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Transmission
Joined: 06 Sep 2009
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 Posted: Tue Dec 15, 2009 6:48 am Post subject: finding an apartment in hongdae - key money |
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| Do all Korean apartments require a ridiculous amount of money up front in order to rent? Im switching jobs to a public school in the Hongdae area and will be looking for apartments tomorrow, but I dont necessarily wanna be locked into an apartment for a whole year if the new job sucks. Thanks for any help! |
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milspecs
Joined: 19 Jun 2008
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| Posted: Tue Dec 15, 2009 6:50 am Post subject: |
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dont most english teaching jobs provide you with housing?
but the standard is usually 10MIL deposit |
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Trinidad
Joined: 06 Oct 2009
Location: Seoul
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| Posted: Tue Dec 15, 2009 6:13 pm Post subject: |
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A decent 3 bedroom in Bundang will set you back KRW180,000,000 for
the key money. A friend of mine just moved in there. Pretty nice. |
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jsk
Joined: 31 Oct 2008
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| Posted: Wed Dec 16, 2009 12:58 am Post subject: |
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| I was looking for a place to stay for several months in Gangnam. Some places were asking for key money 5x the total rent for 2 months. I don't understand that reasoning - why not just accept the total rent up front instead? Is this legal? |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Wed Dec 16, 2009 2:28 am Post subject: |
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| jsk wrote: |
| I was looking for a place to stay for several months in Gangnam. Some places were asking for key money 5x the total rent for 2 months. I don't understand that reasoning - why not just accept the total rent up front instead? Is this legal? |
Lee Myung Bak has been trying to get rid of key money but I don't know how far he'll get. It really is a ridiculous system. Korea and Japan are the only countries in the world that have it; Key money...it influences Korean society so much--there's a *reason* why people here live with their parents until they're 30  |
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Passions
Joined: 31 May 2006
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| Posted: Wed Dec 16, 2009 2:49 pm Post subject: |
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| How do people usually afford the ridiculously high key money besides borrowing from parents? Get a loan from the bank? |
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Gaber
Joined: 23 Apr 2006
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| Posted: Wed Dec 16, 2009 4:43 pm Post subject: |
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They stay at home and save right through their twenties.
Also, Key money = Jeonsae, approximately 50% of the value of the apartment. You put that down and you don't pay a cent of rent all year.
Wolsae, monthly money, is what most people talk about. It starts at 5-10 mil and usually works out as 10 million W = 100 thousand W a month drop in rent. Put down 30 million and you'll get a 1.3 million a month place for just 1 million.
There are some places that don't require a wolsae deposit. When you look at real estate listings for wolsae places, the first number is the deposit, the second is the monthly in 만, so a place listed as 1000/100 would be 10 mil down and 1 mil a month. If you see anything with a zero listed in the first part then you wont have to put down a deposit.
This site has a bunch budget-ish apartments for wolsae: http://www.wolse.com/ |
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