What I Learned from 3 Years of Applying for Housing Subscriptions
I'm summarizing what I've learned while applying for housing subscriptions since 2021. This is based on my situation as a household head with no home in the Seoul metropolitan area.
1. Don't rely on points alone
These days, the share of lottery-based units is increasing, so many people in the 30-point range win too. I also won last year with 33 points.
2. Check special supply first
Newlyweds, first-time buyers, families with multiple children... If any of these apply to you, it's better to aim for special supply first no matter what. General supply has two to three times more competition.
3. Keep your subscription account active
Once you win, you can't reuse it for five years. For couples, it's advantageous in the long run for each to maintain their own account.
4. Plan your finances in advance
You should plan on your money being tied up for at least two years, from the 10% down payment through interim payments and the final payment. Maintaining no-home status during that time is also important.
In the end, consistently applying is the answer. Good luck, everyone.
4 answers
I really relate to what you said about special supply... I failed twice through the newlywed special supply and barely got in through the general route, but looking at the competition rates, the special supply was much better.
I think we need to clarify #3 a bit more. It is true that it is 5 years after winning, but because it is based on the "household," there are cases where a spouse's account is maintained separately, and the detailed conditions vary by region/type, so if you just memorize it as "not allowed for 5 years," you will get confused later. It is better to check each case on Cheongyak Home.
Isn’t winning with 33 points just a lucky case? Drawing the conclusion from that that “since the lottery system is expanding, points aren’t necessary” seems a bit risky. Even now, popular complexes have high point cutoffs, so pinning your hopes on a handful of lottery slots is more stressful.
Financial planning is really important. I was counting only on an interim payment loan, then interest rates went up, and when it came time for the final payment, I really thought I was going to die ㅠㅠ Set aside at least a year's living expenses separately.