Korean Job Discussion Forums

[njp6]

I just accepted a job in Bundang, close to Moran and Yatap, with higher pay but no housing. Now I need to navigate the maze that is the real estate market in Korea. How does one go about this? Can anybody recommend an apartment complex/ realtor to talk to? Are you privy to some secret strategy I should employ to save the bucks? I know I need to have key money and all the such, but I've heard wildly varying amounts. Any info on what to do, or what not to do, is appreciated.

[blackjack]

If bundang is like beomgye (which I have heard it is), then an officetel might be your best bet.

Most have a min key money of 5 million and then between 500-1 million a month. This is what you get at a nice offictel for 10 million down and 600 a month (in beomgye).

for every 5 million down will save you 50,000 a month rent

http://picasaweb.google.com/Daxwave/MyApartment#

To find an apartment first look for the area you want to live in. Then look around for a realtor, just walk into anyone that you like the look of.

My korean is really bad but I was still determined to do it all by myself. I wrote out how much key money and month rent I was prepared to pay. They showed me around several places. I wasn't too happy with any so they called around and took me to another realtor who showed me several before I fell in love with this one.

They should give you some paper which shows the building owners credit rating. A contract etc

They will tell you when you can move in, you normally have to pay a deposit on the key money (for me it was 1 million) and the balance when you move in. You will also have to pay a letting fee. They tried to charge me the full amount (around 700,000, its a max percentage based on the key money and rent over a year), but I was able to get it down to 300,000 (still a little high but I have no korean skills).

wow this got a bit long hope it helped

[njp6]

Thanks blackjack. That helps a lot.

If anyone else has info, particularly what look out for, I'd love to hear it.

[clyde]

I got my place by walking into a realty place. A lady drove me around for a couple hours looking at places, but I had to pay her 400 bucks later negotiated to 350 because of the foreign ignorance card. I pay 5 mil key money and 600 a month. It was quite painless.

[martinida]

Which is it, Moran or Yatap?
Although they are close to each other physically, they're about 30 years apart, temporally.
In Yatap, I used to have a nice little one-room for around 5 million deposit and 400 thousand / month.
In Moran, I'm sure you'll get a bigger house (3 whole rooms!) and it'll be cheaper because Moran is, ahm, a bit rank.
Both places, just find the general area you're interested in and choose and one of the bah~zillion estate agents to show you round the houses they know about. They'll demand a finders fee, but that's fair enough, right?
That's always worked for me.
Good luck.
Me.

[njp6]

Just some added questions on this thread:

What's to keep the landlord from grabbing 10 million won in key money and running away?

What happens if on first inspection, the apartment looks nice, but once I move in I find it unsuitable (noisy neighbors, etc.)? Is there a way to get out of the contract?

[blackjack]

There are certain laws in place to protect the money (not sure of the exact figures but under 60 million 80% is guaranteed by the government). Also if he does take of you can go to court and the sell the apartment/belongings to get the money back.

For the second question. You sign a 1 year contract, you are expected to fulfill the contract. If you cannot/do not want to, then you normally can't get your deposit back till a new person moves in and you have to pay a finders fee to find the next person

[phoneboothface]

[cuvycuv]

On July 25th at 9:00 www.theoneonefour.com will be posting an in depth article on renting an apartment in Korea.