When evaluating a Jomtien house for renovation, buyers can take the general 70% rule: multiply the After Renovation Value (ARV) by 0.70, then subtract estimated renovation costs — the result is your maximum offer price.
For example, if the After Renovation Value is 16,000,000 Baht (Which is on average the selling prices of renovated homes, around Jomtien) And renovation costs ฿3,500,000 Baht, your ceiling bid is ฿7,700,000.
Done correctly, a well-chosen renovation property in Jomtien can yield 20–30% equity uplift upon completion.
To calculate the ceiling bid divide the property into land and house.
The Land Value, itself is in line with government appraisals, we made a page for calculating land values. If the land value for example is 50,000 Baht per wah a house with 100 Wah land plot (400 sqm) would be valued at 5 Mil Baht.
The Pre Renovation House value, can be calculated by the state of the house loosely based on the common Bill of Quantities (BOQ). A BOQ is a detailed document that lists every item of work, material, and labour required for a construction or renovation project, with unit costs and quantities. In our case we turn this document around and use it to value the property pre renovation.
If the Pre Renovation house has for example 200 Sqm build up, the build up value of the old structure ranges between 15,000 – 35,000 Baht /sqm commonly.
As a Guideline take the BOQ from below, and value the Pre Renovation based on it. In this list give a value to everything what will stay, electric wiring, toilets, walls, Beams & Roof Everything that has to be replaced, get direct a value of 0 or even a negative demolition value.
1. Demolition & Strip-out — removing old finishes, fixtures, partitions
2. Structural Works — foundations, columns, beams, slabs, roof structure
3. Structure (Masonry & Brickwork) — walls, infill, blockwork, foundation
4. Plastering & Rendering — internal and external surfaces
5. Floor & Wall Tiles — supply and lay, including adhesives and grout
6. Doors & Windows — aluminium frames, glazing, ironmongery
7. Roofing — tiles, insulation, guttering
8. Electrical Works — wiring, consumer unit, sockets, lighting
9. Plumbing & Sanitary — pipework, bathrooms, kitchen, hot water
10. Air Conditioning — supply, install, trunking
11. Joinery & Built-ins — kitchen cabinets, wardrobes, stairs
12. Painting & Decoration — primer, finish coats, interior/exterior
13. External Works — driveway, garden, boundary walls, gate
Swimming Pool (if applicable) — shell, tiling, filtration, lighting
Here’s a sample of a simple sheet to value the structure. The Thai Government has a Full detail list of a sqm prices of Labor and Materials as well.
BILL OF QUANTITIES — Valuation of old Structure Location: Jomtien, Chonburi | House Size: 300 sqm | Currency: Thai Baht
| # | Work Section | Unit | Qty | Unit Rate (฿) | Total (฿) |
|---|---|---|---|---|---|
| 1 | Demolition & Strip-out | sqm | 350 | ||
| 2a | Structure Beams, Foundation, | sqm | 4,500 | ||
| 2b | Structure Walls | sqm | 400 | ||
| 3 | Plastering & Rendering (int. + ext.) | sqm | 450 | ||
| 5 | Floor Tiles (mid-range, supply & lay) | sqm | 200 | 700 | |
| 6 | Wall Tiles (bathrooms & kitchen) | sqm | 80 | 750 | |
| 7 | Doors & Windows (aluminium, glazed) | unit | 20 | 8,000 | |
| 8 | Roofing (tiles, insulation, gutters) | sqm | 180 | 800 | |
| 9 | Electrical Works (rewire, consumer unit) | sqm | 200 | 600 | |
| 10 | Plumbing & Sanitary (3 bathrooms) | lump sum | 1 | ||
| 11 | Air Conditioning (6 units supply & install) | lump sum | 6 | ||
| 12 | Kitchen Cabinets & Built-ins | lump sum | 1 | ||
| 13 | Painting (int. + ext., 2 coats) | sqm | 600 | 120 | |
| 14 | Sanitary Ware & Fittings (3 bathrooms) | lump sum | 1 | ||
| 15 | External Value (driveway, garden, gate) | lump sum | 1 | ||
| Subtotal | |||||
| TOTAL ESTIMATE |
Key notes for Jomtien / Chonburi:
- Labour rates in Chonburi are typically 10–15% lower than Bangkok but materials cost slightly more due to transport
- Electrical rewiring is strongly recommended to renew on any property over 15 years old due to Thai climate degradation
In Thailand, a BOQ, is usually prepared by a contractor or quantity surveyor and forms the basis for pricing and contractor comparison.
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