Preparing and signing for a first home

The biggest decision of all

A first home often involves more money than every other wedding category combined, and it shapes your life for years after the wedding. Yet couples absorbed in ceremony planning often push housing back and then sign in a rush because the move-in date is close. Unlike a ceremony, a home is hard to change if you choose badly, so give yourselves time. First decide when you will start living together, then count backward to set a period for viewing homes and a target date for signing. The wedding date and the move-in date do not have to be the same.

Criteria before you start viewing

Before touring estate agents, agree on your criteria. Without them, an eye-catching feature can distract you from conditions that matter. Commuting in particular is a daily issue, so make sure it is reasonable for both of you. It also helps to consider changes that may come in the next few years, such as a job change or plans for children. Sort out the items below, then separate the conditions you will not compromise on from those you can.

• Both partners' commute routes and times
• Type of tenure: buying, lump-sum deposit lease, monthly rent
• Budget range including savings and any loan
• Preferred move-in date
• Number of rooms and nearby amenities

How to compare tenure types

Buying, the Korean lump-sum deposit lease known as jeonse, and monthly rent each have their own pros and cons. Buying builds an asset but brings a large outlay, loan repayments and the risk of price swings. Jeonse means little or no monthly payment but a large deposit, so you have to manage the risk of not getting it back. Monthly rent needs less money upfront, but the payments add up. Which suits you depends on interest rates, prices, your savings and how long you will stay, so there is no single answer. Plugging your own numbers into a deposit-to-rent conversion or rent-versus-deposit calculator helps with the decision.

What to check before signing

There is a lot to verify on paper before signing for a home. The basic step is to read the property register to see who actually owns it and what mortgages or other rights are registered against it. Check with an ID card that the person signing is the owner, and if it is an agent, check the power of attorney. Compare the deposit with nearby prices to make sure it is not unusually high. The detailed checks for a deposit lease are covered in the rental contract checklist guide.

• Owner and mortgages or other rights on the register
• ID check that the other party is the owner
• Deposit compared with nearby prices
• The building's registered use and any illegal extensions
• Whether the agency is properly registered

What to do right after signing

If you are renting, it is important to register your move-in with the local office and get a fixed-date stamp on the contract once you move in. Under Korea's Housing Lease Protection Act, once you take possession and complete the move-in registration, from the following day you can assert your lease against third parties, and with the fixed-date stamp as well you are protected in the order of priority for recovering your deposit. Just before paying the balance, pull the property register again to check that no new rights were registered in the meantime. Deposit return guarantee products also exist; check their conditions in official information.

Schemes for newlyweds

Korea runs schemes aimed at newlyweds, such as home purchase and deposit loans, special allocation in housing subscriptions, and public rental housing. They look at conditions like length of marriage, income, assets and whether you own a home, and the criteria often change from year to year. Eligibility can depend on when you register your marriage, so if you plan to use a scheme, factor in the timing of registration too. Check exact conditions and how to apply directly in official information from the Ministry of Land, Infrastructure and Transport and the relevant agencies. Friends' experiences may be out of date.

Setting up house and moving

Once the home is settled, you prepare appliances and furniture. A common mistake is buying large appliances or furniture before measuring the home. Measure the spaces for the fridge and washing machine, the width of the entrance and lift, and the windows first. Rather than trying to have everything from day one, start with what you truly need and add things as you live there, which saves both space and money. For booking movers and changing your address, see the checklist in the moving guide.

• Measure spaces and passages for appliances and furniture
• Prioritise the essentials first
• Book movers and fix the date
• Transfer utilities and internet, update your address

Points of caution

In a housing contract, one mistake can mean a large loss. Terms far below market price, pressure to hurry and reluctance to show documents are warning signs. Ask about any clause you do not understand before signing, and write special terms out specifically. This guide is general information, not legal advice. If the contract is complicated or something worries you, get help from a legal professional or an official counseling service.