Purchasing
For a foreigner wishing to purchase a house, it is advisable to seek the assistance of a real estate agent. The price generally depends on the location and the age of the building. A real estate agent will provide additional services like registration.
Rental Type 1: Jeonsea (Key Money)
The Jeonsea system is one of the traditional rental options in Korea. When making a contract, you have to pay 60 to 70 percent of the value of the house as deposit. There are no monthly payments. This deposit is returned to you upon termination of the lease.
The fact that the Jeonsea system has been popular in Korea so far shows how high interest rate Korean banks give. There is, however, a tendency of replacing the Jeonsea system with the Wueolsea as a bank rate declines nowadays
Holding a house by lease on a deposit basis
Deposit is returned upon termination (only principal, not interest)
No monthly payments
Contracting period: 1~2 years on average
10 percent of deposit you will pay as contract money at the time of contracting
The remaining 90 percent of deposit when moving in.
Tenants are responsible for maintenance as it is.
Rental Type 2: Wuelsea (Monthly Payment)
1. There are 2 kinds of the Wueolsea system:
10 to 20 times the amount of the monthly payment is deposited with the owner for the term of the lease. You also pay for the house rental monthly fee to the owner. The deposit is returned to the tenant upon termination of the lease.
2. This requires advance payment of the monthly rent at a set date every month for the entire lease term. No deposit is required.
Rental Type 3: Boarding House
This system is suitable for a single or a student from foreign countries. Rent is paid monthly to the owner, and a contract is not required. In these settings, a landlord usually provides a room and two meals daily for the tenant.
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112,765
155 JUNGANG-RO, SEONHWA-DONG, JUNG-GU, DAEJEON, REPUBLIC OF KOREA. 301-763
TEL : +82-42-220-3114, FAX : + 82-42-255-9104
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