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Well here's an odd question about rentals.

 
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R. S. Refugee



Joined: 29 Sep 2004
Location: Shangra La, ROK

PostPosted: Sun Mar 09, 2008 6:24 am    Post subject: Well here's an odd question about rentals. Reply with quote

My ps wants me to re-sign with them. I said OK but I want a bigger apartment -- 2 rooms, 15 pyeong instead of the current 1 room, 7 pyeong. I'm tired of living in a toaster slot.

They said OK, but I would have to move out to where the school is because the rents are cheaper there. Currently, I live at a transportation hub and have to commute by bus for a 1/2 hour out to the boonies where my school is. So, I'll be a 1.5 hr. commute to Itaewon instead of the current 50 minutes. I think I'd rather have that than spending an hour commuting to work and back m-f.

But now they say they are having trouble finding a place out there. My co-teacher's explanation was difficult for me to understand, but (don't laugh) I actually trust my Koreans at this school to be straight with me. I've never felt like they were being sneaky or dishonest in any way.

I'll give you her explanation as much word for word as I can. Then I'd like to know if this explanation rings any bells of understanding among any of you. Oh. She is relaying the explanation of the school comptroller.

"Many of the people out here are poor and have loans from banks. Mr. _____ (the comptroller) is worried about renting from them because they might skip out with the key money (because they are poor) and leave the school with a big financial loss. You understand?"

I told her that, no, in fact, I don't understand that much about how a rentor is assured of not losing key money to some unscrupulous landlord.

Anyway, it wasn't something that she was able to explain in any way that I could understand. She did say that another teacher (Korean) who just started there this semester also wanted to find a place to rent out there, but had given up on doing so because of this problem.

Knowledgeable explanations, anyone?

While I'd rather be in Seoul, I'm willing to stay out here for a while if I get a decent, bigger place to live. The people at this school are really just about unbeatable in terms of positive attitudes and easiness to work with (especially after a couple of somewhat defective previous employers at colleges, no less). But if not, I'll be looking for a ps job in Seoul at the end of my contract in May. Of course, that's not a great time to be looking for a ps job, but what are ya gonna do, eh?
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bassexpander



Joined: 13 Sep 2007
Location: Someplace you'd rather be.

PostPosted: Sun Mar 09, 2008 7:09 am    Post subject: Reply with quote

I'd say your boss is only half playing with you, at most.

His excuse is sort of valid, but there is a way for him to check if an apartment owner is up the ying-yang in debt or not. I think it sounds like he doesn't want to go to the work of it all, or maybe for some other reason.

Where, roughly, is your school? Maybe we can suggest a better area for you and your boss to consider housing you in.
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Hyeon Een



Joined: 24 Jun 2005

PostPosted: Sun Mar 09, 2008 7:14 am    Post subject: Reply with quote

Sounds about right but there are ways they can protect themselves.

They can register the key money thing with the local city hall. Then if the landlord is unable to pay back the key money they can be forced to sell the property in order to pay their debts. This would be a LOT of hassle for the school though. So i can kind of understand why they wouldn't want to give tens of thousands of dollars to someone they think will run off with it =) Anyway i think the school should be able to find someone to rent a place from though. Surely the principal or one of the teachers are friends with someone in the village who's got some property..
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R. S. Refugee



Joined: 29 Sep 2004
Location: Shangra La, ROK

PostPosted: Sun Mar 09, 2008 7:17 am    Post subject: Reply with quote

Hyeon Een wrote:

So i can kind of understand why they wouldn't want to give tens of thousands of dollars . . .


Actually only $10,000 (10 million won) key money and 370,000won a month rent money.
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Hyeon Een



Joined: 24 Jun 2005

PostPosted: Sun Mar 09, 2008 7:37 am    Post subject: Reply with quote

R. S. Refugee wrote:
Hyeon Een wrote:

So i can kind of understand why they wouldn't want to give tens of thousands of dollars . . .


Actually only $10,000 (10 million won) key money and 370,000won a month rent money.


Then they're being silly whiny bitches. Even if they did get screwed then it'd only cost them about the same as a staff night out for the math teachers. Insist they get the place for you. It sounds like they're being cheap because someone wants lots of free money. Probably yhe VP or P. 10k down and 375 a month is not an onerous amount for a public school.
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dethe



Joined: 01 May 2005
Location: Anyang

PostPosted: Sun Mar 09, 2008 7:22 pm    Post subject: Reply with quote

I have heard that they do have insurance for that. It is part of the fee you pay the house finder person. Ask about that.
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R. S. Refugee



Joined: 29 Sep 2004
Location: Shangra La, ROK

PostPosted: Sun Mar 09, 2008 7:47 pm    Post subject: Reply with quote

dethe wrote:
I have heard that they do have insurance for that. It is part of the fee you pay the house finder person. Ask about that.


Yes, it seemed to me to be the kind of thing that insurance would be available for. Indeed, I've always wondered what kind of protection was available for this key money situation whereby some people might be handing over $100,000 or so. Seems that there would have to be some kind of assuance available other than just a landlord with an honest-looking face. Very Happy Laughing Very Happy
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wings



Joined: 09 Nov 2006

PostPosted: Sun Mar 09, 2008 8:25 pm    Post subject: Reply with quote

Poor people generally don't own rental property. Just a thought.
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Ut videam



Joined: 07 Dec 2007
Location: Pocheon-si, Gyeonggi-do

PostPosted: Sun Mar 09, 2008 8:44 pm    Post subject: Reply with quote

wings wrote:
Poor people generally don't own rental property. Just a thought.

Sometimes people overextend themselves to buy real estate. Ever heard of the subprime crisis?
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poet13



Joined: 22 Jan 2006
Location: Just over there....throwing lemons.

PostPosted: Sun Mar 09, 2008 8:50 pm    Post subject: Reply with quote

Wow, what kind of place in teh country costs 10mill ksy +370k a month?
I do understand their argument, especially if what they are renting out is worth less than the key money + rents. I would also guess that they haven't done any kind of research into how to protect themselves. A lot of schools hiring foreigner teachers have no experience in dealing with us, and just guess as they go.
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R. S. Refugee



Joined: 29 Sep 2004
Location: Shangra La, ROK

PostPosted: Sun Mar 09, 2008 11:03 pm    Post subject: Reply with quote

poet13 wrote:

A lot of schools hiring foreigner teachers have no experience in dealing with us, and just guess as they go.


This is, I think, an excellent observation. After all, they don't have to find housing for the Korean teachers, and they may have very limited experience with foreign teachers. Hence, a learning curve.

At least they brought up contract renewal 3 months before the contract expires which gives them some time to deal with the learning curve.

Anyway, I am making sure that people know I'm living in a 7 pyeong place. My new co-teacher seemed shocked and told me her place (she lives alone, I think) is 27 pyeong.
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