| View previous topic :: View next topic |
| Author |
Message |
Dwenjoen88
Joined: 10 Jan 2012
|
 Posted: Sat Jan 14, 2012 8:47 pm Post subject: Apartment hunting--things you must do -- advice |
 |
|
It's about the most daunting thing I have ever had to do in Korea. To find my current place I looked for several weeks and at nearly a hundred filthy/unpleasant apartments before I found a nice one. Sure if you spend over a million a month the task is a lot easier. I'm about to embark on my third round of it. So, I have some guidelines I'll follow and you should to when you are looking for a new apartment. Add others please.
1. Keep looking, go to every budongsan in your area, use craigslist.
Don't settle for something you don't like.
2. If you can take an apartment from another foreigner, this is a great way to do it, since you can get good information about it from them.
3. Contact former tenants. This is something I've kicked myself for not doing in my current place. Everything looked great, but as Korean landlords LOVE to do, they just cover up water damage, mold and whatever other issues with a new layer to wallpaper...which of course never solves the problem and in months you'll have the problem again.
4. Check out their old bills. Some places require a lot more heat/gas in the winter then others. My December gas bill was almost 300,000 for a two bedroom flat. The insulation, windows and overall construction is very important.
5. Once you choose your apartment take many photos before you move in to protect your deposit. It's common for landlords to try to keep some of your deposit. so do everything you can to prevent this. A photo with the land lord in your apartment will send a strong message to him that you won't be jerked around later.
6. Check windows well. Sound/heat/moisture insulation will save your sanity. Or maybe you like the 630 AM "INSAM...INSAM.....man won!" screaming with a megaphone truck diver...try insomnia!!
7. Test everything. Gas, water pressure, toilets...all things.
8. Read your contract. Verify what happens after one year.
9. Know the laws. Landlords can only raise your rent by a given % each year. I've heard 5 or 6%.
10. Verify who is the apartment owner. I mistakenly rented from a guy who was paying cheonsae (sorta like a lease) to the real owner. This is a bad situation, but legal if the owner is aware that he is doing it. It's bad because the guy renting it to me will never invest in the apartment quality. Rent directly from the real owner if you want problems fixed. This is easily overlooked but very important. Also, be sure that the guy you are renting from doesn't have huge debts, which is especially important if you have a large deposit.
I'm sure I've forgot something, so please add you ideas. |
|
| Back to top |
|
 |
Yaya
Joined: 25 Feb 2003
Location: Seoul
|
| Posted: Sat Jan 14, 2012 9:04 pm Post subject: |
|
|
| Regarding No. 9, I think there used to be such a law in place but no more according to my Korean friend. I believe the law was that jeonsae or wolsae couldn't be raised more than 15% but I think that law no longer exists. |
|
| Back to top |
|
|
schwa
Joined: 18 Jan 2003
Location: Yap
|
| Posted: Sat Jan 14, 2012 10:06 pm Post subject: |
|
|
11. Check the owner's status with city hall or the dong office before you commit. (A good realtor will do this for you, ask about it.) Liens against the property or back taxes due are on public record & are definite red flags.
12. Register your deposit. Its a simple procedure at your local supreme court office & gives you some assurance you'll get your deposit back should the owner go bankrupt.
13. Trust your instinct. My current place was total rubble when I viewed it but I got a good vibe from the guy doing the remodelling & the location was perfect. I said yes on blind spec & I couldnt be happier. |
|
| Back to top |
|
|
Dwenjoen88
Joined: 10 Jan 2012
|
| Posted: Sun Jan 15, 2012 4:22 am Post subject: |
|
|
| Yaya wrote: |
| Regarding No. 9, I think there used to be such a law in place but no more according to my Korean friend. I believe the law was that jeonsae or wolsae couldn't be raised more than 15% but I think that law no longer exists. |
there must be some law. I'll try to find it out and post here. I've been lucky so far with no raise in rent.
Many western countries tie it the amount allowable to the consumer price index. |
|
| Back to top |
|
|
eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
|
| Posted: Sun Jan 15, 2012 4:39 am Post subject: |
|
|
| Dwenjoen88 wrote: |
| Yaya wrote: |
| Regarding No. 9, I think there used to be such a law in place but no more according to my Korean friend. I believe the law was that jeonsae or wolsae couldn't be raised more than 15% but I think that law no longer exists. |
there must be some law. I'll try to find it out and post here. I've been lucky so far with no raise in rent.
Many western countries tie it the amount allowable to the consumer price index. |
I sincerely hope there's no law restricting jeonsae raises to less than 5%............because our landlord raised the jeonsae from 150mill to 270mill last year!
What's that? 80% rise?
Some thing to do with the economic crisis and the difference in value from 2009, when we moved there, and 2010, when he raised it. |
|
| Back to top |
|
|
Suwon23
Joined: 24 Jan 2008
|
| Posted: Thu Jan 19, 2012 9:51 pm Post subject: |
|
|
Is it common for landlords in Korea to require first and last month's rent up front, in addition to the deposit/key money, as American landlords do?
Are there any huge hook-up fees for utilities or other large expenses I should account for when moving into a new apartment in Korea? |
|
| Back to top |
|
|
schwa
Joined: 18 Jan 2003
Location: Yap
|
| Posted: Thu Jan 19, 2012 10:06 pm Post subject: |
|
|
| Suwon23 wrote: |
Is it common for landlords in Korea to require first and last month's rent up front, in addition to the deposit/key money, as American landlords do?
Are there any huge hook-up fees for utilities or other large expenses I should account for when moving into a new apartment in Korea? |
No & no. |
|
| Back to top |
|
|
detonate
Joined: 16 Dec 2011
|
| Posted: Fri Jan 20, 2012 6:19 am Post subject: |
|
|
| eamo wrote: |
| Dwenjoen88 wrote: |
| Yaya wrote: |
| Regarding No. 9, I think there used to be such a law in place but no more according to my Korean friend. I believe the law was that jeonsae or wolsae couldn't be raised more than 15% but I think that law no longer exists. |
there must be some law. I'll try to find it out and post here. I've been lucky so far with no raise in rent.
Many western countries tie it the amount allowable to the consumer price index. |
I sincerely hope there's no law restricting jeonsae raises to less than 5%............because our landlord raised the jeonsae from 150mill to 270mill last year!
What's that? 80% rise?
Some thing to do with the economic crisis and the difference in value from 2009, when we moved there, and 2010, when he raised it. |
Sounds like a lame excuse to screw people over... hopefully noone in your building fell for that weak ( ). |
|
| Back to top |
|
|
eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
|
| Posted: Fri Jan 20, 2012 8:36 am Post subject: |
|
|
| detonate wrote: |
| eamo wrote: |
| Dwenjoen88 wrote: |
| Yaya wrote: |
| Regarding No. 9, I think there used to be such a law in place but no more according to my Korean friend. I believe the law was that jeonsae or wolsae couldn't be raised more than 15% but I think that law no longer exists. |
there must be some law. I'll try to find it out and post here. I've been lucky so far with no raise in rent.
Many western countries tie it the amount allowable to the consumer price index. |
I sincerely hope there's no law restricting jeonsae raises to less than 5%............because our landlord raised the jeonsae from 150mill to 270mill last year!
What's that? 80% rise?
Some thing to do with the economic crisis and the difference in value from 2009, when we moved there, and 2010, when he raised it. |
Sounds like a lame excuse to screw people over... hopefully noone in your building fell for that weak ( ). |
That would be everyone in the complex paying Jeonsae. The same rate applies to all. It's calculated at roughly 33% the value of the apartment.
In 2009 the price crashed with the economic crisis. Hence the earlier cheap jeonsae rate. Then the prices recovered.
But just to put things in perspective further, it is a very, very nice 58 pyeong apt in an upscale development in Bundang-gu. We paid 270mill quite happily. Other people in our building are paying 300mill jeonsae.
That's what people in Korea do if they don't want to buy an apt but do want to live somewhere nice and not throw rent money down the drain each month. |
|
| Back to top |
|
|
krazijaanu
Joined: 11 Jan 2012
|
| Posted: Fri Jan 20, 2012 10:30 am Post subject: |
|
|
| does anyone have any recruiters that respond in a timely fashion? |
|
| Back to top |
|
|
detonate
Joined: 16 Dec 2011
|
| Posted: Fri Jan 20, 2012 11:08 am Post subject: |
|
|
| Ouch, talk about lost opportunity. I know it must be easy to just fall into what the Lees are doing next door, but have a short conversation with any decent financial planner and he'd look at you like you had 3 heads for suggesting to let any decent amount of money just sit there in someone else's account, not growing and the only 'return' being no rent. |
|
| Back to top |
|
|
Lazio
Joined: 15 Dec 2010
|
| Posted: Sat Jan 21, 2012 2:15 am Post subject: |
|
|
| detonate wrote: |
| Ouch, talk about lost opportunity. I know it must be easy to just fall into what the Lees are doing next door, but have a short conversation with any decent financial planner and he'd look at you like you had 3 heads for suggesting to let any decent amount of money just sit there in someone else's account, not growing and the only 'return' being no rent. |
Tell me what sort of safe investment will give you about 10% return yearly? (ok, one can argue that jeonse isn't too safe bit I trust it better than stocks and the like)
I have 100 million in jeonse and this place would otherwise cost me about 800,000-1,000,000/month. Do the math. |
|
| Back to top |
|
|
eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
|
| Posted: Sat Jan 21, 2012 5:08 am Post subject: |
|
|
| detonate wrote: |
| Ouch, talk about lost opportunity. I know it must be easy to just fall into what the Lees are doing next door, but have a short conversation with any decent financial planner and he'd look at you like you had 3 heads for suggesting to let any decent amount of money just sit there in someone else's account, not growing and the only 'return' being no rent. |
As already said. Do the math. You think the millions of Koreans living in Jeonsae rented apts are all math morons?
Jeonsae is a system I give Koreans credit for. It allows people who aren't ready or prepared to buy an apt to live rent free in a nice place. We're talking about places that would cost 2,500,000 per month in rent!!
If you know any bank accounts or investment accounts that pay over 2mill per month on a capital of 270mill then please tell me about it!  |
|
| Back to top |
|
|
detonate
Joined: 16 Dec 2011
|
| Posted: Sat Jan 21, 2012 6:10 am Post subject: |
|
|
I recognize the need to justify a system you are using... it is just unfortunate that people contribute into a flawed system in a flawed market when I'd like to think that they could find something they were more comfortable with, with some professional assistance.
Flawed because the people who originally did "the math" now control millions who are unwilling or unable to buck the system, and instead continue to just exacerbate it.
Since some apparently are eager for financial advice, I suggest you do indeed consult a professional and let them "do the math" for you.
 |
|
| Back to top |
|
|
eamo
Joined: 08 Mar 2003
Location: Shepherd's Bush, 1964.
|
| Posted: Sat Jan 21, 2012 7:09 am Post subject: |
|
|
| detonate wrote: |
I recognize the need to justify a system you are using... it is just unfortunate that people contribute into a flawed system in a flawed market when I'd like to think that they could find something they were more comfortable with, with some professional assistance.
Flawed because the people who originally did "the math" now control millions who are unwilling or unable to buck the system, and instead continue to just exacerbate it.
Since some apparently are eager for financial advice, I suggest you do indeed consult a professional and let them "do the math" for you.
|
Show me how I'm losing money. |
|
| Back to top |
|
|
|
FAQ
Search
Memberlist
Usergroups
Register
Profile
Log in to check your private messages
Log in
