Korean Job Discussion Forums

SwimminThruAsia · Joined: 20 Sep 2005

Hey Guys,

I'm looking into sharing an apt. with a friend who has a lot of capital.
He can pay up to 20mil in key money, as long as I pay 60% of the rent.
Seems fair to me!
Which realtor would you use if you could afford that much key money?
We are looking for a nice (but not luxurious) 2 bedroom place, preferably in the Itaewon area.

Any ideas??

SwimminThruAsia · Joined: 20 Sep 2005

Sorry, one more thing I forgot to mention.

The most I'd like to pay for rent is 1 million a month.

So, a decent 2 bedroom, preferably furnished, 20 million key money, 1 million a month.

Eden realty has some decent ones, but mostly they have low key money and high rent apartments on the higher end.

Where should I look?

Thanx

Privateer · Joined: 31 Aug 2005 Location: Easy Street.

It's your business of course, but why don't you save up about 100 million key money and then pay no rent at all? It just seems wasteful to me to pay a million a month...

SwimminThruAsia · Joined: 20 Sep 2005

Here is the thing:
I have about 0 capital.
My friend has about 40,000 USD saved up.
He is willing to sink 20 into an apt., as long as he will get it back after a year, and I make up the difference on what he will be losing on interest.

We don't have 100 million won to sink into an apartment.

So, again..which realtor do you reccomend??

20 million key money, 1 mil a month rent, 2 bedroom, Itaewon area

Thanks

fidel · Joined: 07 Feb 2003 Location: North Shore NZ

It's my understanding that because of the glut of rental housing in Seoul it's pretty easy not to pay any key money and just negotiate a monthly rental deal. Personally I would never hand over a large sum of money to a landlord.

Return Jones · Posted: Tue Nov 22, 2005 4:18 pm Post subject:

Sadly, 20 million is not really enough to raise your standard of housing and get the ideal apartment you have in mind. At least not in metro Seoul. 100-200 million, yes. 20 million, no. It will get you nothing different than what a hogwan would provide for free. If you're still looking for a job, just get one with housing included. Paying 1 million a month in rent is throwing away about half of your monthly salary.

Wangja · Joined: 17 May 2004 Location: Seoul, Yongsan

20 million KRW would be about 1 million interest a year, less than 100,000 a month: that's the difference to make up. If the key money is 20 million and the rent is 1 million between you, he puts up the key money, you pay 600,000 and he pays 400,000.

There was an apartment mentionjed here in the Itaewon area, key money plus about that rent. I wanted to see it myself but have been out of town or too busy.

I'll try and find the link.

Yes, here it is http://www.eslcafe.com/forums/korea/viewtopic.php?t=46013

Return Jones · Posted: Tue Nov 22, 2005 5:23 pm Post subject:

canuckistan · Posted: Tue Nov 22, 2005 6:08 pm Post subject:

For the Itaewon area you could try this website. It's in English.

http://www.edenrealty.co.kr

Pyongshin Sangja · Joined: 20 Apr 2003 Location: I love baby!

Give me 50,000 million and my 2 bedroom is yours for a year.

We'll sort it out later.

lastat06513 · Posted: Wed Nov 23, 2005 11:29 pm Post subject:

Why pay one million won?

With that much key money, you can get a good-sized apartment in Itaewon-YongSan area for that much and only 200,000 won a month. Thus allowing you to save MORE money to lease an apartment later.

Actually, I know in my neighborhood, the going rate for Chonsae (leasing contract) is only 30 million won for a 2 year contract.

Thus, you pay NO rent and are only responsible for utilities, which amounts to between 80,000 won (small, 2 bedroom villa) to 300,000 won (3 bedrooms, large kitchen and living room and bathroom w/tub in a 5 story apartment building)

The best place to look into is Eden Realty, he seem to have really nice apartments (some of them are not even on the website) and the guy is really cool, he seems to really want to help people out.