As his contract of 250 million won house in Jeonse (lump-sum deposit for rental) is about to terminate, Mr. Kim is wondering how to cope with the owner’s demand for another 100 million won. Mr. Kim would love to purchase his own house as his daughter is going to enter a primary school. He knows, however, it wouldn’t be that simple to buy a house on financial grounds such as the property acquisition tax and repayment of loans. Above all, it is just not easy for him finding time to go look for a house on sale since both of him and his wife work full time.
Mr. Kim finally managed to find a solution through his colleague Mr. Seo. He said Mr. Kim would not worry about finding a house anymore, showing him “My Home Planner” provided by the Korea Appraisal Board (KAB), on his computer.
Tapping data such as his asset, household income, desired location, type and size of house on the website of KAB, Mr. Kim had proper search result. The program automatically calculated costs as property taxes, rental fees, maintenance costs, Jeonse, quasi-Jeonse, and Wolse (monthly rent) when clicking on each of the result.
The service also computed all the costs as prospective brokerage fees, moving expenses, transaction costs, acquisition and registration expenses.
Data on recent real estate transactions can serve as a guideline of whether the prices of houses you intend on buying are a good fit or not. You can also obtain useful tips on financial products through the service.
Through the map on the website, Mr. Kim could search through amenities such as banks, hospitals, schools, supermarkets, and subway stations. And he finally chose to buy a new house rather than jeonse, in which case buying a house was slightly more expensive in monthly living costs. But as he signed a contract with real estate agent, lifetime dream of owning his own house came true.
The Mr. Kim also recommended the My Home Planner service to one of his co-workers, who has recently received announcement for job transfers to different area.
Last August, KAB launched a project to offer the mobile service customized to meet the public’s real-life real estate needs. After the nationwide survey participated by approximately 1,000 respondents, KAB decided to develop a customized home planning service providing customized solution for individual needs, situations, and housing types. The My Home Planner service made its debut this past February.
In the past, KAB has provided practical information on real estate market prices, real transaction prices, publicly notified prices and maintenance prices. But the customized planning service enabled board to actually meet the public’s needs by integrating and managing all real estate information, together with commercial bank’s financial information and real estate properties.
The service is limited only to lot-sold apartments with a given size or more. But KAB plans to expand its service to cover public rental houses, row houses and multi-family homes in the future. The board also plans on supporting the government’s establishment of real estate policies based on big data for residence preference.
KAB official explained that “My Home Planner”service is customized tool that recommends housing options for people to easily locate buying options for jeonse or wolse after checking out various amenities for decision making. It is a great real estate tool for people today”.
Anyone can have free access to "My home Planner" service by clicking through KAB website or Market Information App.
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An app on information about real estate price movements, opened by the Korea Appraisal Board.
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