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Lease
period depends on the quality and size of the property.
High quality townhouse and individual house go up
to 3 years with small and modest apartment 1 year.
It is very difficult to obtain a lease of less than
1 year any shorter term. Utilities and management
charges are extra while government taxes assessed
upon the premises are at the landlord's account.
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| There
are three types of rental systems in Korea. One
is referred to as CHEONSE (Key Money) and
the others are WOLSE(Monthly Payment Rent)
and ADVANCE PAYMENT OF RENT . |
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| One half or
more of the value of the house is deposited
with the owner at once for the term of the
lease. There are no additional monthly payments.
This deposit is returned upon termination
of the lease. The landlord prepares the residence
for the renter and is responsible for major
maintenance and repairs. |
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| Ten to twenty
times the amount of the monthly rent is deposited
with the owner for the term of the lease,
and monthly rent is also paid to the owner.
The larger deposit, the smaller monthly payments.
The deposit is returned to the tenant upon
termination of the lease. The renter is fully
responsible for all maintenance and the cleanliness
of the residence at the end of the lease. |
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| This requires
advance payment of the monthly rent at a set
date every month for the entire lease term.
No deposit is required. This is the most popular
payment system with foreigners in expatriates
area of Korea like Itaewon, Hannam-dong and
Seongbuk-dong etc.. |
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| Type
of Rent |
Merits |
Dismerits |
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Key Money |
Refundable
and no additional payments during the lease
period |
Big
money should be deposited,
No renovation, No Repair
No gain any interest. |
| Monthly
Rent |
Refundable
of advanced down payment. |
Large
money should be deposited, beside the monthly
payment.
No renovation, No repair. |
Advance
Payment
of Rent |
Guarantee
of fully down payment
Possibly repair as tenants want
Early termination is possible
Refundable from left balance |
Advance
payment for the total monthly payment. |
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