Jachibang is a rented residence for usually people aged over university student. Usually, university students contract with the owner of Jachibang to live if they fail to get in dormitory, and these are more expensive than dormitory fee. There are two-main kinds of Jachibang: One-room, Officetel "Jachi” of "Jachibang" means "living apart from one’s family and cooking by himself or herself” and “bang” means “room.” Therefore, The owner of Jachibang doesn’t serve food nor laundry and cleaning service compare to hasukjip and the room is equipped with kitchen and washing service.
One-room : It is a small room with one bathroom. Mostly, One-rooms are not-furnished: have built-in closet, washing machine, stove, microwaves, refrigerator, sink and so on. If you heard the word ”full-options” from a realty dealer, that means it is furnished. The size of One-room is less than 49.5m^2
Officetel : It is fancier version of One-room. Normally it is not-furnished as One-room, but it can be “full-options” by price which means “furnished”. The size of Officetel is bigger than One-room; less than 82.5m^2.
There are two ways that you can contract the Jachibang. The owner of Jachibang decides their estate will go payment by either Wal-se or Jeon-se. Total amount of both ways should be equal.
Wal-se(월세-Wal-se in Korean) : Wal-se is the way you pay the rent monthly. Furthermore, you should pay certain amount of money for security deposit. After the contract term without any damage to property, the contractor can get the security money back.
Jeon-se(전세-Jeon-se in Korean) : Jeon-se is the way you actually don’t pay money to the owner. If you pay the assigned amount money (quite a lot) to owner, you can actually “own” the place. The owner can make profit from the money you pay by banking service or investing somewhere else. Like Wal-se, after the contract term is terminated without any damage to property, the contractor can get the security money back.
