Korean Job Discussion Forums

[animalbirdfish]

For those of you who've dropped key money on an apartment in the Seoul area (including suburbs), what kind of deal did you get? That is, the relationship between apartment size/key money/monthly rent.

Being from the States and finding the concept rather foreign, I have an inherent distrust of the key money system, but I can rather see why it might make sense. I just feel that if I'm dumping $50,000 into a living space, I want to at least be working toward ownership.

Any thoughts?

[Wangja]

Well, you're not dumping it into the property, you get it back at the end of the contract.

Think of it perhaps as a medium-term interest-free loan to the owner.

[dutchman]

We put 170,000,000 won down on a three bedroom apartment. In my opinion the jeonsae system sucks ass. Emotions run way too high when that much money ins involved.

We just moved out of our apartment this past Monday. The new tenant asked us if he could start the wall papering on Sunday (the day before the actual moveout date). We were pretty flexible since we're staying with my wife's parents for a week before leaving the country. But, I didnt like the idea of turning over our key before we get our cash. So we made a deal with the Budongsan, they signed an agreement taking responsibility for our key. So, we move all of our stuff out on Saturday. Sleep on the floor Saturday night and leave an empty apartment on Sunday morning. Awfully nice of us, right?

Sunday afternoon my wife and I stop by the apartment. The elevator door opens and I see the lock guy installing a new door lock on our door. Needless to say the shit hit the fan. I flipped. Kicked all the wallpapering guys out, forced the guy to change the lock back and then had at it with the new tenant guy before kicking his ass out too.

Lesson? Don't do anybody you don't know well any favors.

[eamo]

170,000,000!!!!! Holy moly!!

I thought my 10,000,000 was a hefty chunk!

I'm guessing it's a high-rise in Seoul....?

[dutchman]

[shakuhachi]

I heard that you have just as good a chance of not seeing that money ever again, as the Korean landlord figures they can rip you off because you wouldnt want to deal with the unfamiliar and sluggish Korean court system.

[Universalis]

I've had nothing but problems with getting deposit money back while living here in Korea, and I'm talking about both housing deposits and commercial deposits (for business). And a lot of my friends have had similar issues...

Landlords will look for any excuse to hold back on returning the money. I had an ajjuma try to tell me I owed her a month's rent... it turned out the problem was her bank book: the bank machine typed over one of my deposits so it couldn't be seen. If I hadn't had my own bank book from way back, I would have been screwed.

Be very, very careful. The most I'd be willing to drop on housing is 10, maybe 15 mill.

Brian

[SuperHero]

I've got the same as dutchman though my apartment is probably one size smaller as we only put down 120,000,000. we've had no problems anytime that we have moved.

[Randall Flagg]

[animalbirdfish]

I trust you've all taken out insurance on your key money, as seems to be the practice nowadays....(?)

[dutchman]

[Squid]

We've got 20 thou. in a 19py. Suwon dogbox...wolsae. Close to the last hagwon I got suckered into...long story.

Next step is a 50 or 60 thou. , 34py. chonsae apatuh somewhere in nowheresville. Living the Korean dream

Before you handover the poppy you check the credentials of the receiver, alls well you handover. If they then FO with your money the Pudongsan's insurance pays you back. Because its their established system they've got most of the angles covered.