Apartments for Cheap

Questions and Answers

Your Questions About Cheap Apartments Rent No Credit Check

January 27, 2013

Ken asks…

What advice would you give your child or grandchild about starting out on their own?

Mostly in a financial venue. Moreover, what advice would you give your child about parenting? Please enlighten me about what lessons and advice would you give your twenty-something-year old child or grandchild. I am 23 years old, and need all the advice and guidance you can graciously bestow. Thank you in advance.

Administrator answers:

Call me paranoid but before I would worry about finances or real estate etc I would warn a 23 year old that he should not trust anyone or at least be wary of evryone you meet. After working as a search and rescue volunteer for a missing 19 year old what can I say. There are so many people out there looking to take advantage of people- especially young people and the elderly.

Make sure the neighborhood you are moving to is relatively safe. You can check with the local police for crime statistics. Ask them about known predators in the area. You never know who lives next door and you don’t want to be making friends with someone you think you can trust who may just have gotten out of prison for a volient crime.

Don’t leave your doors unlocked and don’t open it to people you don’t know. I had a satelite tv guy come to our house in a rural area. He walked all around checking each room befoer starting the supposedly 149.00 installation. Before starting he told me it was going to cost 800.00. I said the company told us 149.00 He said it was becasue he had to do extra drilling and I could pay him cash to save money? I later found out he had a record a mile long. Just becasue someone works for the local cable compnay doesn’t mean they are ok. Some of these companies obviously don’t do background checks. About a week later six or eight men tried breaking in our house, I wonder who sent them?

It might sound silly bu safety includes things like watching where you park your car. Don’t park ina dimly lit area. If you see suspicious activity near your car turn and walk away. Carry an extra set of dummy keys. If someone asks you for your keys toss the dummy keys as far as you can and say if you can find them their yours. After he goes to look get away with your real keys. I hate to sound like a nag but there’s so much garbage out there and at your age you haven’t experienced much of it yet.

Watch out for dishonest sales people. Anything that sounds too good to be true is!

PS Now a few financial tips.

Don’t lease a car, it ends up costing you much more in the long run than you think in fees and besides you never finish making payments. Every two years you have to start making more payments.
Never take out the cheapest car insurance just because it’s cheap. If your policy limits are too low and you have a major accident or damage sevral cars or injure several people, you will be sued for whatever the insurance policy doesn’t cover.

Also try to pay your credit cards off every month. If that’s not possible pay as much as you can each month. Minimum payments means it will take you many years to pay off a relatively small amount and most of it will be interest.

When it comes to renting an apartment, get everything in writing. If you end up having to go to court for any reason you have proof of your agreement.

If you buy a house or condo never, never, never and did I say never take out an adjustable mortgage. There is only one direction that they adjust every year or two and it ain’t down!!!! When we bought our first little condominum in New jersey, our payment was about 375.00 per month with our 4.75 percent adjsutable loan; after three or four years it was close to 1,000.00 per month!!! Don’t listen to the fancy talk of the loan officer!

Set a budget by putting aside an envelope labeld rent, car loan, grocery shopping etc. Divide the monthly amount needed by the # of checks you get each month and put that amount in each one. At the end of the month you won’t have to worry where you’re going to get the money for your bills.

I usuallly shop in two or three grocery stores and buy the best deals in each store. Use coupons if you have the time. Always look at the unit price that is not the $3.99 amouont on a 1 oz. Jar of parsley but the $49.00 per pound price on the tag that’s on the shelf. That will tell you what you’re really paying for that item. Shop at a dicount store like BJ’s for things yiou will use a lot of like paper towels, toilet paper and soap

I think you’ll do fine. At least you thought enough to ask for advice!Hope that helps, Good Luck

Linda asks…

After applying for a private student loan for off campus housing does it take to get the money to pay for rent?

I am applying for a private student loan to pay for housing expenses associated with school. I recently applied for my loan and am starting school in Spring of 2010, how long will it take to get the money into my account so that I can pay the deposit and so forth?

Administrator answers:

Did you know you can use federal student loans for the exact same reason? The interest rates will be fixed and much cheaper and you won’t need a cosigner or need to pass a credit check.

Either way you go your loan money will be sent to the school and it will be used (if necessary) to pay any outstanding balance you have to the school for tuition and such. Then, the excess will be given to you (usually at least 2 weeks into the semester) sometimes even longer depending on how quickly you get your paperwork completed.

I got an apartment off campus when I went to grad school and saved up for the deposit and having the utilities turned on with money from my part time job. NEVER count on your fin aid being dispersed BEFORE school starts.

George asks…

what are the living expenses in south korea for 2010?

me and my friend are trying to see how much money we have to save up to go live in south korea. also the apartment renting system. thanks!

Administrator answers:

Jaymiae answer:
It depends on what method you choose. Here are the methods. Most Koreans live in apartments, there is really not enough space for houses usually they are only in the countryside.

Jeonsae- This is a form of renting in which you deposit a large sum of money before you move in. In Seoul you are looking at anywhere between 50-200 million won in the cheaper areas. About $50-200,000 USD. This is almost unrealistic for most foreigners without a credit history in Korea. After the term of the lease is up (usually 2 years for the Jeonsae method) the owners of the house or apartment will deposit the full amount you paid beforehand. This is a great way to save money and over 50% of Koreans in Seoul do this. You are responsible to pay for the utilities and the apartments are usually unfurnished. There is also something called a Gwa-li-bi, which you pay depending on the size of the house. Korean apartments and houses are measured in Pyong. 1 pyong = 3.3 square meters You can pay Jeonsae for any kind of apartment or house. Ranging from a one room to a full size.

Wolsea- The next method is of course monthly rent as we are familiar with in the west. The deposit depends on the type and size of the apartment/house/officetel. In most areas of Seoul the deposit is between 1 million and 10 million won. The monthly rent is based on how much you can deposit before the lease is signed. Basically the more you can give the less monthly rent you have to pay. From what I’ve experienced in Seoul if your looking for a cheaper place you could pay 1 million down and around 500,000 won per month. $1,000 USD and $500 USD respectively. (of course if you deposit more you can get the rent payment down a lot. If you gave them 5 million won they’d probably drop the rent down to 200 or 250. Of course you will get the deposit back providing that there is no damage to the house of any sort. Korean landlords can be quite stingy, so don’t give them any reason to not give your deposit back.

Ju-tek

These are small one room apartments which only require a small deposit around $250 and the rent is about the same. They are for short term leases, usually around 3-6 months. Usually the apartment size is 6-8 pyong. Around 20 square meters.

Buy

If you have loads of cash, I’m talking at least $500,000 USD you could buy an apartment. A house would run into around $2,000,000 USD.

There are several types of housing available in Korea

Apartments- The most common among Koreans, however not for foreigners because as I said they are so expensive. Range from 24 pyong up to 96 pyong.

Villas- Most common among foriegners. Usually 2-3 rooms. Somewhat furnished. From 10 pyong to 33 pyong.

Officetels- These are becoming quite popular. Usually attached to some sort of shopping center. They can be used for home and office. There are a lot of built in appliances. Usually always in the center of the action. Range from 12-50 pyong. A little more expensive but worth it.

One room- As described in “Ju-tek”

Goshiwon- Super small room. Usually used for studying by high school students.

You can check out many of these houses when you arrive here by visiting your local BU DONG SAN. Which is a rental office. There is one on almost every street corner in Seoul.

Expat answer:
I noticed the other post did not give the cost of renting a “house” as you requested. If you are interested in a house rather than one of the various forms of apartments, you will pay a minimum of $5,000 US per month for anything close to decent. I have friends paying (or their employers are paying) the equivalent of $20,000 US per month ! A western style house in Seoul, with a small garden is very very expensive. Check out www.nicerent.com – homes are listed in Won – Korean currency but for the sake of argument you can assume that 1,000,000 won is equivalent to about $1000 US.

You Kyoung-min answer:
The house types in Korea are different from your country.
Classified as follows by construction law
1. Dan-Dok Ju-Taek (Individual House)
Dan-Dok means Single or Independent. Ju-Taek means House.
This house type is for single family. The net space of house itself and the total land space must not exceed 100 pyeong and 200 pyeong, respectively. Otherwise, it is subject to heavy Tax. (pyeong = 3.3 square m)
2. Apartment
This house type is very much popular in Korea. Most of the convenient facilities such as hospitals, schools, municipal offices, department stores, etc are located nearby apartment.
3. Da Ga-Gu Ju-Taek
Da means many. Ga-Gu means household.
The so-called Villa in foreign countries is Da Ga-Gu Ju-Taek in Korea. There is no name, called “Villa” in Korea.
4. Yeon-Lip Ju-Taek
Yeonlip means “together”.
This house type is between apartment and Da Ga-Gu Ju-Taek. This house type is allowed to have up to 4 stories and more than 20 households.
Separate property right is allowed to register by individual household.
5. Officetel
It is Office + Hotel.
Actually it is not classified as one of house types in Korea by law. It is for business purpose and not allowed to have a family life there in principle.
However, in reality, many single corporate staffs, office ladies and graduated students live there, because of convenient, good security and privacy.
Further, Officetel is normally located downtown in the places having a good transportation and entertainment facilities.
6. Oneroom (studios)
Actually it is not classified as one of house types in Korea by law.
If there are 1 room in Dan-Dok Ju-Taek, Da Ga-Gu Ju-Taek, Yeon-Lip Ju-Taek, officetel. It is said one room. Some times officetel one rooms said officetel. One rooms have a bathroom and kitchen area. Some one room has fully furnished(more high price). Because many student, unmarried people rent one room.
This is a kind of one-room flat with less than 5 stories and a parking lot. College vicinities such as Sinchon and Sirloin-dong are the areas where you will find this type of apartment

Rental System in Korea is followed.
1. Jeon-Se : It started from bank interest high age.
70% of the house rental in Korea is on Jeon-se basis.
If the sale price of the house is 100, the Jeon-Se amount is normally around 60~80% of the sale price.
2. Wol-Se
It is the combination of Jeon-Se and monthly Rental in foreign countries.
In this case, around 20% of the sale price is to be paid as the deposit (security), which will be paid back when the lease contract is expired.
Certain amount is paid every month as a monthly rental charge.
3. Kalse (all prepaid rent )
This is only for foreigner.
It requires advance payment of the total monthly rental for the entire lease period.
The contract is usually for 2-3 years.
There is nothing left when the lease contract is expired.
However, this is most common method of payment by foreign nationals who are to live in Korea for a certain period.

Donald asks…

will i be provided financial aid for my housing, if i decide to live offcampus?

i am thinking about living with a roomate in an apt. near my school, but i don’t know if i would be provided with financial aid for my housing if i do that as oppose to living in the school’s dorms?

Administrator answers:

You will probably not have enough to cover the full amount of the expenses when living off-campus, unless you choose to live cheaply (no cable, several roommates, cheap rent, keep utility bills low, etc). It depends on if the school includes off-campus living expenses in their cost of attendance. Plus, remember that you will not receive any refund money until after the semester has started – so, you’ll need money up front for the deposit and first and (possibly) second month’s rent and utility payments. Depending on the costs of rent, utilities, insurance, transportation, what you spend on food, household items, cable, and your other personal expenses – a part-time job may provide you with the income you need to support yourself.

Keep in mind, that most landlords will not rent an apartment to you unless you have steady income coming in (from employment not financial aid) and a credit check is often required as well (or a cosigner with good credit).

Lisa asks…

Could I get a cheap aparment without credit if I payed deposit + 2 months ahead?

Would this work in some apartments?

Administrator answers:

Most places only require a months rent and 1 months rent for deposit. I have rented an apartment twice now and only had to pay the deposit and 1 months rent. Most places will do a background check and need some references, but other than that you should be fine.

Mandy asks…

Renting out my home so I can rent an apartment…will I have to add the rent I recieve as part of my income?

I want to live in the city for about 5 years until I’m older and move back into the house (out in the country) later on… Feel free to leave me with other remarks to think about as I have not rented a home before…thx

Administrator answers:

Yes, it’s income. But you can deduct business expenses now, so on paper you won’t actually be making a profit, so therefore no taxes on rent deposits. Keep receips and track of anything that can be considered as a business expenses, such as travel (mileage, keep a journal), meals (i.e. Dinner/lunch business meetings) anything you buy to improve the home (paint, plants, hardware, etc.), marketing costs.

Check out landlord tips, articles, resources at mrlandlord.com. Make sure to at least browse the section on “Legal Assistance”, and “landlord tenant laws”

Be very careful about renting to the right tenants. Run their credit, check for criminal convictions, verify their employment (by calling their employee to verify income, length of employement, employment likely to continue?), rental history (call previous landlords to find out if they paid on time). You can do all this separately by yourself for real cheap or have an online screening service do it for a fee. Google search “tenant screening services” and check out different websites and pick one.

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