12/02/2014
-Real Estate Info-
If you aren't in the military or work for the embassy what would you expect if you come to live in South Korea and especially in Seoul.
If you come because your company needs you in South Korea or maybe your Korean School isn't paying for your living expect to have cash.
Often times we have lots of immigrant workers who aren't aware that Real Estate in South Korea depend on Security Deposit instead of a credit check.
If you are in search of a 1 or 2 Bedroom place in the heart of Seoul expect to always need $5,000 USD for a security deposit and a monthly rent of $400-500. For electricity and gas you may even have to use your own name to open an account because landlords won't pay for your utilities.
You'd ask why they require this cash? Simple to cover any renovations or wear and tear. Most of all so you don't decide to move out before the lease is done. If you must leave make sure to bring a friend who can replace you in the lease or hire a realtor to find a person for you and you'll expect to pay a realtor fee of less then 300,000 won or so.
Now in the case of Officetels or Apartments.
Most officetels require at least 10,000,000 won or less then $10,000 for a security deposit and a monthly paying of $900-1000.
Most Apartments require at least 20,000,000 won to 50,000,000 won it all depends on size. (20,000$ to 50,000$). Then you'd pay about 1,500,000 to 2,800,000 won monthly rent it all depends on size and location. You are expected to pay your own maintenance fee and utilities no matter what.
Ok so what if I'm almost done with my lease? What about that deposit money? You must let your realtor know and wait to hear from your landlord, if they won't return the deposit you must take a korean translator friend with you to report to the police about your landlord.
You must take action first! If you withhold don't make time go against you! The same thing I can say about Civilians because when it comes down to it Realtors could only handle so much.
(All Korean realtors have a 100,000,000 won insurance for clients who have faced financial damages because of house fraud. This insurance does not extend to USFK personnel because Housing must regulate and approve prior to any contract).