How
much value do home renovations add to a home?
When
planning to renovate your home, you may want to consider the effect
of your renovations on the property's resale value.
Henderson
& Butt Appraisal Consultants Ltd. Home Renovations Guide explains
the return on investment that you can expect for different types of
renovations. Using these tips, you can plan the most effective use of
your renovation dollars.
Harold
Walters Real Estate Team would like to thank Henderson & Butt Appraisal
Consultants Ltd. for the use of their research to help serve our customers'
needs.
Prices
are based on a 1,200 square foot bungalow, on a 6,000 square foot lot
in Edmonton.
|
Renovation |
Approximate
Cost Range |
Immediate
Value Contribution |
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% |
Amount |
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1) |
Interior
painting |
$3,000
- $5,000 |
80-110% |
$1,760-$4,730 |
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2) |
New
Flooring |
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a)
hardwood |
$8,000-$12,000 |
60-75% |
$4,800-$9,000 |
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b)
laminate |
$4,800-$6,000 |
60-75% |
$2,800-$4,500 |
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c)
carpet |
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-
avg quality |
$5,000-$10,000 |
50-60% |
$2,500-$6,000 |
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-
high quality |
$10,000
and up |
50-60% |
$5,000-$6,000 |
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d)
Ceramic tile |
$10
- $16 / sq ft |
60-75% |
$6
- $12 / sq ft |
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e)
Shock absorption floor (cork, rubber tile) |
$3-$10/sq.
ft. |
25-45% |
$0.75-$4.40
/ sq. ft. |
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| |
|
f)
Porcelain Tile |
$12
- $16 / sq ft |
60-75% |
$7.20-$12/sq
ft |
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3) |
Remodel
4-piece bathroom |
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(new
fixtures, flooring and ceramic tile) |
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a)
Standard quality |
$8,000-$12,000
and up |
60-80% |
$4,800-$9,600 |
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4) |
Remodel
kitchen |
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|
(cabinets,
flooring, ceramic tile) |
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a)
avg quality |
$16,000-$27,000 |
70-85% |
$11,200-$22,950 |
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b)
high quality |
$27,000
and up |
65-85% |
$22,950
and up |
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5) |
Add-ons
(family room, bedroom, storage room, walk-in closet, fitness
room) |
$170-$250
per sq/ft |
50-80% |
$85-$200
per sq. ft. |
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6) |
Install
new furnace |
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a)
medium efficiency |
$3,000-$4,500 |
75-90% |
$2,200-$4,050 |
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b)
high efficiency |
$3,900-$7,500 |
75-90% |
$2,925-$6,750 |
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7) |
Add
air-conditioning |
$3,000-$7,000 |
0-50% |
$0-$3,500 |
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8) |
Add
a gas fireplace |
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a)
avg quality |
$2,200-$4,500 |
50-70% |
$1,100-$3,150 |
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b)
high quality |
$3,000
and up |
50-70% |
$1,500
and up |
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9) |
Basement
development |
$54,000-$85,000 |
50-70% |
$27,000-$59,500 |
|
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|
(drywall
finish, paint, 3 pc. bathroom, carpet, lino/sq. ft. overall) |
$45
- $71 / sq/ft |
50-70% |
$22.50-$50
/ sq/ft |
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10) |
Siding |
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a)
Exterior Paint - acrylic over stucco |
$2,500-$4,500 |
85-100% |
$2,125-$4,500 |
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b)
Exterior Paint - for wood siding & trim |
$4
- $5 / sq ft |
85-100 |
$3.40-$5
/ sq ft |
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| |
|
c)
Vinyl |
$2
- $5 / sq ft |
55-70% |
$1.10-$3.50/sq
ft |
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| |
|
d)
Aluminum/Metal |
$4
- $10 / sq ft |
50-65% |
$2-$6.50/sq
ft |
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| |
|
e)
Wood Siding |
$12-$14/linear
ft |
50-70% |
$6-$9.80/linear
ft |
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| |
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f)
Artificial Masonry Brick |
$13-$15
/ sq ft |
70-100% |
$9.10-$15/sq
ft |
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11) |
Replace
windows including one bay picture window and the balance of
all vinyl casement & energy efficient windows) |
$9,000-$13,000 |
60-75% |
$5,400-$9,750 |
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12) |
Install
a Skylight with opening capacity |
$1,200-$5,500 |
0-30
% |
$0-$1,650 |
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13) |
Detached
Garage (Package) |
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a)
double (22' x 24') |
$10,000-$14,000 |
70-90% |
$7,000-$12,600 |
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b)
single (16' x 22') |
$5,500-$8,500 |
70-90% |
$3,850-$7,650 |
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Detached
Garage (Contractor) |
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a)
double (22' x 24') |
$15,000-$25,500 |
85-100% |
$12,750-$25,500 |
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b)
single (16' x 22') |
$11,500-$16,000 |
85-100% |
$9,775-$16,000 |
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Add
heating |
$1,500
+ cost of heater |
85-100% |
$1,275-$1,500 |
|
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Add
concrete pad @ $9.80-$15/sq ft |
$8,500-$10,500 |
85-100% |
$7,225-$10,500 |
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14) |
New
Shingles |
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a)
Asphalt shingles (20 years) |
$3,000-$4,000 |
70-90% |
$2,100-$3,600 |
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b)
Asphalt shingles (25-30 years) |
$4,000-$5,000 |
70-90% |
$2,800-$4,500 |
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c)
Cedar Shakes |
$10,400-$18,200 |
50-70% |
$5,200-$12,740 |
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d)
Rubber (50 years) |
$10,000 |
70-90% |
$7,000-$9,000 |
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e)
Metal |
$8,000-$10,000 |
70-90% |
$5,600-$9,000 |
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15) |
Patio
Deck (raised, 12' x 20') (treated/cedar top) |
$4,000-$5,000 |
50-60% |
$2,000-$3,000 |
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16) |
Landscaping |
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a)
Ponds & Fountains |
$10,00-$12,000 |
10-30% |
$1,000-$3,600 |
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b)
Lengthen/Widen Concrete Driveway (Acreage) |
$9.80-$15/ft |
20-50% |
$1.96-$7.50/ft |
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c)
RV Parking Pad - Concrete |
$5,400-$8,400 |
45-60% |
$2,430-$5,040 |
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d)
Decorative Lawn/Gardens |
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|
-
Standard - lawn, some shrubs |
$9,000-$18,000 |
30-50% |
$2,700-$9,000 |
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-
High end - "the works" |
$18,000
and up |
30-50% |
$9,00
and up |
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|
e)
Gazebo - Contractor |
$2,900
and up |
20-40% |
$580-$1,160 |
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| |
|
Gazebo
- Package |
$399-$1,100 |
20-40% |
$80-$440 |
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f)
Underground Sprinkler System |
$4,200-$4,800 |
30-60% |
$1,260-$2,880 |
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17) |
Add
a Sunroom (3 season) (16'x10) |
$16,000-$25,000
($100/sq ft) |
50-70% |
$8,000-$17,500 |
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18) |
Add
a Hot Tub/Jacuzzi (standard) |
$5,000-$15,000 |
0-40%* |
$0-$6,000* |
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19) |
Add
a Sauna |
$3,000-$9,500 |
0-20%* |
$0-$1,900* |
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20) |
Install
a Swimming pool - 16' x 30' |
|
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a)
outdoor |
$34,500-$69,000 |
0-25%* |
$0-$17,250** |
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b)
indoor |
$86,000-$115,000 |
5-25%* |
$4,300-$28,750* |
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21) |
Doors |
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a)
Standard Exterior |
$500-$1,200 |
50-75% |
$250-$900 |
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b)
Standard Interior |
$120-$550 |
50-75% |
$60-$413 |
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c)
Deluxe Exterior |
$1,200-$8,000 |
50-75% |
$600-$6,000 |
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d)
Deluxe Interior |
$500-$1,000 |
50-75% |
$250-$750 |
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22) |
Garburator |
$400-$750 |
0-20% |
$0-$150 |
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23) |
Central
Vacuum |
$650-$3,000
+ $65 per capped outlet |
30-60% |
$195-$1800 |
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24) |
Alarm
System |
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|
|
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a)
Installation |
$200-$1,000 |
0-10% |
$0-$100 |
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b)
Monitoring monthly |
$20
and up |
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25) |
Hot
Water Tank |
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a)
40 gal. tank (33 Imperial gal.) |
$900-$950 |
55-65% |
$495-$620 |
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b)
50 gal. tank (38 Imperial gal.) |
$1,000-$1,200 |
55-65% |
$550-$780 |
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26) |
Water
Softener |
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a)
30,000 grain capacity |
$2,500-$3,000 |
20-50% |
$500-$1,500 |
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b)
45,000 grain capacity |
$3,000-$4,000 |
20-50% |
$600-$2,000 |
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27) |
Water
Distiller |
$3,000-$5,000 |
20-50% |
$600-$2,500 |
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28) |
Wood
Stove |
$1,400-$6,000 |
50-60% |
$700-$3,600 |
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29) |
Wet
Bar (with plumbing) |
$2,500
and up |
10-25% |
$250-$625 |
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30) |
Condominium
(Add an in-suite laundry) |
$1,200-$2,400 |
95-100% |
$1,140-$2,400 |
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31) |
Electrical
Service Upgrade (60 Ampere to 100 Ampere) |
$4,000-$5,000 |
90%+/- |
$3,600-$4,500 |
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32) |
Fencing |
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|
a)
Cedar |
$18-$27/linear
ft. |
60-75% |
$10.80-$20.25/linear
ft |
|
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|
b)
Spruce |
$6-$12.50/linear
ft. |
60-75% |
$3.60-$9.36/linear
ft |
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|
c)
Wrought Iron |
$33
and up/linear ft. |
35-40% |
$11.55-$13.20/linear
ft |
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|
d)
Chain Link |
$15-$20/linear
ft. |
60-75% |
$9-$15/linear
ft |
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33) |
"Baby
Boomers Specials" |
|
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|
|
a)
Ramps (4 steps) |
$3,000
and up |
10-30% |
$300-$900 |
|
|
|
b)
3 to 5 Step specialized wheelchair lift |
$5,000 |
50-75% |
$2,500-$3,750 |
|
|
|
c)
Special vertical straight wheelchair lift (basement) |
$9,500 |
10-30% |
$950-$2,850 |
|
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|
d)
3 Stop Elevator |
$30,000 |
50-75% |
$15,000-$22,500 |
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| |
|
e)
Remodel bathroom with walk in tub |
$10,000 |
50-70% |
$5,000-$7,000 |
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34) |
Reverse
Osmosis Drinking System |
$1,000-$1,500 |
20-50% |
$200-$750 |
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| |
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35) |
Media
Room / Home Theatre (includes cabinetry, carpet, seating for 12,
101" screen, projector, receiver, speakers, Blue Ray system,
soundproofing) |
$22,000-$60,000 |
20-60% |
$4,400-$36,000 |
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36) |
Durable
Deck (vinyl covering over existing 12'x20' structure) |
$4,000-$5,000 |
30-50% |
$1,200-$2,500 |
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**This item could also have a negative influence on the value and the marketability of your home due to considerations such as maintenance costs, potential moisture problems or removal costs, if the purchaser does not wish to keep this item.
For
each item at least three or more different Edmonton-based companies
provided estimates on the approximate cost of the renovation
as of November 2004 for average quality finishing unless otherwise
stated. The range of costs was averaged based on the estimates.
GST was not included in the cost estimates.
The
dollar amount recoverable is an approximate value that has been
concluded through consultations with representatives from the
real estate industry, the home improvement business and others
with an intimate knowledge of the housing market. It is only
an opinion of value and is considered recoverable upon completion.
Factors such as market conditions and the relationship of the
renovation item to the overall property value must be considered,
as well as where the home is located.
Direct Website to Henderson & Butt: http://www.hendersonandbutt.com/
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