$550 HUGE KOREAN APARTMENT TOUR | Gyeonggido, Korea

so excited to finally show you around my apartment here in Gyeonggido!🌿💞

This apartment is brand new and has 4 bedrooms and 2 bathrooms 😍 However, we only pay about $550 USD per month because it's not a rental apt (Wolse), it's a Jeonse Apt! Jeonse is a type of large bank loan for housing that is very unique to Korea. We pay $550 to the bank each month instead of paying the apartment owner. It's a win-win situation because the apartment owner re-invests the money from our deposit (from the bank loan) to make a profit. A win for us because we pay WAY less per month than if we were renting this apt. Also, we'll get all of the money back that we are paying on the loan when we move out wtf 🤯 I know it sounds too good to be true lol but this video below explains how Jeonse works:

Explanation of Jeonse vs Renting (Pros and Cons)- https://www.youtube.com/watch?v=nG4hVF18Jz4

The deposit (percentage of the apt's jeonse price) you have to put down to get the loan depends on many different factors including: which bank you go to, your income, age and marital status, etc. So in order to not make things too long/complicated, I didn't go into depth in the video. But for anyone curious, we personally had to put down 10% of the apt's jeonse price (2.8억) as a deposit that we will get back in full when we move. 10% of the apt's jeonse price was approx $24,600 USD so that is how much of a deposit we put down and the bank covered the rest. The key money deposit for our last apt in Seoul was about $20,000 USD so we just transferred that over and had to come up with about $5k more from our savings to cover the %10. We pay approx $550 to the bank each month towards the loan 👍

hope u enjoyed today's video 🥰🥰🥰

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Видео $550 HUGE KOREAN APARTMENT TOUR | Gyeonggido, Korea канала DearSeoul