Types of Accommodations in South Korea

The standard of accommodation in South Korea is high, although living spaces are extremely small by Western standards. Rental accommodation in South Korea generally falls into three categories, namely houses, villas or apartments. Houses are difficult to find and are usually expensive. Villas are buildings with up to five story's that typically contain up to 10 individual units. Apartments are contained in the high-rise buildings that dominate the skyline of every South Korean city.

While house and villa interiors can vary, South Korean apartments often follow the simple formula of a single bedroom, bathroom and kitchenette.

Underfloor heating (ondol) is a great bonus, and most modern apartments have air conditioning in at least one of the rooms. The lack of privacy in apartment buildings due to the closeness of the apartments is probably the one aspect of Korean housing that expats will have the most trouble adjusting to.

Another aspect foreigners will have to wrap their heads around in the fact that Korean bathrooms typically don't have a separate shower. Instead, the tap over the bathroom sink would have a hand shower attached to it. This essentially turns the whole bathroom into a shower. Koreans also have special shoes they leave outside the bathroom to put on when going into the bathroom to avoid getting their socks wet

Finding Accommodations

The best way of finding a rental is word of mouth via other retirees and friends in communities. The next very close best thing is to search through online property portals and social media groups. Real estate agencies are also common in most South Korean neighborhoods, with some agencies specializing in the expat market. Agency rates for securing a lease are typically up to one percent of the annual rent cost. 

Jeonse vs Wolse Renting Accommodations

Furnished vs Unfurnished
Apartments can be found fully furnished, such as the newer places built around USAG Humphreys, but many apartments only come with kitchen appliances such as a refrigerator. This is something retirees will need to decide on beforehand.

Deposits
Jeonse or 'key money' is a lump-sum deposit given to a landlord by the tenant. The deposit typically ranges between 60 to 80 percent of the unit's sale price. In return, the tenant does not pay any monthly rent and the deposit is fully refunded at the end of the contract period.  It is a uniquely South Korean function.  Owners are more forthcoming with jeonse agreements in times of high-interest rates, as they invest the tenant's key money in order to turn a profit on the rental.

Leases
Standard leases in South Korea typically last for a year. The tenant has to give at least three months' notice if they want to move out of the apartment before their lease ends. Alternatively, many retirees sign a lease on a wolse, which is monthly rental,) basis. Wolse rentals are more similar to Western rental practices, and tenants will usually have to pay a deposit equal to two months' rent, with tenants making fairly high monthly rental payments.

Utilities
Tenants will almost certainly be responsible for their own monthly gas, electricity and internet bills. Generally, utilities in South Korea are affordable. Gas can be quite expensive – so it's important to monitor heating costs during winter. Bills are easy to pay via bank transfer at the bank, ATM or through a mobile app. It's even possible to pay some bills at convenience stores.

Bins and Recycling
South Korea’s waste management system is highly organized and efficient. Food waste, recyclables, non-recyclables and large objects are all disposed of separately. There are high penalties for those who do not comply with the system.  Though there isn’t a monthly fee for garbage removal, it's important to buy the correct garbage bags from the local grocery store, well at least you're suppose to. These garbage bags are color coded according to the waste category and district. In some areas, especially around Seoul, collectors won’t accept incorrect bags, however, around the Osan and Humphreys areas it is widely known that any bags will do.  Just put them in the correct container.  Most apartments have a designated disposal area with communal bins. Smaller buildings may not have a designated area. In these cases, garbage bags should be left outside the building between specific hours on designated days.

Buying Property & Homes

Foreign residents in South Korea can buy property and houses in South Korea. It's not a difficult process, but as you would expect, prices are crazy high, so much so purchasing property as an investment to sell later and make profit is not anything a retiree should look for. Mortgages are difficult for most people to obtain, as they will need to be able to put down a large deposit on the property to even be considered for one. A common question asked is "can I get a Navy Federal Credit Union loan to purchase a house"? The answer is No. NFCU does not do housing loans for overseas properties.

As a foreigner the following documentation is generally needed in order to purchase, although current rules and regulations should be investigated at the time you might decide to do this:

• Korea Residence Card (what used to called  Alien Registration Card)
• Documents confirming the sale (a sealed, written contract.
• Registration application
• Property registration certificate
• Authenticating documents 

Serviced Apartments and Suites (normally in Seoul)

These are a good option for staying in Seoul for a short amount of time. They are usually furnished and offer services like cleaning and a foyer concierge, and amenities such as a swimming pool and gym. But, they are usually very expensive compared to non-serviced apartments.

A simple website search will find you many options, such as this example from Bookings.com https://www.booking.com/aparthotels/city/kr/seoul.html

Osan Area Community Directory

by Sarah Reeves

This directory is a large list of websites and Facebook pages of Osan AB and the surrounding area.  On page 2 is a list of Osan Area Realtors.  This is a dynamic document, always changing and being updated.  There is a link at the bottom of the document for you to submit a recommended Group or Page,

Renters Insurance

Protect yourself and your personal property (household goods, etc.). Renters insurance may be the most overlooked asset by residents! Landlords have insurance, but only for their buildings; Landlords are not responsible for protecting the renter’s personal property, and the U.S. government does not provide or take responsibility for personal property insurance.  It is strongly encouraged to secure personal property insurance for your protection.

Renters Insurance, also known as Home Contents Insurance, is available for expats living in Korea.  It is not common to purchase, but there do appear to be a lot of insurance companies out there offering.  There are usually two coverage options:

• All Risks: also known as Personal Property floater and provides coverage for ordinary household contents such as furniture, clothing, books, etc. whose individual value is less than U.S. $500.00. It also covers valuable items such as jewelry, antiques, fine art, silverware, cameras, etc.
• More Limited, Fire and Perils

A few examples of insurance companies that might help include the below, although this IS NOT an endorsement of any company. Doing a web search will help.

Chartis: http://www.chartisinsurance.com/_804_200211.html
Ace Rent: http://www.acerent.net/insurance/home_property.php
Ace Group: http://www.acegroup.com/ACE-Worldwide/Korea.html

Helpful Housing Links

• Osan Area Community Directory by Sarah Reeves
• "DMZ To The Sea" a PDF file on living in Korea, tailored for PSC military personnel, but still a good resource
• "Osan AB Realtor, Seven Realty" Facebook page
• Humphreys Realty Google search results with map
• Search Facebook for Camp Humphreys Housing https://www.facebook.com/search/top?q=camp%20humphreys%20housing
• Search Facebook for Camp Walker Realty https://www.facebook.com/search/top?q=camp%20walker%20realty