Buying a house in South Korea as a FOREIGNER! 🏠 [International Couple] 🇰🇷🇲🇳🇺🇸

Summary

Brandon and Sora, an international couple from the USA and Mongolia, document their journey of house hunting in South Korea. They explore various housing options, such as 'Wolsae,' 'Jeonsae,' and 'Maemae,' and discuss the financial implications and challenges of each. Throughout the video, they tour several properties, from spacious homes with unique layouts to smaller, budget-friendly options. Despite some humorous moments and frustrations, they reflect on the difficulty of making such a big investment. In the end, they invite viewers to share their opinions on the best house and suggest future video ideas.

Takeaways

• 😀 Brandon and Sora, a couple from the USA and Mongolia, share their house-hunting journey in South Korea.
• 😀 They are considering three main housing options: Wolsae (renting), Jeonsae (key money deposit), and Maemae (buying a house).
• 😀 Wolsae requires a $20,000 deposit and monthly rent, making it less appealing compared to other options.
• 😀 Jeonsae involves a large key money deposit (up to $300,000) with no rent, but requires paying interest on the loan from the bank.
• 😀 Maemae, the option they prefer, involves taking a loan to buy a house, where the only cost is paying interest to the bank while eventually owning the house.
• 😀 Brandon has an F-2 Visa, which allows him to take out a loan to buy property in South Korea.
• 😀 They are exploring houses in both Ilsan and Incheon, with Incheon offering more affordable options.
• 😀 House tours include both positive and negative experiences, such as poorly shaped rooms and small spaces in some houses.
• 😀 House Number Eight stands out with ample space, good lighting, and added amenities like a dishwasher and multiple shoe closets.
• 😀 The couple faces challenges in choosing a house due to the high cost and big investment, but they're optimistic about eventually finding the right one.
• 😀 The couple concludes their day with a humorous misunderstanding in a restaurant, reflecting the challenges of adjusting to regional dialects in South Korea.

Q & A

What are the three housing options Brandon and Sora are considering?

Brandon and Sora are considering three options: Wolsae (renting with a deposit), Jeonsae (a large deposit with interest payments instead of rent), and Maemae (buying a house with a loan and eventual ownership).

What is Wolsae and how does it work?

Wolsae is a rental option where you pay a key deposit (around $20,000) and monthly rent. The amount of rent depends on the location and size of the house.

How does Jeonsae differ from Wolsae?

Jeonsae requires a large key money deposit, ranging from $200,000 to $300,000 or more, depending on the house size. Instead of paying monthly rent, you pay interest on a loan taken from the bank.

What does Maemae involve?

Maemae is when you buy a house with a loan, which means you eventually own the house. You pay only the interest on the loan, and the house becomes your property after full payment.

What is the significance of the F-2 Visa for buying a house in South Korea?

The F-2 Visa allows foreigners to get a loan for buying a house in South Korea, similar to a green card in the USA. This makes it easier for Brandon, who holds this visa, to consider purchasing a home.

Why are Brandon and Sora considering buying a house rather than renting?

Brandon and Sora believe buying a house is a better long-term investment. Renting (whether through Wolsae or Jeonsae) involves ongoing payments, while buying a home means paying only the bank loan's interest and eventually owning the property.

What is the main challenge they face in their house-hunting journey?

The main challenge is the high cost of houses, particularly in areas like Ilsan, where the prices are much higher compared to Incheon. They also struggle with finding a house that meets their needs and budget.

What are some of the features Brandon and Sora are looking for in a house?

They are looking for houses with good lighting, spacious rooms, potential for a studio, and reasonable prices. They also prefer homes with a nice view and enough space for their activities.

What was Brandon's experience with the waitress at the restaurant?

Brandon misunderstood the waitress, thinking she told him to leave after he complained about the ribs being sold out. This led to a humorous situation where the waitress repeatedly apologized.

Why is the decision of buying a house particularly difficult for Brandon and Sora?

Buying a house is a major financial decision, and since it involves a significant investment, they want to make the right choice. The high costs and potential for wasting money make them hesitant, especially since they had missed an opportunity to buy a house the previous year.