Buying My First Apartment as a Developer
How a 5-year developer bought a place on the outskirts of Seoul, and the honest feelings that came with it
It Started 3 Months Before My Lease Expired
My jeonse lease (a Korean rental system where you deposit a large lump sum instead of paying monthly rent) was up in March. The deposit was about $165,000. My landlord wanted an additional $36,000. But I only had about $12,300 in extra savings. (Exactly $12,330. The fact that I remember down to the hundreds is a little sad.)
That's when I started browsing listings. "If I'm putting up this much money, wouldn't buying make more sense?"
The Budget Math Hit Hard
Annual salary around $41,000. Monthly take-home about $2,770. Ran the mortgage calculator. Under Korea's DSR (Debt Service Ratio) rules capping payments at 40% of income, I qualified for about $193,000 in mortgage. Combined with my savings of $177,000, my total budget was around $370,000.
A $370K apartment in Seoul. Options were limited. Mostly older units in the northern districts. Initially I thought "anywhere in Seoul is fine," but once I started visiting places, standards started forming.
I Opened Real Estate Apps 47 Times a Day
Zigbang, Naver Real Estate, Hogangnono -- Korea's main property apps. I checked them on the subway, during lunch, between code reviews. (I think my team lead noticed.)
I visited 12 places over three weeks. But the ones I liked exceeded my budget, and the ones within budget always had something off. Bathroom too cramped, 15+ minute walk from the station, ground floor with moisture issues.
I Went with a 75-Square-Meter Unit in Nowon
About $347,000. Built in 2003. Eight-minute walk from a subway station. I decided to live with the small bathroom. Took out a $172,000 mortgage. Monthly payment: $810. That's 29.2% of my salary.
My hand shook a little while signing. The number $172,000 suddenly felt very real. Thirty years to pay it off. (In thirty years I'll be in my 60s. I couldn't picture that version of me.)
What Changed After Moving In
Honestly, the positives are significant. The money that used to go toward lease interest now goes to principal repayment. It feels like building actual equity. Being able to hammer nails into the wall whenever I want is surprisingly liberating.
But living expenses got tight. Monthly payment of $810, plus $130 in maintenance fees, plus repairs. First month: faucet replacement $57, boiler inspection $86, I did the wallpapering myself but materials cost $243. Unexpected expenses kept appearing.
Do I Regret It?
70% satisfied, 30% anxious. Sometimes I wonder what happens if property values drop. But since I'm living here and not planning to sell anytime soon, I tell myself that over 30 years it'll be fine.
One perk of being a developer: I built a loan rate comparison spreadsheet and compared 7 banks. Found that a 0.07 percentage point difference in rate translates to about $3,500 over 30 years, and went with the cheapest bank. (Feeling proud about this probably makes me the most mundane person alive.)
Anyway, a 5-year developer can buy a place in Seoul. But I won't claim it's "comfortable."