Living in Daejeon

Finding housing

Residence

There are several types of housing in Korea. These include high-rise apartments, multi-dwelling low-story buildings, villas, detached houses, and one-room or two-room studio apartments. Most houses and apartments are unfurnished prior to their rental.

There are two financial ways to rent an apartment or a house. One is the 'jeonse' system, which requires the renter to make a large initial deposit, followed by either a small or no monthly rental. The other is 'weolse' system, which asks the renter to put in a small, or no initial deposit, but a rather larger monthly rental. In both cases, the initial deposit is refunded in full at the end of the rental agreement. A rental contract is usually for two years, though a one-year one may be negotiated.

To rent or buy a home, it is advisable to seek the assistance of a real estate agent. House prices vary according to the location and the age of the building. A real estate agent also provides additional services, such as leasing and registering vehicle. A brokerage fee is required for services rendered by the estate agent.

  • Rentals
    • Weolse: small, or none, deposit, monthly rental, 1 or 2 year contract
    • Jeonse: large deposit, small or no monthly rental. 1 or 2 year contract
  • Housing Contract Advice
    • Purchasing or renting a home through an estate agent is safer than dealing with the landlord directly. For a commission, which amount is based on the purchasing or rental price, estate agent will provide a full service to all renters or purchasers, from the showing of apartments or houses, to contacting and negotiating with the landlord on their client’s behalf, to drafting the rental contract. Before signing any contract, be sure to read through it and check all clauses thoroughly. You may request to see a transcript of the land register, which shows the collateral provisions for the seizure of the building and so forth, and have it verified by an independent arbitrator.
  • Purchase of houses and real estate properties
    • According to the Foreign Investment Promotion Act and the Foreign Exchange Transaction Act in the Aliens Lard Ownership Law, Korea’s domestic real estate market is open to all foreigners. More detailed information on the purchase of houses, real estates, and allotments of apartment housing may be obtained from real estate agents that specialize in dealing with foreigners.
  • Rate of Housing Contract Advice
Type of contract Contract Payment Range Rate Limit
Purchase and exchange within fifty million won within 6/1000 250,000 won
over fifty million won to two hundred million won within 5/1000 800,000 won
over two hundred million won to six hundred million won within 4/1000 -
over six hundred million won under negotiation within 9/1000 -
Renting car within fifty million won within 5/1000 200,000 won
over fifty million won to one hundred million won within 4/1000 300,000 won
over one hundred million won to three hundred million won within 3/1000 -
over three hundred million won under negotiation within 8/1000 -
※ Rate of housing contract advice is a payment from rate muliplied to contract payment range. In case when the rate exceeds the limit, the contract advisor only receives payment under the limit.

Relocation

In Korea, moving companies has relocation packages that provide a complete service, from supplying the packing boxes, to packing your belongings, to the actual transporting of your possessions. It is interesting to note that packing yourself is not necessarily cheaper than having the moving company to pack for you. Contact several moving companies and get estimates before making a decision. The companies will send a representative along to determine the size of your consignment. Once a company is chosen, you will be required to sign a contract and pay a deposit. As always, you should verify the clauses in the contract before signing it to ascertain the claim process, should any loss or damage incur on the moving day.

※ Things to do after moving

  • Be sure to notify your change of address at the immigration office (for citizens, this can be done at your local community (dong) office, or if you are an F visa hold, your local district (gu) office), so your sojourn particulars may be amended.
  • Take along your ARC and your rental contract to show the officer in charge, who will update your information on their computer system and write your new address on the back of your ARC.