Korean Job Discussion Forums

pkang0202 · Joined: 09 Mar 2007

I'd love to meet the person who's been in Korea long enough to save 80,000,000w and still live in a 2 room villa place in Hongdae of all places.

For 80,000,000w you could retire in Thailand or Costa Rica.

PRagic · Joined: 24 Feb 2006

No need to pay the realtor fee if someone takes the place after having seen this post. Just get a Korean friend to do up the contract. We just saved ourselves over a million won in fees by simply showing up at a place and talking to the building owner! We're moving in a month or so.

Basically, with no money down, this landlord is asking for 1.2 million/month for an 18 pyoung apartment in semi-reasonable condition in a tradionally very cheap and not so nice part of Seoul (Mangwon).

Do people wonder why foreigners flock to Itaewon? I have friends in Itaewon paying the same (1.2/month) for nearly double the space. There are deals to be had in the HongDae/Hapjeong Station areas, but it is a lot more expensive (we've lived here for years and years, and have moved a few times). Rather than Nangwon, most people would suggest looking around SangSu Station right on line 6 (to Itaewon or a quick xfer to line 2). That is also walking distance to all things HongDae.

Personally, the immediate HongDae area is starting to get to me. It had a good edge to it 15 and even 7 or so years ago, but its gone down hill in the past 5 years IMHO; too many cookie-cutter clubs and cafes and way too many people posing around. It's getting as bad as the KangNam Station area.

davidhwoo · Joined: 21 Oct 2007

aphase · Joined: 27 Apr 2006

davidhwoo · Joined: 21 Oct 2007

PRagic · Joined: 24 Feb 2006

@ the OP if you were directing your comments at my input.

Odds are I've been here longer and done more in real estate than you have. We own property and we live in a chusae place. Thanks for the advice, but don't think you correctly understood the meaning of my post. The realtor fees on a cheap place are indeed only about 300. On a considerably more expensive place, they go up. The chunsae on the place we live now is over 3 times the chunsae your owner wants.

I do agree that chunsae, if you can find it on larger places, is a much better deal economically than paying a monthly rent. You do, however, need to pull the paperwork on the property to make sure that the owners don't have any liens and that what you're supposedly paying for matches the building's legal description. A realtor should automatically do this for you. The place you're offering, though, seems to be in Mangwon, which, as I said before, is much cheaper than the 'dong' in the immediate HongDae/HapJeong area. And, again, if the place isn't let through a realtor, then no fee need be paid.

Anyway, for those watching this thread, remember: if you're the last one paying chunsae on a unit and for whatever reason that unit goes into foreclosure, then you'll be the last one in line to get your money (after the bank and all the people who contracted units before you). Sure, in some cases, if the property is relatively debt free, then you can get 'chunsae insurance'. Odds are, though, if you can get the insurance, you probably won't need it.

And as far as Itaewon goes, the OP makes some valid points, particularly where individual needs and perceptions are concerned. However, for short term renters or for people who want or need to send larger amounts of cash 'home' (for debt or investment purchases), the simple fact is that Itaewon rentals offer more space for the rental buck on lower end, no frills units. No, we don't own nor rent anything there! Yes, there are hills, and, no, it's not a 'cool' place to live in the eyes of the Koreans. Tough to deny that it has it's own niche, though. And since the subway line and buses put it in proximity to Kang Nam and Kang Buk, the convenience factor has increased exponentially.