How much cash should remain after buying a 3-bed near Seoul?

[bikesAndEcho]

I can either proceed with a thin cushion or lower the purchase budget and keep more cash back; neither feels comfortable without knowing what the inspection will uncover. The property is a 3-bed country home near Seoul at about ₩1,532,000,000, and I expect to retain roughly ₩13,800,000 after the deposit and estimated closing costs.

Should moving expenses, the insurance excess and the first unavoidable repairs be deducted before setting an emergency reserve? Furniture can wait, but I do not want routine work in the first year to force me into debt. I’m hoping the inspection will show whether this budget is realistic or whether I should look below this price.

 

[bikesAndEcho]

One point I am struggling with is what counts as genuinely available cash. Should I reserve the first mortgage payment, insurance excess and any service charges before dividing the rest into those four categories? I also do not know whether people set the repair amount before inspection or wait for the findings.

 

[YaraCedar]

I would treat the first mortgage payment and known moving or recurring charges as already spent, not as part of the buffer. Then protect an emergency fund and leave furniture until last. The inspection should determine the repair allocation: safety, water ingress, heating and anything that could worsen come before cosmetic work. At ₩13,800,000, buying below your ceiling sounds more comfortable than trying to create four generous pots.

 

[talia_plans]

I partly disagree with judging the buffer against the ₩1,532,000,000 price alone. The more useful test is how many months of essential outgoings ₩13,800,000 represents after moving. A stable monthly surplus and a sound inspection could make it workable; a stretched mortgage or uncertain repairs could make it very thin. What would your essential monthly spending be, including the mortgage, insurance and any property charges?

 

[GentleQuill]

Before committing, make a dated cash-flow list rather than rough percentages: closing day, movers, first mortgage payment, insurance, any service charges, and the minimum needed to make the home usable. Add inspection items in order of urgency and obtain costs for the serious ones. Keep emergency money separate from that list. Furniture can be limited to essentials and bought gradually; if the numbers only work by spending the emergency fund, lower the purchase budget.