Finding a Place to Live

Where to Start

There are at least two very common and easy ways to seek out housing, but they require a decent command of Korean or an interpreter. These are either visiting a real estate agent or looking in the classified ads.

When dealing with an agent, it’s often easiest to head over to the neighborhood you’re considering and look for a sign that says 부동산 (budongsan). They often have yellow as a primary color on their window stickers and pieces of paper in the window advertising some of the properties available. If the sign says 500/35 it means it’s a 500-man-won (5,000,000) deposit and 35 man won (350,000) per month in rent. The brokers are often primarily concerned with local properties and sometimes will work together if they don’t have something to your liking.

If you’re going to try the classifieds, the Kyocharo Daily 교차로 is widely available throughout the city in the tall red newspaper boxes often next to bus stops and shelters. You will likely still be dealing with an agent and will have to pay agent fees somewhere along the line.

Things to consider

There are always costs beyond simply your rent, but the type of utilities that your apartment offers can make a big difference on how quickly your wallet gets emptied.

One of the biggest cash drains is the use of oil for the boiler vs. natural gas or doshigaseu (도시가스). While newer buildings are almost all on natural gas, some of the older juteks and apartments use oil, and at more than 1,500 won per litre, it’s much, much more expensive than natural gas. I would recommend staying away from oil-burning boilers unless someone else is paying for it or you don’t mind cold showers and floors in January.

Another place you can get stung is if electricity and water are on a shared meter, which is quite common, even in buildings with natural gas hookups. Be sure you know how your utilities are going to be assessed. If they are in common and then divided, ask what the monthly averages are in both summer and winter.

If you live in a large apartment building or complex, as opposed to a villa or jutek, you’re also going to have 관리비 or management fees for the building. All situations are probably going to include cleaning and maintenance fees as well. Add these to your list of questions.

Finally, consider how heating comes into your accommodations. Korea has a wonderful in-floor heating system known as ondol. While the vast majority of homes are heated using this method, officetels are usually heated with a central HVAC system.

Location, location, location

• costs by area
• interesting neighborhoods
• foreigner ghettos, ie: Mannyeong Dong

Up-front costs

[The next section was authored by daejeonchico. Thanks!]

• Deposit (Wolsei System)

First, you may need somewhere between 5 and 30 million for a key deposit. The more key money you pay, the less your rent can be. I have found that newer buildings are cheaper to move into.

• Agent Fees

You will probably be dealing with a Bu-Dang-San, real estate office. They have a flat fee 5% of (the key money, plus the monthly fee X 100). Basically this can get confusing, so you might want to ask up front what they will charge to get you into the apartment.

The real estate agent’s job is to ask as a liaison between you and the owner. If you get a good agents, they can hook you up with a great deal. Basically after you see the apartment and want to rent it, you might be asked for a holding fee. The agent will call the owner and the owner will come meet with you. If the owner doesn’t like you, you don’t have a chance. But, if everything goes well you will sign the contract and later give a couple million for a deposit afterwards (probably around 10% of the key money). Your final key money and first month is due on moving day.

• Annual Migrations

February is the high season for moving, so apartments go fast and you may be pressured to sign a.s.a.p. But, if you are lucky, you can get an excellent deal.