Korean Job Discussion Forums

[Gorf]

I'm going to be getting a new job in about a week and a half. My new employer is going with me on Monday to find a new apartment for me. I've got 2 million for the key money, so I'm not expecting the Ritz-Carlton, just a place to sleep and keep my stuff. I'm going to be finding a place on the 28th of November with my new manager. However, I won't get paid my last check at my current school until the 30th. Will that cause a problem?

My question is as to what exactly do I need to have, money-wise when I go out looking? I have the 2 million for the key money right now, but I will be moving out of my current place the 1st of December. Will I be screwed if I only have enough money for the deposit right now? Do you think agents will be willing to take my deposit and wait until the 1st before I give them the 1st month's rent, since I won't be living there yet?

to summarize:

I have 2 million won in my bank account
28th of November: Trying to find an apartment that fits my budget.
30th of November: My last pay day at my current school.
1st of December: My moving day, into a new place.

For the record, the school is near HBC, so hopefully my place can be within walking distance. I'll take a tiny basement as long as I can fit my mattress inside and it has enough space for some clothes, guitars and a weight set. I'd rather save money for a nicer place in a few months and live like a college student for a little while than try to find a better place to live at the moment.

[vDroop]

Every place I've had (about 5 apartments on my own), the first month's rent is due immediately. If you go through a real estate office, you will also have to pay the realtor a finder's fee. I'd advise you look for private deals through places like craigslist.

2 mil key is super low.. I guess if you are really prepared to live like a collage student it's fine. There are a few rare finds around with just 1 month rent as the deposit.

Good luck.

[schwa]

If the lease starts on the 1st, no problem.
Standard procedure is 10% of the deposit up front to secure the place with the balance & first month's rent due on the day you move in.

[amoonbot]

Despite what many people say, you can definitely find places with low or no key money deposits. Generally, most places take 3, 5, to 10 million key money, but it can always be negotiated. If your boss is willing to go with you and help you look, it will be a great help.

If you work for a hagwon or public school, many times, you can try to assure the real estate agent or landlord that since you are backed up by the school or institution, you will guarantee rent every month. Landlords take key money because they want to make sure you don't back out on the contract. Of course, a lot of them invest your key money to do some other stuff but regardless, they say they do it due to concerns of people backing out early. For example, my school found an officetel where the key money is 10 million and rent is 750,000 WON per month but after assuring the landlord that the school would take responsibility in the case of breaking contract, the landlord decided not to take the key money and took my school's word. Of course, you won't get always that lucky. This is probably the best method in terms of foregoing any key money. You may pay higher rent 600,000-800,000 per month but won't have to worry about any deposit.

With a 2 million won deposit, you CAN find a place. It will be a little difficult because most places I've seen start out at 3 million, and usually 5-10 million. Generally, for each 10 million WON you deposit, the landlord decreases the rent by 100,000 WON each month. Example: 10 million WON deposit/700,000 WON Rent. You pay 20 million WON deposit, the landlord will lower your rent to 600,000 WON. Anyways, since that isn't your case, there are actually quite a few places that take the first month's rent as your key money. Say, your rent is 700,000 WON, then they will take 700,000 WON as the key money. To find these places, try requesting "Full option one rooms". There are couple of places like these in Gangnam.

If you go on real estate websites, you'll see 800/800 or 700/700, etc. These usually mean that those places will take first month's rent as key money. Now, you must realize that most landlord require an advance in one month's rent as well. It's called 선불 (SeonBul). Let's say you find a 700/700 apartment. On the day you move in, you'd have to pay 700,000 WON for the key money and 700,000 WON for the advance rent, which makes your total first payment 1,400,000 WON upon move-in. This means that you don't pay your last month's rent because you paid an advance. You then would have to pay your first month's rent on the next due date. So, if you moved in on the 1st, you'd pay the advanced one month's rent + key money on the day you move in, and then pay the actual rent on the first due date, which would be the 1st.

As far as real estate fees go, you pay anywhere from 150,000 WON to 300,000 WON depending on how high your rent is. If you want to avoid real estate fees, it's best to go directly to the landlord. It's difficult, of course, but if you see places that say "임대", you'll usually see a phone number near it, which is the landlord's number. This will forego any real estate fees. If your boss is knowledgeable, I suggest asking him to look for these places. Many landlords prefer dealing with the tenant directly rather than going through the paperwork with the real estate agent.

You can always negotiate key money with the landlord or real estate agent. Of course, have your boss negotiate because they won't trust you since you're a foreigner. If your boss willing to put his neck out for you, then there will be a lot of ease in finding a place. When I tried finding a place on my own, a lot of landlords refused to negotiate because they were afraid I wouldn't keep my word. I got my school involved and things were done within that day. In addition, try to see if your boss is willing to sign the apartment under his name, it'll assure the landlord a lot more than signing yours. Hope this helps!

[Triban]

You'll be hard pressed with only 2 million...I had 30 million and still didn't get the place I wanted.

[Weigookin74]

Where are you? In Seoul, 2 mil won't get you a good place. But, it may get something passable in a small town. Even then, I'd expect 3 to 5 mil payment compared to 10 to 20 mil in Seoul.

[I-am-me]

I paid 5 million for a big 2 room near pyeontaek. It really depends on the apt. Mine is pretty nice. Make sure you have city gas, not the big propane tanks outside. Otherwise, you will dread winter gas bills.

[Gorf]

I will be moving near Sookmyung Women's Uni near HBC. Again, I'm not looking for luxury but rather a place that will be able to hold my stuff. I'm not scared of cleaning it up a big and living on the cheap.

My school's program is an after school company that doesn't provide housing. Kinda sucks, but then at the end of the day I have my own apartment and the company can't kick me out or anything. I'm mostly interested in saving up for a few months and then moving into a proper 5 million place.