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Real Estate in Tongyeong, Korea | Digital Nomad Exchange
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Real Estate in Tongyeong, Korea

By Betsy Burlingame

Last updated on Jul 15, 2024

Summary: People living in Tongyeong, Korea offer advice about real estate. How do you find a home in Tongyeong? Should you buy or rent? What is the cost of housing?

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How do I find a place to live in Tongyeong?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"Finding a place to live in Tongyeong, involves several steps. First, you need to decide on the type of accommodation you want. This could be an apartment, a house, or a studio, depending on your budget and needs. Next, you should research the different neighborhoods in Tongyeong to find one that suits your lifestyle and preferences. Some factors to consider include proximity to work or school, availability of amenities such as shops and restaurants, and the overall atmosphere of the neighborhood. Once you have a clear idea of what you're looking for, you can start your search. There are several online platforms where you can find listings for rental properties in Tongyeong, such as Naver Real Estate and Zigbang. These websites allow you to filter results based on your criteria, and they provide photos and detailed information about each property. In addition to online searches, you might also consider hiring a real estate agent. An agent can help you navigate the local rental market, arrange viewings, and negotiate with landlords. To find a reputable agent, you can ask for recommendations from friends or colleagues, or search online for reviews. When you find a property you're interested in, arrange a viewing to see it in person. This will give you a chance to check the condition of the property, ask questions, and get a feel for the neighborhood. Finally, once you've found a place you like, you'll need to sign a lease agreement. This will typically involve paying a deposit and possibly a broker's fee. Make sure to read the lease carefully and understand all the terms before signing. If you're not fluent in Korean, you might want to have a Korean-speaking friend or a professional translator help you with this step," said one expat in Tongyeong.

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What is a typical expat home or apartment like in Tongyeong?

"A typical expat home or apartment in Tongyeong, is usually modern and well-equipped with all the necessary amenities. These homes are often located in high-rise buildings, offering stunning views of the city or the sea. The apartments are usually compact, yet efficiently designed to maximize space. They often feature an open-plan living and dining area, a small but functional kitchen, one or two bedrooms, and a bathroom. The living area often has large windows, allowing plenty of natural light to flood in. The kitchen usually comes with built-in cabinets, a refrigerator, a stove, and sometimes a dishwasher. The bedrooms are typically cozy with built-in wardrobes. The bathroom often features modern fixtures with a shower area. Some apartments may also have a small balcony. The buildings often provide amenities such as a gym, a communal garden, and 24-hour security. The location of these homes is usually convenient, with easy access to public transportation, supermarkets, restaurants, and other local attractions," said one person in Tongyeong.

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What is the average cost of housing in Tongyeong?

If you are thinking about moving to Tongyeong, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The average cost of housing in Tongyeong can vary greatly depending on the type and size of the property. For instance, the cost of purchasing an apartment can range from affordable to quite expensive, while renting can also fluctuate based on location and amenities. As of recent data, it is generally observed that the cost of housing in Tongyeong is relatively lower compared to major cities like Seoul or Busan. However, it's always recommended to check the latest real estate listings for the most accurate information," remarked one member in Tongyeong.

Should I buy or rent a home in Tongyeong?

If you have not spent a lot of time in Tongyeong, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"The decision to buy or rent a home in Tongyeong, largely depends on your personal circumstances, financial situation, and long-term plans. If you plan to stay in Tongyeong for a long period, buying a home could be a good investment. Owning a property allows you to build equity over time and could potentially provide a return on investment if property values increase. On the other hand, renting might be a better option if you're not planning to stay in Tongyeong for a long time. Renting offers more flexibility, as you can move without the hassle of selling a property. It also doesn't require a large upfront cost like a down payment, and you won't be responsible for maintenance and repairs. Consider the cost of living, the real estate market, and your lifestyle preferences when making your decision. Consulting with a real estate professional or financial advisor could also be beneficial. They can provide you with a more detailed analysis based on your specific situation and the current market conditions in Tongyeong," explained one person living in Tongyeong, Korea.

About the Author

Betsy Burlingame Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.

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SJB Global is a top-rated financial advisory firm specializing in expat financial advice worldwide, offering retirement planning & tax-efficient solutions with a regressive fee model.
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