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Korean Job Discussion Forums
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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 Posted: Wed Feb 25, 2004 1:58 pm Post subject: |
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You should know the government will guarentee upto 20mil for any deposit you put on an apt/villa. So to the OP you don't really have to worry about losing it.
To be honest 20mil is nothing when throwing down key money. My last place was 75mil and it was SMALL.
Interest rates SUCK atm. My new apt will be wolsae...that is we threw some money down AND have to pay month rent.
Foreigners can indeed buy a place. However foreigners cannot get bank loans...something that irks me slightly. Back home in Canada, if you had a SIN # and a good job, you could get a loan. I want to buy an apt as there is where you can make huge bank in this country. APTs almost always go up in value so they are great investments.
Lastly my wife tells me if we were to drop say 100mil in key money and the guy who owned the place went bankrupt, we get first choice to buy out his apt for the remaining value. Not sure if this is true, but it's what someone at our bank told her. |
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Gord
Joined: 25 Feb 2003
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| Posted: Wed Feb 25, 2004 4:51 pm Post subject: |
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| Mr. Pink wrote: |
| Foreigners can indeed buy a place. However foreigners cannot get bank loans...something that irks me slightly. Back home in Canada, if you had a SIN # and a good job, you could get a loan. I want to buy an apt as there is where you can make huge bank in this country. APTs almost always go up in value so they are great investments. |
Banks in Canada value job security and job length. If you walked up to them and said "I work at a place under one year contracts, and I'm not a citizen so I could be deported when the contract is done", no bank in Canada would give a loan to buy an apartment.
Plus they have no way of viewing a person's credit record as they are from another country. |
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saint_moi
Joined: 06 Apr 2003
Location: That little place where I'm meant to be.
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| Posted: Wed Feb 25, 2004 11:45 pm Post subject: |
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Pink wrote:
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| Lastly my wife tells me if we were to drop say 100mil in key money and the guy who owned the place went bankrupt, we get first choice to buy out his apt for the remaining value. Not sure if this is true, but it's what someone at our bank told her. |
Yeah ok, but it's not like the guy's gonna come to you and say "HI! I'm bankrupt! Have a nice day." You'll, or more accurately I WILL, find out about this months later when the Cheonsae contract's up and he's long gone without returning the $$$$. It's not like you can have constant peace of mind and info about this said person's finance. Ah, how tricky. It sure is a pickle. |
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schwa
Joined: 18 Jan 2003
Location: Yap
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| Posted: Thu Feb 26, 2004 12:14 am Post subject: |
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| coolsage wrote: |
| Does that still come with the maid, Schwa, and the felines? |
The other week I got to say to some visitors, "Excuse the mess, I gave the maid the day off." Never dreamt I'd get to say that for real in this lifetime! Yeh, 3 bedrooms -- me & 2 cats -- that adds up, doesnt it? |
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