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big_fella1
Joined: 08 Dec 2005
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 Posted: Fri Feb 12, 2010 7:50 am Post subject: Has anyone got an apartment from the housing lottery. |
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My wife opened an account at a bank where if we save for 2 years then we go in the draw for an apartment. Has anyone else done this, and were you successful?
Thanks |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Fri Feb 12, 2010 9:56 am Post subject: |
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| We've got money in on that, too. You sure it's just 2 years? I thought it was longer? Like 4? Could be wrong, though. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Fri Feb 12, 2010 6:01 pm Post subject: |
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| bassexpander wrote: |
| We've got money in on that, too. You sure it's just 2 years? I thought it was longer? Like 4? Could be wrong, though. |
2 years. My friend has one. But you don't win an apartment. You win the chance to buy an apartment. Its only on new builds and you still have to be able to put down a few 억 won when you win. |
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shaunew
Joined: 17 Apr 2007
Location: Calgary
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| Posted: Fri Feb 12, 2010 6:10 pm Post subject: |
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| We have an account as well. The more you put away the bigger the apartment you can get and the higher the chance to win. We have been doing it for years. You get to buy the apartment before the thing is worth much more than it is. My wife told me at the builders cost or something like that. |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Fri Feb 12, 2010 6:13 pm Post subject: |
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| People with kids stand a higher chance of getting an apartment. We're just saving until we're ready. You can preference a certain area with that money, or put down more money and preference another area. Once you get an apartment, you're done... can never play again. |
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Hightop
Joined: 11 Jun 2003
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| Posted: Fri Feb 12, 2010 6:39 pm Post subject: |
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| A co-worker of mine once won this kind of lottery. When I asked her what she won she said 'We won the chance to buy an apartment before it is built'. I didn't think it was that big a deal but a couple of weeks later she came to work driving an Audi so it must have been pretty good. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Fri Feb 12, 2010 7:46 pm Post subject: |
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| bassexpander wrote: |
| People with kids stand a higher chance of getting an apartment. |
Very true, a student told me that they use a point system, having kids gives you more points (more kids, more points 3 seemed to be the magic number), as does being older. There was more but unfortunately I had to teach him.
Apparently some people who win, then sell the apartment immediately for a small windfall.
I would like to buy an apartment, but that would make me inelligible for the lottery so I was wondering if the lottery is possible. If it's possible I will wait as I will have to borrow the money from Australia which would introduce currency risk.
Have any foreigners married to a Korean actually managed to 'win'? |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Fri Feb 12, 2010 8:06 pm Post subject: |
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| I think Itaewonguy has, but I might be wrong. |
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ChilgokBlackHole
Joined: 21 Nov 2009
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| Posted: Fri Feb 12, 2010 8:08 pm Post subject: |
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| WORST LOTTERY EVER |
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conrad2
Joined: 05 Nov 2009
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| Posted: Fri Feb 12, 2010 11:09 pm Post subject: |
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| I find very distasteful the fact that you can sell these rights to a second party if you win the lottery. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sat Feb 13, 2010 1:14 am Post subject: |
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| conrad2 wrote: |
| I find very distasteful the fact that you can sell these rights to a second party if you win the lottery. |
Yes, very distasteful that people that don't have enough money are able to accumulate some capital by selling a right that they can't afford to exercise. Let the rich keep their cash I say. |
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conrad2
Joined: 05 Nov 2009
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| Posted: Sat Feb 13, 2010 1:27 am Post subject: |
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| big_fella1 wrote: |
| conrad2 wrote: |
| I find very distasteful the fact that you can sell these rights to a second party if you win the lottery. |
Yes, very distasteful that people that don't have enough money are able to accumulate some capital by selling a right that they can't afford to exercise. Let the rich keep their cash I say. |
Actually no. Real estate speculation in no way helps the poor. This lottery program is a good thing the governemnt does to help the middle class get into homes in this very crowded nation. But it has been distorted and ultimately just raises the price. The lotteries should be to help people who intend to live in the houses, not people trying to make a buck. I have known koreans who bought many of these rights on the day of the lottery, and then turned around and sold many of them at a premium. Its not fair to the people who lost the lottery who are just trying to get affordable housng for their families. |
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crossmr
Joined: 22 Nov 2008
Location: Hwayangdong, Seoul
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| Posted: Sat Feb 13, 2010 1:31 am Post subject: |
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| conrad2 wrote: |
| big_fella1 wrote: |
| conrad2 wrote: |
| I find very distasteful the fact that you can sell these rights to a second party if you win the lottery. |
Yes, very distasteful that people that don't have enough money are able to accumulate some capital by selling a right that they can't afford to exercise. Let the rich keep their cash I say. |
Actually no. Real estate speculation in no way helps the poor. This lottery program is a good thing the governemnt does to help the middle class get into homes in this very crowded nation. But it has been distorted and ultimately just raises the price. The lotteries should be to help people who intend to live in the houses, not people trying to make a buck. I have known koreans who bought many of these rights on the day of the lottery, and then turned around and sold many of them at a premium. Its not fair to the people who lost the lottery who are just trying to get affordable housng for their families. |
I don't know how much control you have over winning the lottery. I think once you've made the account you automatically get entered into it. Many people make it when they are young to prepare it for when they are older. If they win it before they are ready, what should they do with it? |
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victorology
Joined: 10 Sep 2007
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| Posted: Sat Feb 13, 2010 6:17 am Post subject: |
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| crossmr wrote: |
| conrad2 wrote: |
| big_fella1 wrote: |
| conrad2 wrote: |
| I find very distasteful the fact that you can sell these rights to a second party if you win the lottery. |
Yes, very distasteful that people that don't have enough money are able to accumulate some capital by selling a right that they can't afford to exercise. Let the rich keep their cash I say. |
Actually no. Real estate speculation in no way helps the poor. This lottery program is a good thing the governemnt does to help the middle class get into homes in this very crowded nation. But it has been distorted and ultimately just raises the price. The lotteries should be to help people who intend to live in the houses, not people trying to make a buck. I have known koreans who bought many of these rights on the day of the lottery, and then turned around and sold many of them at a premium. Its not fair to the people who lost the lottery who are just trying to get affordable housng for their families. |
I don't know how much control you have over winning the lottery. I think once you've made the account you automatically get entered into it. Many people make it when they are young to prepare it for when they are older. If they win it before they are ready, what should they do with it? |
Exactly. I'm signed up for the lottery as well. The minimum is 20,000 won per month for 2 years. 480,000 won won't help much when it comes to actually buying the place. |
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SHANE02
Joined: 04 Jun 2003
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| Posted: Sat Feb 13, 2010 7:03 am Post subject: |
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| Win a CHANCE to buy a gray box in Seoul....great, count me in. |
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