Contingency and hidden risks for an 80 m² Seoul condo renovation

[lookTheRiver]

I want a budget that survives the renovation, not one that only covers the visible finishes. The obstacle is how little I know about concealed moisture, pipe routes and the electrical installation in this 80 m² Seoul condo.

The working figure is ₩308,300,000 for new kitchen and bathroom work, replacement flooring, decoration, electrical investigation and some efficiency improvements. I am not planning an extension, but I still need the survey and contractor bids to identify anything involving walls or other structural elements. Would you hold the contingency separately, and which inspections or access checks would reduce the uncertainty most before work begins?

 

[lookTheRiver]

One clarification: I also want to avoid treating “no structural extension” as meaning there is no structural risk. If any internal walls or openings are affected, I would want their status confirmed rather than assumed. Would you keep the contingency outside the ₩308.3m working figure, or require bidders to identify allowances within it?

 

[emery_lending]

At this stage I’d keep a separate contingency of around 15%, rising toward 20% if plumbing routes and concealed areas cannot be inspected. Don’t let that become an invitation to spend it, though.

Ask each contractor what is explicitly excluded: demolition discoveries, electrical replacement beyond checks, pipe repairs, waterproofing failures, disposal, protection of common areas and making good after access. Also ask what building-management restrictions affect working hours, deliveries or lift use.

 

[drawsAndCairn]

I’m not convinced a percentage alone answers this. On a budget that large, vague scope can overwhelm even a generous reserve. I’d first establish whether bathrooms and kitchen stay in their current locations, because moving services changes both access and sequencing.

Get bidders to price the same written scope and list assumptions separately. Otherwise one may include opening and reinstating walls for plumbing while another quietly excludes it, making the cheaper bid misleading.

 

[bikesAndEcho]

Moisture deserves its own pre-construction discussion, not just a line under bathroom work. Ask where staining, failed sealant or damp readings would trigger further opening-up, who authorises that work, and how it is priced.

For electrical, “checks” is too loose. Clarify whether the contractor is only inspecting visible items or also assessing the panel, circuits and capacity for the proposed kitchen and energy upgrades. The answer may change the budget before finishes are ordered.

 

[loft.real]

I’d build the programme backwards from the items with uncertain lead times. Confirm selections early enough to know dimensions and service requirements, but don’t release every finish order before demolition exposes the actual conditions.

A sensible sequence to discuss with bidders is investigation, demolition, concealed repairs and services, inspections or approvals where required, waterproofing, finishes, then testing and snagging. Ask which activities can overlap and which delay would stop everything behind it.

 

[EsmeAsh]

Also separate permit or building-approval timing from the contractor’s construction duration. Requirements can depend on the exact work and the condo’s own management process, so get that clarified locally before accepting a start date.

For bid comparison, request an exclusions schedule, provisional amounts for unresolved work, payment milestones tied to completed stages, and a written process for variations. I’d keep the reserve controlled by the owner rather than folding it invisibly into the contractor’s total.