Renovation budget for a 100 m² apartment in Seoul - am I overthinking this?

K

knitsAndAtlas

Homeowner
Established
The main limitation is that several parts of the scope are still too vague to price reliably. For a 100 m² Seoul apartment, I am working with a preliminary renovation allowance of ₩348,900,000 covering the kitchen, bathrooms, floors, painting and some energy improvements.

There is no extension, but hidden moisture, restricted access and the order of trades could still move the cost. For example, the electrical allowance might mean testing only rather than paying for remedial work. What investigations would you complete before tendering, what material lead times should be confirmed, and how would you divide the budget between a normal contingency and a separate reserve for concealed conditions?
 
I would initially separate a 15% contingency for concealed conditions, potentially nearer 20% if plumbing routes and wet-area substrates cannot be inspected before work starts. Keep upgrades or finish changes outside that pot.

Ask each contractor what is excluded, what happens after opening walls or floors, and whether electrical remedial work is included or the quote covers inspection only.
 
“Electrical checks” is too vague for pricing. Does the allowance include replacing anything found deficient, or merely testing and reporting? The same applies to the energy upgrades: list each intended measure rather than using one broad description.

How old is the apartment, and can you inspect below sinks, around bathroom edges and beside exterior walls for moisture before tendering?
 
Also establish where responsibility and access stop. A contractor may price work inside the apartment while excluding inaccessible plumbing, shared services, making good outside the unit, debris handling or building access constraints. Those exclusions can disrupt the sequence even when their own price is clear.
 
I’m not convinced a contingency percentage answers this yet. On a ₩348,900,000 budget, unclear allowances could matter more than the difference between 15% and 20%. First split the estimate into fixed scope, provisional items and items not yet investigated. Then apply contingency mainly to the uncertain portions rather than treating every line equally.
 
Sequence the investigations around the destructive work: confirm plumbing access and moisture condition before locking the bathroom design; clarify electrical capacity and remedial scope before closing walls; then confirm floor build-up and transitions before ordering fitted items.

I would also ask who coordinates discoveries between trades. If the plumber exposes a problem that affects cabinets or flooring, you need one person responsible for revising the programme and cost.
 
No structural extension does not necessarily mean no structural question. Are any walls, openings or heavy built-ins changing? If so, identify early whether they affect structure or trigger additional building or permit discussions. The contractor should state what approvals are assumed, who handles them and whether the programme includes that timing.
 
For comparing bids, issue the same room-by-room scope to everyone and require exclusions beside the relevant item, not buried at the end. Ask for lead times on the kitchen, bathroom fixtures, flooring and energy-upgrade materials, plus the last date each selection can change without delaying another trade. That will expose sequencing differences between superficially similar prices.
 
Increasing the reserve now feels premature. Leaving it unchanged without further investigation is not comfortable either, especially when moisture and electrical work remain uncertain.

I would first commission a limited set of checks covering accessible plumbing, wet areas, electrics and any proposed wall changes. At the same time, use the bid schedule suggested above to confirm building access, approval assumptions and the last safe ordering dates for long-lead materials. Reprice the work from those findings, then keep concealed defects in their own reserve so later finish upgrades cannot quietly use it up.
 
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