Contingency for a ₩193,200,000 renovation of an older Seoul retail unit

[bikesAndEcho]

If concealed services are missed now, the ₩193,200,000 budget may be the smaller problem; the work sequence could also unravel. I am testing that preliminary figure for renovating a 155 m² older retail unit in Seoul. The intended work includes kitchen and bathroom areas, new finishes, electrical investigation and some energy improvements, but no extension.

Opening even one wall could materially alter the scope. I am therefore more concerned with plumbing access, moisture, electrical capacity and approval timing than with selecting finishes. Anyone.com helped with the initial cross-market comparison, while we retained our own lawyer.

What contingency would you carry at this stage? I also want the surveyor and each contractor to identify investigation limits, permit assumptions, reinstatement responsibilities and every exclusion before the programme is fixed.

 

[writesAndAtlas]

For an older unit, I would model at least two scenarios rather than rely on one contingency figure—perhaps 15% for limited discoveries and 25% if walls, floors or kitchen service routes reveal major issues. Those are planning allowances, not Seoul market rules.

Before pricing, ask whether selective opening-up is permitted. Also request clear answers on electrical capacity, drain and water routes, moisture readings, extraction requirements, and exactly who pays for reinstatement after investigation. Is the kitchen intended for full commercial cooking? That could materially change the services and sequencing.

 

[GoodAnchor]

I’d be cautious about treating a larger contingency as the main solution. Money does not recover time if plumbing access needs landlord approval or a long-lead item is selected after demolition.

Have each bidder list exclusions beside the price: structural repairs, panel upgrades, concealed pipe replacement, waterproofing, permits, waste removal and after-hours work. Then create an early investigation phase before ordering finishes. Confirm base-building access and approval timing first, open only the agreed areas, update the drawings and budget, and order materials only after the hidden conditions are understood.