People tend to do either Jeonse, which is a huge deposit and little to no monthly rent, or Wolse, which is a modest deposit and higher monthly rent. Jeonse is considered an investment and typically for couples and families, with the money coming from parents/grandparents as a wedding gift. Wolse is more practical for independent people and those who are saving for a future Jeonse contract. The more deposit you pay, the less rent is required. A typical contract is 100/60, or 10million won deposit with 600,000 won rent. Jeonse is typical for large apartments and villas, while Wolse is typical for officetels, studios and areas with a higher percentage of temporary residents (1-2 year stays). And of course, the further from Seoul you go, the lower the costs are, which is why many people choose to commute. If your goal is to live in your own apartment in Seoul, don't even think of coming here without at least 10million won prepared for deposit!
Thank you for the detailed description! My mom, who is Korean, was trying to explain it to me …but it didn’t quite make as much sense as YOUR explanation! 😆
@@redskyelle It should have been more clear in the video, since all of those people were definitely at the higher end of the scale and had the money for big deposits/high rent. The obvious benefit of this deposit system is you get that deposit back when you move out, so there's that.
@@mianhaeioi sadly many take out loans for the huge Jeonse. They are paying interest to lend an apartment owner money to invest in exchange for living thee for free. It’s a big insane. Why not not have two apartments and instead invest your own money instead of doing it off the back of a person without property?
@@kristinesharp6286 Actually it's a way better system than renting. You have very low-cost monthly payments in exchange for paying a huge lump sum that's returned to you when you move out. If you don't have a huge lump sum, you can find an apartment that will accept a lower lump sum with higher monthly payments. Generally the higher your lump sum is, the lower your monthly payments will be. Compare that to renting an apartment in the US... you are just throwing thousands of dollars down the drain.
Having watched many apartment videos in Korea, I notice that people usually don't use their balcony as a place to sit and enjoy the outside, most people stuff it full with plants or use it as extra storage space since the apartments are to small to do so.
I don't think I even knew what Seoul, South Korea looked like before this. This was so cool! Those glass stairs would make me trip over myself though lol
The process is so easy. You just go to the neighborhood where you want to live, then find a budongsan (real estate office). They are on every street corner and you can just walk in without an appointment or anything. You tell the agent what your budget is (key money and monthly payment) and what you are looking for. Then they will see what listings they have available and show you a few places. Typically you visit a few of these real estate offices to see as many options as possible. When you find a place you like, you put down the key money and sign the contract.
Just stumbled on this series by happenstance, watched the Paris episode and was excited to see Seoul now! I have family friends (my parents best friends) who taught school on base and lived in these amazing apartments in or near Seoul that included a cleaning service once or twice a week. They were retired teachers from Texas (where I live), and started planning this next phase prior to retiring. After 7 or 8 years they returned to TX and now their daughter and family are in Turkey doing the same thing!
The views in Seoul are particularly depressing because all you see are row after row of apartment blocks that look the same (reminiscent of Soviet-era apartments) and office buildings covered with ugly signs. The apartments with balconies are unattractive because people use their balconies to hang their laundry and as storage space, rather than using them as patio space with tables/chairs, flowers, and plants. Even if you have a view of the Han River or the mountains, you see those ubiquitous apartment blocks. In older parts of the city, you also have views of older housing and buildings that have fallen into disrepair. Some of the apartments are only about 30-40 years old, but are already dilapidated due to poor construction and maintenance. Plus, as you can see from the last apartment in this video, there are many apartments with views of unsightly power lines right outside your window.
My favorite thing about Korean houses in that the heating comes through the floors, so you never have cold wood floors in the winter. And wall-to-wall carpeting doesn't exist.
The jeonse contract sounds really interesting. So you pay a huge lump sum up front then once you leave you get your money back? So in a sense you live for free?? Similar to how some grocery stores make you put a coin in the cart and then you get the coin back afterwards?
because south korean real estate prices have been always increasing, those kind of contract was benefitial to landlords. But that also help to build bubble.. These days, south korean rent culture is shifting toward montly rent contracts.
Your house is very spacious, 102sqm is huge! Not many normal Koreans can live in such a comfy size house. Look at your living room, it’s squarish, the perfect size I love!
Those steps in the last house are terrifying like imagine falling down the steps and one of the steps break and now you're going threw all the steps to the ground floor... no thanks
Obvioulsy this video is not showing people living in gangnam nor suburb where the most korean apartment units are located. And 'western style shower' is normal in standard apartment units of those areas.
So basically the money is a loan to the landlord when they need it the most and you get to live in their house....I understand all that but surely you must lose some of the money and not get it ALL back...can some one who actually knows how it works enlighten me.
they dont lose the money because the real estate prices in south korea have been always rapidly increasing. It has been a practical business for upper middle class to buy an extra apartment unit and rent it out as Jeonse. Landlords expect to sell their extra apartment units 2~3 times higher prices in about 10 years and meanwhils they can earn monthly interests from bank account where they keep the deposit. But now the housing price are too high, government is trying to regulate people owning multiple houses. So this Jeonse contract culture is slowly declining.
@@DMTHOTH thank you so much for taking the time and explaining it to me, I now understand how it's actually not a loss for both parties involved. Thank you and I appreciate you.
Its a very good deal for the landlord. You get the money back after you move out, but I assume without intrest. Then your rent is actually higher if you account for inflation. Every year you live there your money becomes worth less. The landlord in the meantime can invest this intrest free money.
Oh interesting--there's the outdoor art gallery that was in the drama Encounter/Boyfried. 0:27 Wasn't sure if a real place but it is! Maybe I've watched too many KDramas but these apartments don't look much like any I've seen on TV.
Sad fact. Koreans would rather not live in the last place. Under 5 floors is considered villa and not apartment and there is a stigma that poor people live there. Ironic as the monthly rent is so high. Usually a high rent is military renting an apartment off base. But there is more space in the villa apartments, even on one level only. Cause they were usually built father back where the new apartments have a very utilitarian purpose with ever inch of space planed for washer, fridge, kimchi fridge, shoe storage, bed, desk, wardrobe, etc.. and meant for smaller families.
Not necessarily true. Yes, apartments are generally considered more desirable, but a villa is a better fit for a lot of people's budget and lifestyle, and a newly renovated villa like this one are sought after by many people.
@@Juliette5044 It doesn't have to be 100k for every apartment. You pay what you can afford. The higher you pay upfront, the lower your monthly payments are.
That’s actually my bad and not Buzzfeed’s fault. I quickly put together the calculation from a family member’s estimate, should have done a better job double checking on that. 😭
You need to move right now apartments should not be in the historical area of old Seoul just move anywhere else you npc these apartments are destroying Koreas beutiful and ancient lanscape
thanks for having me, BuzzFeed! (i'm the guy with the scary glass stairs lol)
Bro, what do you do for work lol.
@@TwiinStar1224 scamming
@@Mahora. lmao
nice feet!
@@TwiinStar1224 he said he did something with music/sound in the video
People tend to do either Jeonse, which is a huge deposit and little to no monthly rent, or Wolse, which is a modest deposit and higher monthly rent. Jeonse is considered an investment and typically for couples and families, with the money coming from parents/grandparents as a wedding gift. Wolse is more practical for independent people and those who are saving for a future Jeonse contract. The more deposit you pay, the less rent is required. A typical contract is 100/60, or 10million won deposit with 600,000 won rent. Jeonse is typical for large apartments and villas, while Wolse is typical for officetels, studios and areas with a higher percentage of temporary residents (1-2 year stays). And of course, the further from Seoul you go, the lower the costs are, which is why many people choose to commute.
If your goal is to live in your own apartment in Seoul, don't even think of coming here without at least 10million won prepared for deposit!
Thank you for the detailed description! My mom, who is Korean, was trying to explain it to me …but it didn’t quite make as much sense as YOUR explanation! 😆
@@redskyelle It should have been more clear in the video, since all of those people were definitely at the higher end of the scale and had the money for big deposits/high rent. The obvious benefit of this deposit system is you get that deposit back when you move out, so there's that.
@@mianhaeioi sadly many take out loans for the huge Jeonse. They are paying interest to lend an apartment owner money to invest in exchange for living thee for free. It’s a big insane. Why not not have two apartments and instead invest your own money instead of doing it off the back of a person without property?
@@kristinesharp6286 you're right, I completely forgot about bank loans
@@kristinesharp6286 Actually it's a way better system than renting. You have very low-cost monthly payments in exchange for paying a huge lump sum that's returned to you when you move out. If you don't have a huge lump sum, you can find an apartment that will accept a lower lump sum with higher monthly payments. Generally the higher your lump sum is, the lower your monthly payments will be. Compare that to renting an apartment in the US... you are just throwing thousands of dollars down the drain.
Having watched many apartment videos in Korea, I notice that people usually don't use their balcony as a place to sit and enjoy the outside, most people stuff it full with plants or use it as extra storage space since the apartments are to small to do so.
I think cos no privacy when the neighbours will be looking at your every move.
it’s pretty typical Asia. Korea, China, Singapore etc. balconies are meant for drying clothes ;)
I don't think I even knew what Seoul, South Korea looked like before this. This was so cool! Those glass stairs would make me trip over myself though lol
i would NOT be able to get back down from those glass stairs
same, imagine going up or down those stairs when you're half asleep. i'd be terrified lol
I am scared of staircases and when he showed them I kind of felt dizzy
Loving the last apartment but that staircase is terrifying!
I enjoyed the guy telling us how it works in Seoul for rentals. I wish more people talked about the process.
The process is so easy. You just go to the neighborhood where you want to live, then find a budongsan (real estate office). They are on every street corner and you can just walk in without an appointment or anything. You tell the agent what your budget is (key money and monthly payment) and what you are looking for. Then they will see what listings they have available and show you a few places. Typically you visit a few of these real estate offices to see as many options as possible. When you find a place you like, you put down the key money and sign the contract.
Thanks for taking a tour of my house Buzzfeed!
Come again anytime 😀
Thanks for explaining the rental paying system, that was actually quite fascinating
Those glass stairs would give me nightmares! 😨
Just stumbled on this series by happenstance, watched the Paris episode and was excited to see Seoul now! I have family friends (my parents best friends) who taught school on base and lived in these amazing apartments in or near Seoul that included a cleaning service once or twice a week. They were retired teachers from Texas (where I live), and started planning this next phase prior to retiring. After 7 or 8 years they returned to TX and now their daughter and family are in Turkey doing the same thing!
people who live in big cities are always like, “look at this view!” and it’s just… more buildings lmfao
Right. Buildings are so ugly unless there’s parks or trees or water, gross lol
@@Samsam-vq4se It depends. Where I live, there are thousands incredibly beautiful buildings to look at.
The skyscrapers are prettier at night when they're all lit up
The views in Seoul are particularly depressing because all you see are row after row of apartment blocks that look the same (reminiscent of Soviet-era apartments) and office buildings covered with ugly signs. The apartments with balconies are unattractive because people use their balconies to hang their laundry and as storage space, rather than using them as patio space with tables/chairs, flowers, and plants. Even if you have a view of the Han River or the mountains, you see those ubiquitous apartment blocks. In older parts of the city, you also have views of older housing and buildings that have fallen into disrepair. Some of the apartments are only about 30-40 years old, but are already dilapidated due to poor construction and maintenance. Plus, as you can see from the last apartment in this video, there are many apartments with views of unsightly power lines right outside your window.
My favorite thing about Korean houses in that the heating comes through the floors, so you never have cold wood floors in the winter. And wall-to-wall carpeting doesn't exist.
Do one in Lagos, Nigeria please!
y?
@@Tu51ndBl4d3 - Because it is part of the World and this series is about the World.
Yes!
As a Lagosian, I endorse this comment.
I'm not Nigerian but I was just about to post the same comment. Lagos please!
The last apartment is cool but I would change the glass stairs
I think he means 30 pyeongs. 13P would be 42m2 and 462ft2. 30P is about 1000ft2 and you could not have 3 beds in 13P.
The jeonse contract sounds really interesting. So you pay a huge lump sum up front then once you leave you get your money back? So in a sense you live for free?? Similar to how some grocery stores make you put a coin in the cart and then you get the coin back afterwards?
because south korean real estate prices have been always increasing, those kind of contract was benefitial to landlords. But that also help to build bubble.. These days, south korean rent culture is shifting toward montly rent contracts.
I like how the dog starts tap dancing at 7:04
Justine looks like Zooey Deschanel
Your house is very spacious, 102sqm is huge! Not many normal Koreans can live in such a comfy size house. Look at your living room, it’s squarish, the perfect size I love!
you are confusing with japan. South korean house is way more spacious.
@@DMTHOTH 102m2 is huge in most countries, including SK. Not just in Japan.
@@SL-jn8cz 110 sqm apartments usually house families of 3-4 people. Very few young people will live by themselves in such apartments.
Nice video. Those glass stairs are terrifying!
Those steps in the last house are terrifying like imagine falling down the steps and one of the steps break and now you're going threw all the steps to the ground floor... no thanks
The last one was the ultimate!! It was quite pricey but for good reason. Thanks BuzzFeed Bring Me🌺
Obvioulsy this video is not showing people living in gangnam nor suburb where the most korean apartment units are located. And 'western style shower' is normal in standard apartment units of those areas.
I liked the Last one very unique and modern inside. They are lucky to live there.
I won't even say the amount of times i imagine myself falling down those stairs and the glass cracking
Love this series!
Awesome video and tour, Albert!
😆omg these videos are exciting. i hope one day you’ll make a video on indonesian apartment/living situations
This neighbourhood is beautiful!
A blended neighborhood, Interesting!
One word: insane
How do you mess up the neighborhood names for each of them, Buzzfeed?
you should do one for Taipei, taiwan
So basically the money is a loan to the landlord when they need it the most and you get to live in their house....I understand all that but surely you must lose some of the money and not get it ALL back...can some one who actually knows how it works enlighten me.
they dont lose the money because the real estate prices in south korea have been always rapidly increasing. It has been a practical business for upper middle class to buy an extra apartment unit and rent it out as Jeonse. Landlords expect to sell their extra apartment units 2~3 times higher prices in about 10 years and meanwhils they can earn monthly interests from bank account where they keep the deposit. But now the housing price are too high, government is trying to regulate people owning multiple houses. So this Jeonse contract culture is slowly declining.
At least they would get some money back. Renters don't even get that lol
@@DMTHOTH thank you so much for taking the time and explaining it to me, I now understand how it's actually not a loss for both parties involved. Thank you and I appreciate you.
Its a very good deal for the landlord. You get the money back after you move out, but I assume without intrest. Then your rent is actually higher if you account for inflation. Every year you live there your money becomes worth less.
The landlord in the meantime can invest this intrest free money.
You do get all the money back, but you also have to pay monthly payments... typically they are very low though compared to rent
All i want for christmas is a korean grandma that i can live with rent free in seoul
Do Moscow
Oh interesting--there's the outdoor art gallery that was in the drama Encounter/Boyfried. 0:27 Wasn't sure if a real place but it is! Maybe I've watched too many KDramas but these apartments don't look much like any I've seen on TV.
If Korean people visited an average American house, they'd also say it looks nothing like the houses they see in American TV shows and movies lol
wtf! no!!!! i would never, a glass stairs, no thank you! if i saw that i would not even bother touring upstairs because i ain’t taking it
I found ur mistake! 102 Sq m is not 13 pyeongs but 30 pyeongs.
Seoul is really pretty!
Do Delhi/Bangalore
Nah that glass staircase is an accident waiting to happen, either tripping or spontaneous glass breakage...nope nope nope!😰
No standard Korean? Two expats to represent a standard flat in Séoul?!
Sad fact. Koreans would rather not live in the last place. Under 5 floors is considered villa and not apartment and there is a stigma that poor people live there. Ironic as the monthly rent is so high. Usually a high rent is military renting an apartment off base. But there is more space in the villa apartments, even on one level only. Cause they were usually built father back where the new apartments have a very utilitarian purpose with ever inch of space planed for washer, fridge, kimchi fridge, shoe storage, bed, desk, wardrobe, etc.. and meant for smaller families.
Not necessarily true. Yes, apartments are generally considered more desirable, but a villa is a better fit for a lot of people's budget and lifestyle, and a newly renovated villa like this one are sought after by many people.
@@ionebae9157 I would love to live in a villa, but I’m not Korean. I had heard school children tease classmates for living in villa.
Oh that free rent thing seems cool
I don't know anyone who has 100k upfront, how's that cool
@@Juliette5044 It doesn't have to be 100k for every apartment. You pay what you can afford. The higher you pay upfront, the lower your monthly payments are.
How much of a bargain - or not? - is rent in South Korea? How much in US dollars at the current exchange rate?
Interesting. I would love to go to South Korea.
If you need Berlin, hit me up :) I got 2 appartments there as well
Those are nice looking squid game stairs
Man, I heard Seoul was expensive, but DAYANG!!!!!!!!!!Thems are NY or HK prices!!!! And yet they look exactly like any standard western apartment.
thought there will be a loft apartment
You may have to pay the monthly maintenance fee even with Jeonse.
Because interest rates are low, finding a good 전세 at the lower end of the market is getting so hard!
There's also 반전세 (half jeonse, half rent) which is an option for some homes
😂😂the deposit 😂😂1milli when converted to Rands 😃guess who's not going to stay south korea😢
ㅋㅋㅋㅋㅋㅋㅋ 와 진짜 찐 한국인 집이노
Wait, $100,000 as a deposit?!!! That's almost the cost of an actual house... Why not buy a house?
Cos, the Price of house in seoul is usually 1M~2M dollars nowadays.
Not the price of an actual house in Seoul
EXPENSIVE!!!
I want a kimchi fridge😓
I liked the video
If I hear 1 more sound saying BINKY DEAD ONE MORE TIME
I wish these videos were longer. Sigh...
The black toilet reminds me of Joey’s toilet
100k isn’t a lot for a place 150k is around the average
Justine is wolse with large down she gets back and monthly rent besides.
Unless the maintenance fee is that high.
I had no idea apartments in Korea are so beautiful and not expensive.
Waterfall
1:17 102sqm is not 13 pyeong!
It's 30 pyeong. Not a big deal but hope you guys don't confused.
That’s actually my bad and not Buzzfeed’s fault. I quickly put together the calculation from a family member’s estimate, should have done a better job double checking on that. 😭
This chick is french af
R!p oof
Clean up that damn apartment 😂
You need to move right now apartments should not be in the historical area of old Seoul just move anywhere else you npc these apartments are destroying Koreas beutiful and ancient lanscape