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traveler007
Joined: 18 Mar 2009
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 Posted: Sat Mar 21, 2009 9:41 pm Post subject: What percentage of the people teaching English pay for their |
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What percentage of the people teaching English pay for their own rent? What is average cost for rent in Seoul? I am talking about a single or one bedroom?  |
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Otherside
Joined: 06 Sep 2007
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| Posted: Sat Mar 21, 2009 9:56 pm Post subject: |
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| 29%. |
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traveler007
Joined: 18 Mar 2009
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| Posted: Sat Mar 21, 2009 10:08 pm Post subject: |
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| Would anyone know the average rent paid by teachers in Seoul? |
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sarbonn
Joined: 14 Oct 2008
Location: Michigan
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| Posted: Sat Mar 21, 2009 10:56 pm Post subject: |
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| My rent in Seoul is 650,000, although I don't pay it myself. I just get the notice every month and give it to my boss's secretary to pay. |
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harlowethrombey
Joined: 17 Mar 2009
Location: Seoul
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| Posted: Sat Mar 21, 2009 11:58 pm Post subject: |
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| I'd say between 10 and 59.6%, but I'm just going by the official website that tracks all NET movement by the microchips that were implanted into our skulls when we landed at Incheon. |
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Jammer113
Joined: 13 Oct 2008
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| Posted: Sun Mar 22, 2009 3:05 am Post subject: |
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Almost all contracts come with rent included. Paying for rent can be tricky in Korea as it often requires a very large deposit, between 3000 and 100,000 US dollars (or more). The rates vary highly by region in Seoul and the types of accomodations.
My apartment, not in Seoul, has 20 million won deposit and 300k per month rent. My girlfriend's, also not in Seoul, is 40 million deposit and zero monthly rent. Both are under 600 square feet. Both are decent places to live.
Obviously, there's no statistics. If pay for your own place, most contracts have a clause that the school will pay you a set amount each month. Usually it's between 200k and 400k per month, which is not enough to cover rent anywhere. Many of those contracts also have a clause that states the school can choose whether to get you an apartment or give you rent. Therefore, the extra money isn't an absolute guarantee. Some schools might not want to give up their leased apartment for a foreigner who might decide to leave a month later. |
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traveler007
Joined: 18 Mar 2009
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| Posted: Sun Mar 22, 2009 11:52 am Post subject: |
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| Thanks for all the replies . Free apartment is something I never had before. |
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Tribal
Joined: 27 Dec 2008
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| Posted: Sun Mar 22, 2009 3:23 pm Post subject: |
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| Jammer113 wrote: |
Almost all contracts come with rent included. Paying for rent can be tricky in Korea as it often requires a very large deposit, between 3000 and 100,000 US dollars (or more). The rates vary highly by region in Seoul and the types of accomodations.
My apartment, not in Seoul, has 20 million won deposit and 300k per month rent. My girlfriend's, also not in Seoul, is 40 million deposit and zero monthly rent. Both are under 600 square feet. Both are decent places to live.
Obviously, there's no statistics. If pay for your own place, most contracts have a clause that the school will pay you a set amount each month. Usually it's between 200k and 400k per month, which is not enough to cover rent anywhere. Many of those contracts also have a clause that states the school can choose whether to get you an apartment or give you rent. Therefore, the extra money isn't an absolute guarantee. Some schools might not want to give up their leased apartment for a foreigner who might decide to leave a month later. |
OP, don't ever get sucked into dropping 20k+ for key money. Sure, you'll have cheaper rent, but the opportunity cost of all that cash sitting in your landlord's account is not, in my opinion, worth it. Plenty of places out there that will accept much less. Not trying to rip on this guy, but it's really a huge waste of cash.
That said, I'd try to find your own place - as the studio "apartments" that they offer generally are glorified rooms. I've been in that situation, and it's not cool having your oven next to your bed. Not cool at all.... |
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Jammer113
Joined: 13 Oct 2008
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| Posted: Sun Mar 22, 2009 6:45 pm Post subject: |
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| Not trying to rip on this guy, but it's really a huge waste of cash. |
Not ripping on me at all. I'm just talking about normal situations in Korea.
I don't think it's a bad investment, however. Consider my girlfriend's apartment. 40 million won deposit. No rent. There are similar places in the area listed for 5 million won deposit and 450k monthly rent.
Now, GEPIK will pay me 400k per month if I have my own place. I have a choice. I can live in one place and keep all the cash, or I can spend all of that cash along with a 5 million won deposit for another place.
Putting the cash on 40 million won deposit and receiving 400k per month would essentially be 12% yearly return on my investment. That's a very nice return.
My personal concern is the risk. If the owner takes your money and either gambles it, spends it, or invests it stupidly and loses it.... you're up a creek without a paddle... especially if the owner also takes a loan out on the apartment. There are ways to counter that risk. You can (and should) search out information on whether the owner owns the apartment outright. You can check the owner's credit. You can also buy certain types of insurance on the deposit. Even so, there's risk. Also, it could take months to get your money back.
All around, it's too risky to put down huge deposits if you just want to come here for a year or two. I'm here long-term, and I'm still not comfortable handing all of that money to someone I don't know. Still, that's how it's usually done in Korea. |
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robot
Joined: 07 Mar 2006
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| Posted: Sun Mar 22, 2009 6:47 pm Post subject: |
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| Tribal wrote: |
| OP, don't ever get sucked into dropping 20k+ for key money. Sure, you'll have cheaper rent, but the opportunity cost of all that cash sitting in your landlord's account is not, in my opinion, worth it. Plenty of places out there that will accept much less. Not trying to rip on this guy, but it's really a huge waste of cash. |
I've never had a problem with giving large deposits (전세) in return for free rent.
I guess it depends on how wisely you could use the money. For me, it was just sitting in the bank earning 7% interest (which was then taxed) so 전세 was a better option. Plus it gives you access to nicer places in some cases. |
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red_devil
Joined: 30 Jun 2008
Location: Korea
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| Posted: Sun Mar 22, 2009 7:46 pm Post subject: |
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| I'd say average rent is 500,000 |
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traveler007
Joined: 18 Mar 2009
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| Posted: Sun Mar 22, 2009 8:30 pm Post subject: A question about this key money ? |
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| A question about this key money. Do I go to a real estate broker? And I do get that money back after the 6 month or what ever term? |
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Scotticus
Joined: 18 Mar 2007
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| Posted: Sun Mar 22, 2009 11:42 pm Post subject: |
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| Mine's about 15% right now, but I'm splitting with a roomate. |
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