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Q1.  How should I budget for a property?
Rents are typically quoted per calendar month. Costs can vary between areas, and fluctuate depending upon market conditions. This is only for foreign community areas not local areas. There are different regulations for local areas.

No Holding Deposit and No Security Deposit In Korea, you are required to pay all of the rent in advance all rental period

No Stamp duty

Registration of Keun Mortage fee (to secure advanced rent) 0.5% to 1% of total rent amount

Agency fee Market practice in foreign community area is 3% of total rent amount all rental period. However, if this is local area, then different agency fee structure should be followed.

Q2.  What costs can I expect in addition to rent?
For long term rentals you would typically be expected to pay for some or all the utility bills including electricity, gas, water, telephone, broadband and Cable TV fees.

Other then utility bills, need to pay Common management fee, From 100,000 won to 1.3M won. It is depends on building

personal security bill where it is needed. Between 100,000 won to 300,000 won depends on the building. Some building requires for tenant to pay for this cost.

In case the owner is registered as a rent business person, need to pay 10% VAT of rent amount

Q3.  When is the best time to view potential properties?
Property search and selection is best conducted six to eight weeks prior to anticipated move in date, due to the time required for the lease negotiation and signing of contract. This also allows sufficient opportunity for the property to be decorated and appliances/fittings to be installed in preparation for the move in.
Q4.  What should I take into account when selecting a property?
Selecting a property which is right for you is highly personal, and dependent upon your individual tastes, lifestyle and priorities. (For example, close proximity to schools or public transport may mean convenience for some, but potential noise for others)

¡°Exterior¡± factors which may provide a helpful context in which to decide on a property are:

  • Convenience for office / school commute
  • Access to public transport, shops, parks
  • Neighboring buildings / properties
  • Atmosphere / style of residential area
  • Any ¡°negatives¡± e.g. proximity to flight path or other sources of external noise
  • external view

¡°Interior¡± issues to consider are:

  • There is no standard definition of the terms ¡°furnished¡± or ¡°partially/unfurnished¡±, so viewing each property, and careful consideration of contents, is essential.
  • As a guideline, most furnished/partially furnished properties contain kitchen ¡°white goods¡± (i.e. refrigerator, freezer, washing machine), standard light fixtures (sometimes very basic) and wooden floors/tiles/carpets
  • It is often possible to negotiate for extra items such as curtains/wardrobes and light fittings to be provided in an unfurnished property by the Landlord subject to a premium on the rental.
Q5.  What else may be negotiated?
Every negotiating scenario is unique, determined by your priorities and requirements, however the following is intended to act as a guideline for certain key areas:

Price Negotiating margins are dependent upon prevailing market conditions plus as in any negotiating situation a variety of other factors, including size, location, floor height (apartments on higher floors usually rent a premium) and condition of property, the landlord¡¯s circumstances and any provisos you may want.

Pets Many landlords are not willing to have pets in their home, therefore property options are more limited where tenants intend to keep animals. Those landlords that permit family pets will often special tenancy conditions for the tenant to agree liability for the cost of any resulting damage and may occasionally request a higher deposit. It is also worth checking on whether there are any ¡°house rules¡¯ that forbid pets.

Q6. Once I choose a property, how is it secured?
Once the terms have been agreed, since it is takes some time to prepare and agree on the intricate terms contained in the contract, the contract is usually signed between the landlord and tenant to confirm the major lease terms. This document typically contains the details of the tenant and landlord, rental and term, deposits, property address, mortgagee consent/indemnification, agency fees payable and decoration required to be carried out by the landlord prior to moving in.

Whoever signs the contract first and pays the rent will secure the property. In Korea, you would need to act very quickly and its also recommended that you shortlist more than one property.

Q7.  How long does it take to finalize a deal?
It typically takes 2 weeks although the time frame can vary depending on the amount of negotiation involved and the accessibility of the Landlord.
Hillside Residence #726-111, Hannam-dong, Yongsan-gu, Seoul
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