 Jeonse Contracts
This is a contract method that requires nothing but a security deposit to lease the property for a fixed contract period. A typical deposit amount for a residential contract is about 50%-70% of the property value, but it varies by property and neighborhood. There is a risk that trouble may arise in regards to the full deposit being returned after completing the terms of the contract. In this case, please contact the reliable staff at HOMES Navi.
Wolse Contracts
The method use by many foreigners in Korea, a set security deposit is paid to the landlord followed by paying monthly rent, very similar in form to a traditional rental agreement. For apartments, the deposit commonly ranges from 50 million to 100 million won, and villas range from 10 million to 20 million won. The price of rent varies depending on the location, options, year a property was built, etc.
Rent Contracts
This method allows the rent for the length of the contract to be paid upfront, in a one-lump sum, without paying a security deposit. With no risk involved in getting back a deposit, many foreign residents in the Ichon and Itaewon areas use this contract method. Fully furnished, short-term options are sometimes available.
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