Korean Job Discussion Forums

denistron · Joined: 21 Oct 2006 Location: Busan

I have a lease for an apartment with 5 million key money down. I want to move out soon because I live in Hadan, and it totally sucks there. I wonder if I can get my key money back in full since I havn't stayed there a year. How long does it take to get back? What is the story/deal/low-down on getting that pile of dough back?

jaganath69 · Joined: 17 Jul 2003

Gwangjuboy · Joined: 08 Jul 2003 Location: England

You need to get someone else to move into your house.

seoulsucker · Posted: Wed Nov 29, 2006 4:37 pm Post subject:

Yup. Like most owners, they probably have the cash tied up in something else. Once the next tenant drops the dime, they'll just transfer it to you. From what I gather it's technically illegal, but one of the many laws in Korea that simply aren't enforced.

Gwangjuboy · Joined: 08 Jul 2003 Location: England

Also, landlords are evidently in a lot of debt. I have recently tried to negotiate a higher monthly rent (and reduce the deposit) but no landlord I have met will even entertain the idea. That despite the fact that he can earn more money that way than the interest he would earn from the extra key money.

RACETRAITOR · Joined: 24 Oct 2005 Location: Seoul, South Korea

That's pretty low key money. Mine is ten times that.

denistron · Joined: 21 Oct 2006 Location: Busan

jaganath69

Man, what's with the photo.... eww

purephase11 · Joined: 29 Sep 2005 Location: Seoul

Not to hijack this thread but when have you recieved your key money back (people that have moved out after the 1 year mark or longer). I am about to move out and am leaving the country that day and don't really want to screw around with waiting for my landlord to come up with the loot. Is it usually the move out day/toss him the keys/do the walkthrough day? I haven't had to do this in my 4 years so was just curious if anyone else had. Thanks.

mnhnhyouh · Joined: 21 Nov 2006 Location: The Middle Kingdom

If I am in a public school am I likely to need to get an apartment myself? If not will I need key money?

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purephase11 · Joined: 29 Sep 2005 Location: Seoul

I'm in a public school and work p/t. Yes, I needed to get my own apt. If you work for them full time, salary, they will usually find you an apt. OR give you rent money, whichever you prefer.

Njord · Joined: 12 Jan 2006 Location: South Korea

I asked some Koreans to explain to me how the key money system (with no rent) works. They proceded to describe a classic pyramid scheme. When I pointed this out, they insisted that it is not a pyramid scheme - with no good argument. (Although one did have a story about how she lost almost all her money in an apartment when the landlord went bankrupt. Go figure.)

Anyway, I would be deeply suspicious and very reluctant to hand over any of my own money for this. There is no way they can make anywhere near enough on interest to make key money attractive - unless it really is a pyramid scheme, they are incompetent, they are far in debt, or all three.

jaganath69 · Joined: 17 Jul 2003