Home repair costs may hit Bt131.6 billion
Homeowners in flooded communities will have to shoulder renovation costs of Bt1,000-Bt4,000 per square metre, depending on the materials used.
The number of affected homes is projected to reach 329,569 units in Greater Bangkok, which would bring the total renovation bill to Bt32.9 billion-Bt131.6 billion.
The average home occupies 100 square metres of space.
The cost for any furniture and home appliances is extra.
Vichai Kongsriong, managing director of Four Develop House Co, said yesterday that this budget is based on the cost to repaint a residence, at Bt350-Bt400 per square meter, and to repair the floor with wood at Bt1,500-Bt2,000 or with ceramic tile at Bt700-Bt1,000.
Renovation work cannot start until 20-40 days after the flood because the structure has to dry out first.
Sopon Pornchokchai, president of the Agency for Real Estate Affairs, said the cost of developing residential projects now would also increase.
The agency estimates residential damage at Bt74 billion, or 25 per cent of the value of flooded properties. It reported that 329,569 houses are flooded and 166,225 are at risk.
The cost per square meter to build a single family home averages Bt11,400 and drops to Bt8,600 for a townhouse and Bt7,200 for a commercial building.
Residential projects that have already started construction in flooded locations total 311 with 34,980 units but many have been damaged.
