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Korean Job Discussion Forums
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Boating3
Joined: 05 Dec 2010
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 Posted: Sun Feb 06, 2011 5:27 pm Post subject: Key money and monthly rent - Seoul |
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Key money---I've read the stickies on this topic in FAQs, but still a little unclear on two different types of key money, wolsei and jeonsei? My understanding: Wolsei-key money that is a security deposit 10-20 times the monthly rent. Will be returned to you when the lease ends. Jeonsei-key money that is 40-60% the property value. Will also be returned when the lease ends.
So the two questions-
1. Do I need to plan on paying both of these, or is it just one or the other? Jeonsei alone would be like 60,000,000+ won easily (simple, one room apartment, 15 pyeong), right? Yikes!
2. I'll probably only be in Seoul for one year, so assume I would get this money back after I've left the country. How am I repaid--bank transfer to my Korean bank account? Any problems with getting this back and how am I sure I will get it after leaving the country?
Next topic-monthly rent
Ideally I'd like to find a place close to where I'd work, Jongno-gu or Jung-gu. What is monthly rent and key money like in this area? How would that compare to Hongik area?
I know there are cheaper options in Itaewon as far as the key money stuff goes, but I REALLY don't like the vibe over there and definitely want to avoid living there! Any other areas with cheaper apartment deals that aren't so cliche foreigner? (Not to hurt anyone's feelings.....) |
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Skyblue
Joined: 02 Mar 2007
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| Posted: Sun Feb 06, 2011 5:49 pm Post subject: |
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| I'm interested in this as well. |
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methdxman
Joined: 14 Sep 2010
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| Posted: Sun Feb 06, 2011 6:34 pm Post subject: Re: Key money and monthly rent - Seoul |
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| Boating3 wrote: |
Key money---I've read the stickies on this topic in FAQs, but still a little unclear on two different types of key money, wolsei and jeonsei? My understanding: Wolsei-key money that is a security deposit 10-20 times the monthly rent. Will be returned to you when the lease ends. Jeonsei-key money that is 40-60% the property value. Will also be returned when the lease ends.
So the two questions-
1. Do I need to plan on paying both of these, or is it just one or the other? Jeonsei alone would be like 60,000,000+ won easily (simple, one room apartment, 15 pyeong), right? Yikes!
2. I'll probably only be in Seoul for one year, so assume I would get this money back after I've left the country. How am I repaid--bank transfer to my Korean bank account? Any problems with getting this back and how am I sure I will get it after leaving the country?
Next topic-monthly rent
Ideally I'd like to find a place close to where I'd work, Jongno-gu or Jung-gu. What is monthly rent and key money like in this area? How would that compare to Hongik area?
I know there are cheaper options in Itaewon as far as the key money stuff goes, but I REALLY don't like the vibe over there and definitely want to avoid living there! Any other areas with cheaper apartment deals that aren't so cliche foreigner? (Not to hurt anyone's feelings.....) |
1) It's one or the other, NOT BOTH. Is your employer not taking care of this? If you're doing this yourself you will probably be doing wolse. Depending on the owner there might be some flex regarding Key money + rent combos
2) You can get a government guarantee to up to 20,000,000 won at the local community/civil center to protect your deposit.
Your owner will return your deposit via bank transfer. |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Mon Feb 07, 2011 2:10 am Post subject: |
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There is a government office you can register your deposit at and the date that it is due. The rent and deposits are going to vary depending on the area. If you rent on wolsae you will pay a smaller deposit at the beginning and rent each month. jeonsae is a large deposit with no rent.
It is getting less common to find jeonsae, most landlords want monthly rent. Not to say you can't find it, but it is not as common now. |
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