Gut check on ₩138.1m renovation budget for a 60 m² country home in Seoul

T

theo_cedar

Property investor
Established
I want to keep the renovation within ₩138,100,000, but the uncertainty behind the visible work makes that difficult. The property is a 60 m² country home in Seoul, and the plan is to renew the kitchen and bathrooms, replace finishes, check the electrical system and improve energy performance without adding floor space.

My priority is a reliable scope rather than expensive finishes. For example, concealed pipes could turn a straightforward bathroom job into much wider opening-up work. Before committing to the budget, what should be established about structure, moisture, plumbing access and electrics? I would also like contractors to identify exclusions and provisional items, and I am unsure how much to hold back until permit timing and the riskiest areas are clearer.
 
I would initially keep roughly 15–20% uncommitted, then reduce it only after opening up the highest-risk areas and firming the scope. Ask each contractor to list exclusions, assumptions and provisional amounts separately. A single total price won’t reveal where the uncertainty sits.
 
The missing facts are the building’s age and construction, whether it is currently occupied, how water and space heating work, and whether drains or supply pipes are concealed. Do you have drawings or any record of previous alterations? Those answers could move the risk more than the finish choices.
 
Ben’s questions are the right starting point. I’d also distinguish an electrical “check” from priced remedial work. Does the figure cover inspection only, replacement of wiring, a new panel if needed, extra circuits for the kitchen, and making good after walls are opened?
 
A contingency percentage alone won’t rescue an incomplete scope. ₩138,100,000 may be comfortable or tight depending on what sits inside “bathrooms” and “energy upgrades.” Break the estimate into demolition, investigation, services, building work, finishes, contractor overhead, disposal and contingency before judging the total.
 
Sequence the investigations before ordering fitted items: moisture and drainage first, then electrical and plumbing routes, then any structural questions, followed by insulation or other energy work. Kitchen measurements taken before walls and floors are resolved can become expensive measurements.
 
For a country home, I’d put moisture near the top of the list. Ask where water is entering, not merely whether a wall currently reads damp. Roof edges, ground contact, bathroom waterproofing and poorly ventilated enclosed spaces may require different remedies.
 
One caveat to that sequence: some electrical access decisions need to happen alongside demolition, not after every moisture issue is solved. The important part is to agree which areas may be opened, who authorises extra work, and how disturbed finishes will be reinstated.
 
Request a written exclusions schedule from every bidder. Commonly ambiguous items include moving furniture, protecting retained areas, waste removal, temporary water or power, patching after service work, final cleaning and work discovered below flooring. Don’t assume an omission is included because it feels minor.
 
Would the owner permit a few targeted openings before the main contract? A small section near suspect plumbing, one ceiling area and access around the electrical panel could replace several expensive assumptions with visible conditions. Agree who repairs those openings if the project is postponed.
 
Permit timing also needs to be separated from construction time. Even without an extension, changes to structure or building services may need confirmation under the applicable Seoul process. Ask the designer or contractor which parts require approval and make the programme conditional until that is clear.
 
Material lead times matter most where one late item blocks several trades. Choose any concealed valves, shower components, electrical equipment and fixed kitchen dimensions early. Paint colours and decorative lights can wait; components that determine wall depths or connection points usually cannot.
 
I’d keep contingency separate from allowances. An allowance is money for an undecided item you already expect to buy; contingency is for genuinely unknown work. Combining them makes the reserve look healthy until the kitchen and bathroom selections consume it.
 
Exactly. I’d create three columns: fixed scope, selections not yet fixed, and concealed-condition risk. Then require written approval before money moves between them. That also prevents an upgraded finish from quietly using funds intended for damaged wiring or leaking pipes.
 
Does the ₩138,100,000 include design fees, approvals, taxes where applicable, contractor overhead, disposal and temporary accommodation? Those are not hidden building defects, but leaving one outside the headline budget can produce the same cash problem.
 
Access could affect both price and schedule. Clarify vehicle access, delivery size limits, material storage, working hours and where demolition waste can wait for collection. A compact 60 m² house can become inefficient if every room is simultaneously used for storage and work.
 
Ask what “moderate energy upgrades” means in physical terms. Insulation, air sealing, windows, heating controls and ventilation interact differently with moisture. Improving airtightness without a ventilation plan may change condensation behaviour, so this part should not be treated as an isolated finish package.
 
How many bathrooms are included? The home is described as one bedroom, but the scope says bathrooms in the plural. Two wet rooms can materially change plumbing, waterproofing, ventilation and tiling labour even in a small property.
 
For contracting, consider an investigation phase followed by the final construction price rather than forcing bidders to price every concealed risk now. The investigation phase still needs a defined ceiling, deliverables and a decision point; otherwise it can become an open-ended preliminary bill.
 
My priority list would be: active water entry, drainage and plumbing access, electrical safety and capacity, structural alterations from previous work, then energy measures. Finish specifications come after those. I would not reduce the contingency merely because three initial bids happen to be similar.
 
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