Quote from: donovan on July 11, 2017, 10:20:58 pmQuote from: Savant on July 11, 2017, 09:09:47 pmWe've been doing Jeonse in our current place for 3 years now (contract ending next March) and heard today that the Landlady who bought it 1 year ago wants to sell up.We moved in paying 240 million. The Landlady after we were there for 2 years sold it on and we stayed on as tenants to the new Landlady but our Jeonse increased to 290 million. Now, she wants to sell it for 330 million. Absolutely maddening prices!Totally gutted that we didn't buy the place rather than taking out Jeonse as 240 million seems like a steal now. Would have made almost 100 million profit.You paid 240 million for jeonse but you had the option to buy for the same amount. I don't quite understand, but that is an insane amount. Curious if this is in Seoul, some other metropolis, or a smaller area?my god .... you paid 240 mil for jeonse? putting that money in index funds - which usually average 7-8% per year - would have netted you a return on investment of around 17 to 19 million Won. per year.
Quote from: Savant on July 11, 2017, 09:09:47 pmWe've been doing Jeonse in our current place for 3 years now (contract ending next March) and heard today that the Landlady who bought it 1 year ago wants to sell up.We moved in paying 240 million. The Landlady after we were there for 2 years sold it on and we stayed on as tenants to the new Landlady but our Jeonse increased to 290 million. Now, she wants to sell it for 330 million. Absolutely maddening prices!Totally gutted that we didn't buy the place rather than taking out Jeonse as 240 million seems like a steal now. Would have made almost 100 million profit.You paid 240 million for jeonse but you had the option to buy for the same amount. I don't quite understand, but that is an insane amount. Curious if this is in Seoul, some other metropolis, or a smaller area?
We've been doing Jeonse in our current place for 3 years now (contract ending next March) and heard today that the Landlady who bought it 1 year ago wants to sell up.We moved in paying 240 million. The Landlady after we were there for 2 years sold it on and we stayed on as tenants to the new Landlady but our Jeonse increased to 290 million. Now, she wants to sell it for 330 million. Absolutely maddening prices!Totally gutted that we didn't buy the place rather than taking out Jeonse as 240 million seems like a steal now. Would have made almost 100 million profit.
Quote from: kobayashi on July 12, 2017, 08:20:48 amQuote from: donovan on July 11, 2017, 10:20:58 pmQuote from: Savant on July 11, 2017, 09:09:47 pmWe've been doing Jeonse in our current place for 3 years now (contract ending next March) and heard today that the Landlady who bought it 1 year ago wants to sell up.We moved in paying 240 million. The Landlady after we were there for 2 years sold it on and we stayed on as tenants to the new Landlady but our Jeonse increased to 290 million. Now, she wants to sell it for 330 million. Absolutely maddening prices!Totally gutted that we didn't buy the place rather than taking out Jeonse as 240 million seems like a steal now. Would have made almost 100 million profit.You paid 240 million for jeonse but you had the option to buy for the same amount. I don't quite understand, but that is an insane amount. Curious if this is in Seoul, some other metropolis, or a smaller area?my god .... you paid 240 mil for jeonse? putting that money in index funds - which usually average 7-8% per year - would have netted you a return on investment of around 17 to 19 million Won. per year.Am I wrong in thinking that jeonse is usually paid using a bank loan? Me and my husband have a jeonse apartment for 190 million in Busan. We paid a 40 mill deposit and the rest is a loan that we pay interest on (a few hundred k per month). We will repay the loan when we leave the apartment and get the jeonse back. In my experience it's an awesome win-win way for everyone - I get a sweet apartment for 350k "rent" every month, the landlord invests the jeonse to get interest, and the bank gets to reap interest on a relatively low-risk loan. Wish they had this system back in the states.
Quote from: twinsaurus on July 12, 2017, 08:48:22 amQuote from: kobayashi on July 12, 2017, 08:20:48 amQuote from: donovan on July 11, 2017, 10:20:58 pmQuote from: Savant on July 11, 2017, 09:09:47 pmWe've been doing Jeonse in our current place for 3 years now (contract ending next March) and heard today that the Landlady who bought it 1 year ago wants to sell up.We moved in paying 240 million. The Landlady after we were there for 2 years sold it on and we stayed on as tenants to the new Landlady but our Jeonse increased to 290 million. Now, she wants to sell it for 330 million. Absolutely maddening prices!Totally gutted that we didn't buy the place rather than taking out Jeonse as 240 million seems like a steal now. Would have made almost 100 million profit.You paid 240 million for jeonse but you had the option to buy for the same amount. I don't quite understand, but that is an insane amount. Curious if this is in Seoul, some other metropolis, or a smaller area?my god .... you paid 240 mil for jeonse? putting that money in index funds - which usually average 7-8% per year - would have netted you a return on investment of around 17 to 19 million Won. per year.Am I wrong in thinking that jeonse is usually paid using a bank loan? Me and my husband have a jeonse apartment for 190 million in Busan. We paid a 40 mill deposit and the rest is a loan that we pay interest on (a few hundred k per month). We will repay the loan when we leave the apartment and get the jeonse back. In my experience it's an awesome win-win way for everyone - I get a sweet apartment for 350k "rent" every month, the landlord invests the jeonse to get interest, and the bank gets to reap interest on a relatively low-risk loan. Wish they had this system back in the states.When we had a 40 000 000 won 'weolse' a couple of years ago to get a 34 pyeong, the bank did an 'interest only' loan for 32 000 000 won and we stumped up the 8 000 000 won. That was only for a year, and then we got another place the same size, for the same 'interest only' for another year. Then in the new city next to ours, a brand new apartment of the same size and 'weolse' was going for just 10 000 000 won. We snapped that up. But this time we paid with only our money. I think the 'interest only' we paid was 70 000 won a month. But now we have no monthly to pay, which feels nicer.My wife kind of complained recently because her friends bought their houses, we don't live in Seoul, we're in Chungnam. I mean we're talking Central Seoul and 600 000 000+ won in Ahyeon and Dongdaemun and they have jobs for Samsung and as Dongdaemun night market retailers so are raking it in. They have really nice apartments but that kind of outlay for 20-24 pyeong or so, doesn't seem worth it.
When we had the 40 000 000 won deposit apartment we paid 500 000 won every month. Expensive, but at that time there was no other options. Now in our 10 000 000 won deposit apartment we only pay 400 000 won, because it is a new city and there are loads of apartments. The one we live in now was selling for about 1.4 billion originally. When the Seoul friends come to stay they love it because we are 15th floor and have a view of the mountains from the living room. No chance of a view like that in Seoul, unless you pay serious money.
Wow.The numbers being thrown around are crazy.Where have I been?The standard used to be 10,000,000 KRW for every 100,000 KRW in rent.Meaning, if the place had 100,000,000 deposit only option, you could substitute monthly for whatever portion of the deposit you didn't have. If you only had 10,000,000 down, you would pay 900,000 a month in rent, or 50,000,000 down and 500,000 a month, etc.I'm more than a little shocked by what I am hearing, as it sounds like some users are saying, given my example, one could actually put down 100,000,000 deposit only option that was simply secured via the bank and only pay 200,000-300,000 a month on a place that we pay $1,000 a month to live in.(scratching head) You guys can't be serious.
Quote from: eggieguffer on July 12, 2017, 10:22:02 amQuoteWhen we had the 40 000 000 won deposit apartment we paid 500 000 won every month. Expensive, but at that time there was no other options. Now in our 10 000 000 won deposit apartment we only pay 400 000 won, because it is a new city and there are loads of apartments. The one we live in now was selling for about 1.4 billion originally. When the Seoul friends come to stay they love it because we are 15th floor and have a view of the mountains from the living room. No chance of a view like that in Seoul, unless you pay serious money.If you'd bought that apartment for 1.4 billion, you'd expect to get at least 5% of the price for renting it out. Ie 70 mil a year. How could you get that with a 10,000,000 deposit and 400,000 won a month. I don't get the maths.Neither do I. When we got it, it was 30 000 000 won less deposit, with a 100 000 won less in monthly rent than the previous place. It was win all over, as it was the first place we saw, we took it right away. Beautiful view, big and brand new. The guy who owns it is an engineer who more than likely works for the company that built the complex, as he lives in Busan, but he was in the area to sign the contract. My MIL got him to drop his original 500 00 won a month to 400 000 won saying that there was a load of other places to choose from. He was ok with that. Our two-year contract finishes next June so IF we stay then I'd expect a hike in deposit or monthly. We'll cross that bridge when we come to it.
QuoteWhen we had the 40 000 000 won deposit apartment we paid 500 000 won every month. Expensive, but at that time there was no other options. Now in our 10 000 000 won deposit apartment we only pay 400 000 won, because it is a new city and there are loads of apartments. The one we live in now was selling for about 1.4 billion originally. When the Seoul friends come to stay they love it because we are 15th floor and have a view of the mountains from the living room. No chance of a view like that in Seoul, unless you pay serious money.If you'd bought that apartment for 1.4 billion, you'd expect to get at least 5% of the price for renting it out. Ie 70 mil a year. How could you get that with a 10,000,000 deposit and 400,000 won a month. I don't get the maths.
I'm trying to plan camp, vacation, and my future and I can't get my brain to think about them in an orderly fashion. My mind keeps jumping from one thing to another, and now I don't want to think about anything.
What a fantastically boring topic you guys have stumbled upon.
Do you mind posting some pictures of what 330,000,0000 gets you in the outskirts of Seoul. I've been to Anyang, some parts are nice, but other are shitholes and filthy. Just wondering if 330,000,000 gets you into the nicer areas. Cheers.
So you are staying in an apartment that is over $1,200,0000.... but you pay 380$ in rent.....I'm calling bullshit. This doesn't add up whatsoever. You couldn't rent a $50,000 apt anywhere in USA for 380$ month. The taxes on the place would be your payment alone.
Day 3 of my strict diet.I'm hangry and hate everyone and everything.
Quote from: jddavis7 on July 12, 2017, 08:09:42 amDay 3 of my strict diet.I'm hangry and hate everyone and everything. What's your diet, if you don't mind me asking (or mind others tearing it apart )?I tried going without coffee yesterday, and my nerves were fine, but I did feel hungrier for some reason, and energy crashed around 11:30 when usually I can last a whole day without getting drowsy. Big mistake; Back to McCafe this morning!