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Housing

Housing

Types of housing

Types of housing - Multi-unit housing(Apartment, Residential–commercial complex, Tenement house, Multi-family house, Villa, Officetel, One-room), Single, detached houses, Serviced residence
Multi-unit housing Apartment Five stories or more are used for residential space.
Residential–commercial complex Buildings of which the second to fourth stories are used as commercial space while the fifth and higher stories are used as residential space.
Tenement house When the total floor area of a building used for housing is over 660㎡ and has less than four stories.
Multi-family house When the total floor area of a building used for housing is less than 660㎡ and has less than four stories.
Villa Low-rise residential buildings that are similar to Western condominiums and have a spacious interior, although the entire compound size is smaller than that of most apartments.
Officetel A relatively small residential establishment that can be used as an office and living space and has essential furniture and convenience facilities.
One-room A housing unit consisting of one large room designed for use as a bedroom, living room, kitchen and dining room, etc. with a separate space for a bathroom. Popular in areas near universities, because rent is lower than for officetels.
Single, detached houses Residential buildings in which each dwelling is surrounded by freestanding walls and built on a separate lot.
Serviced residence Rental facilities which provide hotel-style services for long-term business residents. This type of rental housing has recently become popular among foreigners reluctant to buy furniture for a relatively short stay.

Purchase of House

Applicable Laws

  • Practices of real property transaction in Korea: Land and buildings are not purchased or sold separately.
  • Applicable laws for a foreigner’s purchase of real property are decided depending on “under what status” the foreigner wishing to transact real property resides in Korea and “for what purpose” he/she purchases the real property.

Purchasing residential house

  • Before hiring a licensed realtor, check his/her credit and experience.
  • When hiring a licensed realtor, all procedures including title transfer registration will be handled by the licensed realtor’s office.
  • A contract can be entered into in English.
  • Before entering into a contract, one must check the real estate register (certified copy).
    (When visiting the relevant registry office, one has to carry his/her alien registration card and passport.)

Lease methods

Jeonse (lease by security deposit)

Jeonse is a real property lease system unique to Korea. Instead of monthly rent paid to the landlord, a significant amount (usually 30% to 60% of the price of a house) is entrusted to the landlord as a security deposit during the term of the lease contract. The security deposit will be returned in full at the end of the lease contract.

  • After signing a 1–2-year lease contract (generally 2 years), jeonse money will be paid in advance.
  • After end of the contract, jeonse money will be returned in full.
  • At the time of the contract, 10% of the jeonse money will be paid as down payment.
    (Balance payment is to be made at the time of move-in.)
  • The tenant will maintain the state of the house as at move-in.

Monthly lease

  • After signing a 1–2-year lease contract, the agreed-to security deposit and monthly rent will be paid.
  • The amount of security deposit is about 10 to 20 times that of the monthly rent.
  • The higher the amount of security deposit, the lower that of the monthly rent.
  • At the time of the contract, 10% of the security deposit will be paid as down payment.
  • At the time of move-in, the balance payment and onemonth’s rent will be paid in advance.
  • The security deposit will be returned in full after contract expiry, in principle; however, in special circumstances
    (e.g., tenant failing to pay rent), such amount will be subtracted from the security deposit and the balance will be returned.