1670 |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Mon Mar 09, 2009 8:19 pm Post subject: |
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 how could anyone live in anything so small, and in the basement to boot? ... ugh
Hell hole. Looks as cozy as a coffin. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Tue Mar 10, 2009 12:37 am Post subject: |
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| VanIslander wrote: |
how could anyone live in anything so small, and in the basement to boot? ... ugh
Hell hole. Looks as cozy as a coffin. |
It's not in the basement, the ad is for an apartment with the same layout on the 3rd floor.
That apartment is way bigger than my first two Korean apartments in "the sticks". |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Tue Mar 10, 2009 5:36 am Post subject: |
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| Draz wrote: |
| That apartment is way bigger than my first two Korean apartments in "the sticks". |
If by the sticks you mean somewhere in Gyonggido then that doesn't count.
I have been to plenty of ESL teacher's places over my years here in rural Gyeongsangnamdo, both in Hadong and Geoje and places inbetween and none, not one, was anywhere as small as that!
Most teachers here get spacious two or three bedrooms to themselves. I've had a big two bedroom place for the last three years and it's by no means unusual or even big by the standards around here. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Tue Mar 10, 2009 6:34 pm Post subject: |
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| VanIslander wrote: |
| Draz wrote: |
| That apartment is way bigger than my first two Korean apartments in "the sticks". |
If by the sticks you mean somewhere in Gyonggido then that doesn't count.
I have been to plenty of ESL teacher's places over my years here in rural Gyeongsangnamdo, both in Hadong and Geoje and places inbetween and none, not one, was anywhere as small as that!
Most teachers here get spacious two or three bedrooms to themselves. I've had a big two bedroom place for the last three years and it's by no means unusual or even big by the standards around here. |
Chungcheongnam-do. Most of the teacher's places I've seen in that province (various regions) were small. You might get a one bedroom if you're very lucky. |
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Tue Mar 10, 2009 7:07 pm Post subject: |
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Generally for a decent apartment you should be looking for 30/30, 20/40, or 40/20. That means 30 million key money, 300 000 per month, or variations thereof. I recommend looking around for brick apartments that are probably about 20 years old. Best way is to scout out the city and walk into real estate offices in areas you like.
One place to start is Seongdong-gu, specifically near Yaksu or Geumho. |
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