Trying to buy a house in Seoul but it’s too expensive for them to afford [Part 3] | K-DOC 

He is smart? So she is not??? He has no job and she is the bread winner. He should be quiet and let her handle everything because she pays the bills. Looks like a freeloader. "Freelancer"="Freeloader"

@@csmith2321 Yes very smart, he now has free housing, a hot chick to bang every night. That's pretty smart if you ask me.

@@csmith2321 I could say a few words in my native tongue (state) but wont. they both have their fetishes....they both probably married for looks, personality (then..) charm....height (matters)....and of course, what society think its cool.....wait til they start making kids.....BOTH will have to WORK HARD!!!!

@@csmith2321 he does make money... he works with multiple companies and has many credits as a concept designer already, especially for his age. I don’t know what it’s like where you live, but I know many freelancers that make 3-10k a month here in media and the arts?

@@csmith2321 i've seen freelancers having a better life than those stuck at a company afraid to to quit or dying of overwork. if i were you i wouldn't judge because you don't know.

Agreed!

That’s the great tip in life

Especially the apartment’s toilet! Gotta check the water pressure, it’s very important in Korea.

@@KiMuse what is with toilets in Korea? xD

I just bought a condo I was renting for 2 years. Liked it, liked the neighbourhood, all tested, no surprises. Feel so lucky the owner was willing to sell and for a fair price.

For the couples that are openlu arguing with each other all the time, they might be together just due to family pressure to get married by a certain age, getting with the first person you see, only to realize that you're both incompatible with one another, etc.

That’s because this is a young newlywed couple, fresh of their honeymoon. Couples don’t tend to argue in this stage of marriage.

@@quadlegsxxxxx Actually 95 of couples I see, do!

You're probably young. That's what life is like long-term. Not everything is roses and rainbows all the time and there are hardships throughout. It's more important how you deal with those hardships together.

@@sociolocomtsac Yes of course, but it shouldn't be all doom and gloom, devoid of love, either. Which is what I've observed.

Yeah his wife shouldn’t have said sorry you have to check everything when you sign a housing contract

Yeah true, especially these days there’re lots of small parts in the contracts the owner wants to deceive you, being careful ain’t redundant

You promote this guy has some Angel. Do you have any shame? He should SHUT up. He has no job and she is the bread winner. He says he is a freelancer. "Freelancer"="Freeloader". This guy knows Korean and he won't EVEN teach ENglish at a Hagwon but whines about bills etc.

You do realize this is a TV program that shows only a small edited sliced of their life? You don't know what goes on behind closed doors.

@@capmidnite Ofcourse I know, but the overall vibe of the whole family dynamics leaves with with gut feeling of long term happiness.

@@capmidnite I know! People are so naive. The guy seems like a freeloader. He should be teaching English or something rather saying "I HAVE NO JOB"

@@csmith2321 yes father in law crying from happiness is definetly a bad sign lol

@@csmith2321 he does have job. He is a freelancer. At the time of filming this video, he was working with two companies. He designs games

You watch too many Kdrama. This relationship wont last when bills pile up and they have a baby. This guy is fluent in Korean but doesn't even bother to work. He can teach but does nothing. He is pathetic. Other foreign guys on kdoc work hard but this guy is a moocher.

wait til they reach 70 (not jealous.....a fact!).....lots of men like him will eventually get bored (remember....they will be looking at each other 24/7) and eventually, not see him or her as attractive as usual.....especially when men want to have sex and the wives say "no".......then he will go out to bars and massage parlors or even pay a hooker just to "release himself".

He has no job and she is the bread winner. He says he is a freelancer. "Freelancer"="Freeloader". This guy knows Korean and he won't EVEN teach ENglish at a Hagwon but whines about bills etc.

@@csmith2321 So he has done well. No work, still have hot chick to bang every night and it's all for free even the housing. You jelly?

@@csmith2321 Huh!? Did you even watch all 3 episodes? The "freeloader" you're talking about works 14 hours a day from home for two American companies. Before you judge people you should pay more attention and take better notes 😉

@@shaniqueir6096 Are you brainwashed? He barely makes any money. He is a freeloader while his wife works hard. 14 hour at home! Hahaha! You mean playing video games while his wife is out at work then when she comes he starts to work. What loser makes 1k per month in Korea if he knows English? He can get a job easily teaching English or Tutor. You need serious help to defend this freeloader. Setup a gofundme for him. His poor wife is busting her ass for this deadbeat. Plus he is clueless? "He tells his friends "Oh I have 300k, I am looking for a house in Seoul!" hahaha

hahaha I bet you’ll be speaking Korean in no time!! 😆

​@@k-doc467 You promote this guy has some Angel. Do you have any shame? Oh I forgot he is a foreigner. He has no job and she is the bread winner. He says he is a freelancer. "Freelancer"="Freeloader". This guy knows Korean and he won't EVEN teach ENglish at a Hagwon but whines about bills etc.

@@csmith2321 chill

@@csmith2321 not everyone's good at teaching.

​@@csmith2321 😳😳😳😳😳 you speak alot

You watch too many Kdrama. This relationship wont last when bills pile up and they have a baby. This guy is fluent in Korean but doesn't even bother to work. He can teach but does nothing. He is pathetic. Other foreign guys on kdoc work hard but this guy is a moocher.

You thought Seoul was expensive, check out Australia's housing market price. We're in the top of most expensive housing in the world LOL. might have to move to Korea to buy a house at this rate

@@trcs3079 K

@@trcs3079 idk man, the average apartment in Seoul (about 85m2) is now above 1.2 million USD. Where I live it's about 1.5 million USD. Houses in Seoul are not for regular people 😂 Maybe Australia is the top in terms of raised prices in percentage 🤷🏻‍♂️

Oh god. I’m visiting Seoul for a month this summer. I have no idea how much it’ll cost to rent out a house..

@@thanGacao a shed in Sydney near the cbd would cost 3 million USD

Not the racist ones. Have you have all the K Doc videos? They are racist toward south Asians and blacks etc. It's kind of funny. The people they are racist too are millions times better looking then those losers.

Amazing place and absolutely friendly people 👍🙂

He has no job and she is the bread winner. He says he is a freelancer. That's adorable? "Freelancer"="Freeloader". This guy knows Korean and he won't EVEN teach ENglish at a Hagwon but whines about bills etc.

Why is it "unethical?" What code of morality says it is "unethical" to hope that property one owns whether it is a house or stocks or Bitcoin appreciates and one can sell it later for a higher price?

@@BK-tp6jf My sister says the housing in Canada is just insane. It's borderline impossible to own a home even with a decent income. It's becoming the same here in the States except in the midwest, The coastal states are just ludicrous.

Whaaaaaaat 🤯🤯

And to think about that apartments in Seoul nowaways are at least 1 or 2 million USD if u want to buy. This guy didn't even buy it but leased it with a 400k deposit.

I think it is leasing not buying. Check 5:54

I'm a Dutchman living in Korea and yea this system that this couple is doing is unique to Korea. They're basically putting down a huge deposit (around 50-70% of property value) but not paying rent. It also means that they don't own the house and after a year or 2, depending on the contract, they either renew the contract or move one to a different house. It's called Jeonse and it sounds okayish but the house owner can increase the deposit after its renewal by 4% or so and in the end you don't own anything and can't really change anything in the house.

@@thanGacao but you pay interest on the loan anyway.

@@kristinesharp6286 ye but with that 2% interest rate the cost of taking the loan isn't that much. it's affordable. it's cheaper than rentring for sure. jeonse is the way in korea. buying is too expensive and renting is also crazy insane expensive. so the only option is to take a jeonse. the way i did is that i live3d in a goshiwon when i first came. then found a jonse and moved in there.

@@thanGacao so that loan goes towards the rent payment as if it was rent (is the 'rent' then cheaper?). At 50-70% of the cost of a home, why not just take the next step and buy it.

loll true

Lmao

for now...............

Eventually it will end up with some sort of wealth distribution, either peacefully or by conflict. -Day dalio

Swede is saver? BECAUSE the fool doesn't work. He works from home. This relationship wont last when bills pile up and they have a baby. This guy is fluent in Korean but doesn't even bother to work. He can teach but does nothing. He is pathetic. Other foreign guys on kdoc work hard but this guy is a moocher.

i think it was a rent 5:54

they didn't buy the house, signed the jeonse contract and got a loan against the jeonse contract.

@@angelsis2222 there is no rent. They are paying $70 interest payment on the Jeonse loan. They are also putting saved money toward the Jeonse (down payment they get back). The loan is only for a year or two. As is the contract for the unit. There is a program for Seoul newlyweds for them to get a low interest rate.

@@kristinesharp6286 so, the place is still being rented for a year a bank loan for the building owner's guarantee, or a rent to own contract?

@@danielblue4460 the couple who will reside in the property is getting a loan from a pay to give the landlord a deposit they give in exchange for living rent free in the property for a year. In a year they will renegotiate. So basically people with surplus properties make people take out loans to give them huge sums of cash to invest rent free in exchange for living there and in return the renter gets the entire deposit back at the end of the term where the renter has to either stay under the terms the landlord places on the next years contract or find a new property with favorable terms. So a couple wants a Jeonse loan for a studio apartment. It is worth 300K. The landlord wants a Jeonse contract amount of 200K. The couple saved 100K. Takes out a loan for 100K. They give 200K to the landlord. The couple also pays maintenance fees on the place like utilities. In a year the contract is over and they can move and get back the 200K. They give the bank back 100K and are only out $840 for interest payments. They then look for a new place to rent or buy. Maybe the current landlord will enter into a new contract with them for 208K and then have to come with another 8K either from what they saved that year or maybe the bank will loan them 108K instead of the 100K? The trouble is with prices increasing the landlord for a similar place may want 300K cause the property is worth 400K. Can they get another 100K loan? Even though there are laws about how much the current landlord can increase the amount, that does not always work in reality. Some landlords are turning away from Jeonse and moving to a large refundable down payment plus monthly rent system. So maybe the next time the landlord will rent that 300K place instead of wanting 200K Jeonse since their property might have jumped in value to 400K they may instead with the next renter want a large down payment and monthly rent as well. 200K and 300 a month. That way they will make more money than just the interest off the 200K they invested short term. They may use the next renters 200K deposit to repay the first renter their 200K Jeonse. But say the gov let’s apartments fall. The landlord won’t be able to get 200K lump sum from the next renter. This is why prices will never be allowed to fall short term. In the US a home worth 250K at purchase may be worth 300K 5 years later but then drop to 240K year 6 and stay down for 8 years. These corrections are no big deal with people staying in properties longer. The corrections allow for young people to afford again.

if u canr afford to pay rent dont take out a loan god sakes, this is a disaster, now hes going to get into debt,

It's not rent, but a deposit. See other comments about the jeonse system.

I assume they'll stay in the apartment until the loan is paid back.

@@arlynchen4394 what if it’s never paid back and the landlord bankrupts? I read the apartment can be sold but that’s still a headache,

@@nadred5396 it is guaranteed and refundable by the gevernment.thats how it works

@@tommypop2139 I don’t understand so you get to rent the place for free? If I give the landlord $200,000 and she gives it back to me after, then I pay nothing

@@AltaicPride01 I think that’s a lot for a studio, no?

Because korea government house law ^^

1.4%interest but the house is so expensive than to ur country.. So maybe it's fair

@@taelian3233 I live in the Bay Area. My house is 650k which is at a lower value I put down 20% that 130k cash. With 850 plus credit score my apr still at 3.5 and that is the lowest at the time of purchase.

From the video they borrow 100k and they were looking at property for under 400k. It is not about the cost of property it is the law in place. Korea has an overall better law for many things.

@@user-uy8pd1cl3r yes 🙌

this channel is promoting wmaf lol

They have a channel called hada

@@FrederikEngelmand Ah, thanks for the info!

my friend bought a house in niagara falls canada 2 years ago for 300k now its worth 700k , not bad ? well bad for 20-30 years old,

i live in Seattle. lots of chinese now buying in Seattle now too. prices have gone up 40% in 2 years.

@@1MinuteFlipDoc exactly why now Canada is not allowing foreign nationals to purchase property and selling it at high prices. The epidemic is unreal. You need to be earning atleast 1 to 1.5 mil just to afford a home.

They mention 억 which is the equivalent to 100,000,000 won. So when they speak Korean and say 5억 (500 million won) the translation puts 500k. That’s not the exchange rate of today and it would be more like 410,214 dollars. That’s for a deposit on a villa. A villa is not the whole property but like an apartment in a short story building usually without an elevator, rather than a high story building with an elevator and a guard etc.

@@lemonlin89 Thanks!

@@christer8964 No problem!

I live in Texas and houses here are like 500-700k, and you pay 15k a year on property taxes

Seoul, like tokyo or shanghai, is expensive. Like most East Asian metropolitan cities

I think because of the size of country.. It's small but lot of people living in.. Thats why house is expensive..

@@taelian3233 but also people buy these as investments and not actually living in them

Oh boy... is it serious?? It's simple, just read the description... Trying to buy a house in Seoul, but it's too expensive for them to pay [Part 3] | K-DOC

Basically someone owns a spare property. They rent it out in a Jeonse contract. So the price stays a year or 2 and then the contract is renegotiated. The person wanting to live there comes up with 100K. It could be through a Jeonse loan or cause they saved that much. The landlord gets the 100K and invests the money and keeps the interest. The person pays nothing in monthly rent. The person at the end of contract gets their 100K back and leaves. Basically it’s making someone else get a loan to live in the property for free so the landlord can invest using someone else’s money. This is why the price going up 50% in 4 years is considered good news in Korea and house prices falling .2% in a quarter disaster. 2 years later the person may have to come up with 150K loan to stay or have to move to another place that maybe they like maybe not. It’s lunacy. It’s built on irrational growth that can not be sustained cause Korea is not an emerging economy but now a developed economy.

The $70 is the monthly interest they pay on the 100K loan for a year. There is a problem to help newly married in Seoul afford stuff to maybe have a baby… birth rate terrible.

Wow. This is insane!!. What happen 100k investment become $50k in 2 years. say market downturn. How can landlord return deposit? Or is the deposit held by the government with some guaranteed return.?

@@obfuscato1090 the landlord has to have a bit of equity in the property. That is why a property going down almost any percent is bad. Cause the landlord will have to come up with the difference. A person can continue to live there if they are not given the deposit back. But usually the next tenant provides a ridiculous deposit and then the first tenant gets their deposit back that way. Or the landlord will say to the tenant I’ll continue to keep the 100K for the next year. If you add another 5K you stay in the property another year. That way they don’t have to move, the landlord does not have to return anything. Of course the tenant may see they can get a property for 80K Jeonse and decide to move. Of course if property market goes nuts after a 2 year the tenant may be scrambling to come up with large sums to just stay in the place. It’s no way to live. In theory they are paying a tiny bit off the principal of the Jeonse loan and saving money during the 2 years, interest is far less than renting month to month. The couple may have paid off a few thousand in the Jeonse loan and not have that monthly rent they may have saved another 12K that year so the tenant is often ahead. Just not ahead for the large growths in the market. But the gov will never let the housing market correct itself. The 100K place being 80K when it is time to renew is just crazy imagination. If it doesn’t correct young people delay marriage not being able to buy. The groom’s family often provides the house and the bride’s all the appliances and furniture and household goods. What makes no sense is why people have to live in Seoul so bad. It’s like everyone in NY thinking they need to live in Manhattan. Then they wonder why not enough people marry or have kids? It makes no sense they only qualified for 100K. It seems they are not including him in the earnings. Most men in Korea have 2 years mandatory military and 4 years of college and according to Korean age system they are 26 by the time they are able to get a full time job. Then they have to save up for a down payment on a loan.

Wow. This is really good info. Thanks a lot. It all sound like a big ponzi scheme to me. I mean bigger ponzi than flipping houses here in Aus.