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What are the Jeonse and Wolse system for renting an apartment in Korea? |
Travel Info I heard that Koreans won't even consider a job offer unless the housing is provided. What do Jeoose and Wolse mean? We are moving to Korea for a short period (6 months), does anybody have any idea around how much money I have to spend for a 2-bed apartmnet in Taegu? Travel Tips Glad to know that you are going to stay in Daegu for 6 months. To answer your question regarding the renting system in Korea, I have somehow excerpted some parts from a website: 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. This system is popular among foreigners in Itaewon, Hannam-dong and Seongbuk-dong. I'm not sure how much it costs to rent a 2-bedroom apartment in Taegu, but in Seoul, it is usually more than USD1,500 per month. Please check out this website for more information on Daegu city. http://english.daegu.go.kr/ Enjoy your stay in Korea. Source(s): http://english.seoul.go.kr/residents/hou... Other Travel Tips Friends of mine just got a two bedroom apartment for about 400 dollars a month and they had to put up 20000 dollars for the deposit on a one year contract. They will get the 20000 back when they move out. Their new apartment is in Taegu, on a subway line close to downtown. If you are going to only be staying for 6 months you may harder time getting a cheap to stay. I would imagine your monthly rent would be around 800 US a month in Taegu, but that just my guess. Good luck. |
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