After signing the contract, there are things to settle before moving in korean housing. One of these is payments, aside from the security deposit and monthly rent, there are also other factors you should pay attention to. It’s important to know these things and to settle them first before moving in to avoid forgetting and having these fees build up over time.
After paying a certain amount of security deposit for a typical korean apartment, you’ll have to pay your monthly rent. The security deposit will be returned after the contract expires. Compared to the security deposit, the monthly payment is less, but the deposit and rent can be adjusted through negotiation with the landlord. If the deposit increases, the monthly rent will decrease; if the deposit decreases, the monthly rent will increase. According to the law, if the rent is delayed more than two times, the rental contract will be terminated or ordered to leave.
For reservation of apartments: A sum payment of a large security deposit during the contract period will be given instead of paying a monthly rent. During the stay, no monthly rent will be required, and the deposit will be returned after the contract period ends.
*You can ask for a loan transfer for a large amount of deposit for your apartment. The landlord can charge interest on bank deposits as an investment or use of funds, so the loan transfer is widely welcomed by the landlord; Although it is difficult to prepare a huge security deposit at one time, this is also beneficial to the tenants because the full security deposit can be retrieved after the contract period ends. Before signing a contract, be sure to confirm the building’s accounts, if there is a loan or mortgage, etc.
In modern korean houses, the security deposit means that a large amount of money is paid to the landlord when signing the contract, and the money will be returned to the tenant when checking out. The security deposit for a monthly rented apartment is usually 10-20 times higher than the monthly rent itself, and the security deposit for housing in Seoul is generally between 2 million and 10 million won. There is usually no security deposit or monthly rent for overnight stay (lodging) and examination center (dormitories).
Note: The security deposit can only be called to the name of the contract(landlord). The name of the rental contract must also be recorded in the name of the landlord, and the name of the transfer account must be the same as the name recorded in the contract.
Management fees, utilities, gas (floor heating), and internet
Management fees can be similar to domestic property fees, cleaning, facilities, garbage sorting, etc. in public areas. The management fees will depend on