Looking to relocate to Seoul, Korea or trying to find a better place to rent?
Before you even start looking at apartments or a studio for rent, you should organize your needs, wants, and requirements when it comes to where you’ll live. This can significantly impact what types of apartments and accommodation you’ll be looking at. Here are some essentials
Your budget: Korea typically have a “Key Deposit” usually starting from 10,000,000won (approximately $9,000) and up. In addition to the key deposit, you'll have to pay the monthly rent and the maintenance fee. You’ll get key deposit back when you move out.
Your length of stay in Korea: As far as actual apartments go, the rental contracts typically start from 1 year. So if you’re staying for less than that, it may be less hassle to consider alternative types of accommodations instead, such as shared apartments and shared houses. However in such cases, you may not be able to register your residency.
Your Special Requirements: What are things that you want (or need) in an Apartment? You may want a furnished place for convenience or even a semi-furnished so you need to check.
Payment Options
Paying monthly aka wolse (월세)
This is similar to rest of the country where you pay on a monthly basis. However in Korea you’ll pay the key deposit, which can be 10,000,000won or more, in addition to paying monthly rent. You’ll get the key deposit back when you move out. It may be possible to negotiate on paying a higher rent for a smaller key deposit or the other way around.
Paying a lump sum full deposit, aka jeonse (전세)
You put down a lump sum of deposit and you get it all back when you leave. In the long run, this is the more sensible option and lots of Koreans opt for this but it's 50%-80% of the actual asking price of the property so it's a lot money. Jeonse is usually a 2 year lease with possibility of renewal every 2 years. Typically the Koreans who go for 전세 (jeonse) get a loan from their bank, but while it is also possible for some foreigners, it may be overwhelming to navigate, especially if you aren’t fluent in Korean yet. The advantage of this option is that there’s no monthly rental fee, and you even get the money back when you move out!
Need help finding a place?
Korea offers endless opportunities as it's growing rapidly but it's not easy for foreigners to navigate their way into Seoul, Korea. KoComfort can help you find what you need so don't hesitate to contact for further information.
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