Sanity check on ₩176.1m renovation budget for a 110 m² Seoul condo

[knitsAndAtlas]

I’m caught between setting aside a large contingency now and waiting until the technical scope is better defined. The working construction budget is ₩176,100,000 for a 110 m² Seoul condo, covering a new kitchen and bathrooms, floors, decorating, electrical work and some energy-efficiency improvements. There is no planned extension.

The finishes could be simplified if costs rise, but faults involving wiring, water or moisture would need immediate attention. What should the surveyor and building management confirm about pipe access, electrical capacity, common-area rules and approvals? I also want bidders to identify reinstatement work, exclusions, lead times and permit assumptions so their prices are genuinely comparable. What contingency would be reasonable before those points are resolved, separate from financing and carrying costs?

 

[bikesAndEcho]

I would not set one contingency until the electrical and plumbing scopes are clearer. For initial planning, perhaps hold 15–20% of the construction figure, but treat that as protection against unknown conditions rather than money for upgraded finishes.

Ask each contractor to list exclusions explicitly: opening and reinstating walls, waste removal, common-area protection, testing, waterproofing repairs, temporary services and price changes for delayed materials.

 

[DaanGale]

How old are the wet areas, and can the bathroom and kitchen pipe routes be inspected without major demolition? That could matter more than the finish specification. Ask whether there are signs of moisture below floors, around external walls or beside existing plumbing penetrations.

Also clarify whether the quote assumes reuse of existing pipe routes and electrical capacity. “Electrical checks” is too open-ended for comparing bids.

 

[bikesAndEcho]

I partly disagree with solving this through a larger contingency. If bidders are pricing different interpretations of “moderate energy upgrades” and “electrical checks,” even 20% may not make the budget reliable.

Write a room-by-room scope first, with quantities where possible, and require separate prices for known work and provisional items. Then the contingency can cover discoveries rather than omissions that should have been priced.

 

[BramKeel]

Before assuming there is no structural work, ask what happens if walls, floor build-ups or service openings are altered. Even without an extension, the proposed routing may affect what approvals or building-management consent are needed.

The management office can also clarify working hours, lift use, debris movement, common-area protection and the process for shutting off shared services. Those constraints can change sequencing and cost even when the apartment work itself is straightforward.

 

[timo.grove]

I’d sequence investigations before finish commitments: management requirements, moisture inspection, electrical and plumbing definition, opening-up where justified, then final design and material orders. Long-lead materials should be identified separately so one delayed item does not hold up every room.

Keep financing costs, temporary accommodation and construction contingency in separate budget lines. Otherwise a construction overrun can quietly consume money that was meant to carry the project.

 

[knitsAndAtlas]

This is helpful. I was treating the ₩176,100,000 as one broad renovation pot, which makes it hard to see whether a gap comes from hidden work, exclusions or financing costs. I’ll split it into defined construction, provisional electrical/plumbing work, contingency and non-construction carrying costs.

I’ll also replace “electrical checks” and “moderate energy upgrades” with specific requested outcomes before asking for comparable bids. Water and electrical defects will stay ahead of flooring, paint and other deferrable work.

 

[theo_cedar]

When the bids return, compare assumptions as well as totals. A simple table can show demolition, access openings, reinstatement, waterproofing, testing, permits or management coordination, waste, material lead times and exclusions.

For any provisional amount, ask what event changes it into a fixed price and who approves the change. That gives you a practical stop point before hidden conditions turn into open-ended instructions on site.