What is Wolse?
Wolse is a typical rent plan that might be familiar to the rest of the world. The tenant deposits a certain amount of guarantee money and pay a monthly rent fee while living in the house. Unlike Jeonse, you will have to give out money and this can be somewhat demanding. But there are some bright sides with Wolse, especially if you are staying in Korea temporarily.
Fit for tight budgeters
Compared to Jeonse, the amount of capital you would need at first is relatively small. General one-rooms in Seoul may require 5~10 million KRW (worth 4,130~8,250 USD) for deposit with 500,000 KRW (worth 412 USD) per month. If you are lucky enough to find a bigger room with the same fee and have a roommate, it can get better.
(Reference: Yonhap news)
Better for temporary visitors
Commonly, wolse contract lasts for one year but it is easy to adjust the contract period with the landlord. There is no way you would find a landlord who would sign you for a one year Jeonse. But for Wolse, even a contract for several months could be negotiable. So it is good to think ahead the period of your stay when choosing the type of contracts.
They have everything equipped for you
Most of the time, they have full-options, in other words built-in household appliances, that are ready to use. This can be very useful for expats since not much are needed than some clothes. If those households break, you can ask the landlord to repair it for you and you are out from the responsibility - unless you intentionally hammered them. But, options are becoming available in Jeonse houses as well these days. Villas or apartments with built-in washing machines and refrigerators are growing in numbers. So, better check and compare the conditions of houses thoroughly.
Ofcourse there are risks in losing the deposit money. Although the size of the money is relatively small comparing with that of Jeonse, money still is money. You will still need to check the history behind the house and debts of the owner. Also, going through certain logistics at the community service center is necessary to keep your deposit secured.
▶ Click here to compare Jeonse and Wolse.