Thursday, March 31, 2011

Peanut houses and 2-in-1 apartments

More significant trends in the ever changing Korean property market : new alternatives for those who are tired of the "apateu" system but can't afford a town house.

The peanut house is a two storey building with one module for each floor and a common "skin" around. Each household is independent but only one can enjoy the garden at its own level. Beyond the marketing gimmick, the business model seems more interesting than the building itself : it's some sort of a house pool where two households team up, each one bringing the sum equivalent to a 30ish pyeong apartment. They purchase cheap land together and build together an optimized peanut house. For the same price, they can build something bigger and closer to the town house experience. Usually, houses are split later in the process, for instance to get revenues from a rent, or as a spin off to accomodate a newlywed kid.

2-in-1 apartments are designed from the beginning so that the owner can split them in two or reunite them whenever he sees fit. Legally, there's only one owner all the time. Many luxury flats have already two sections, with private quarters for parents in general, but only one kitchen. Here there are two potentially self-sustaining parts (generally a studio on one side and two bedrooms on the other), two entrances, and a plan to complete the separation wall. Perfect for parents who want to offer their kid a relative independence at a cheap cost, as a transition before he can afford his own place. Or for a widower who wants to keep a studio for him or herself, and leave the rest to his child's family. Or for a young couple : instead of moving to a bigger place three years later, why not purchase from the start a home for four people, split the studio for rental (you can then subscribe for a bigger loan), and claim it back when you have a kid... and better revenues ?

What next ? Kangaroo houses ? 3-in-1 apartments ? Three for two bundles, one pack of detergent offered ?

Seoul Village 2011

No comments:

Post a Comment

Thank you for your comments and remarks. Also for your patience (comments are moderated and are not published right away - only way to curb the spam, sorry). S.

books, movies, music