Harold Walters, Tricia Webber, Steve Florchuk
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 |
||||
| % |
Amount |
|||||
| 1) | Interior painting | $2,200-$4,300 | 80-110% |
$1,760-$4,730 |
||
| 2) | New Flooring | |||||
| a) hardwood | $8,000-$12,000 | 60-75% |
$4,800-$9,000 |
|||
| b) laminate | $4,800-$6,000 | 60-75% |
$2,800-$4,500 |
|||
| c) carpet | ||||||
| - avg quality | $5,000-$10,000 | 50-60% |
$2,500-$6,000 |
|||
| - high quality | $10,000 and up | 50-60% |
$5,000-$6,000 |
|||
| d) Ceramic tile | ||||||
| - polished | $12-$16/sq. ft. | 60-75% |
$7.20-$12/sq
ft |
|||
| - unpolished | $10-$16/sq. ft. | 60-75% |
$6-$12/sq
ft |
|||
| e) Shock absorption floor (cork, rubber tile) | $7-$12/sq. ft. | 25-45% |
$1.75-$5.40
/ sq. ft. |
|||
| 3) | Remodel 4-piece bathroom | |||||
| (new fixtures, flooring and ceramic tile) | ||||||
| a) Standard quality | $7,000-$12,000 and up | 60-80% |
$4,200-$9,600 |
|||
| 4) | Remodel kitchen | |||||
| (cabinets, flooring, ceramic tile) | ||||||
| a) avg quality | $15,000-$25,000 | 70-85% |
$10,500-$21,250 |
|||
| b) high quality | $25,000 and up | 65-85% |
$16,250
and up |
|||
| 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. |
||
| 6) | Install new furnace | |||||
| a) medium efficiency | $3,000-$4,500 | 75-90% |
$2,200-$4,050 |
|||
| b) high efficiency | $3,900-$7,500 | 75-90% |
$2,925-$6,750 |
|||
| 7) | Add air-conditioning | $3,000-$7,000 | 0-50% |
$0-$3,500 |
||
| 8) | Add a gas fireplace | |||||
| a) avg quality | $2,000-$4,500 | 50-70% |
$1,000-$3,150 |
|||
| b) high quality | $3,000 and up | 50-70% |
$1,500
and up |
|||
| 9) | Basement development | $42,000-$54,000 | 50-70% |
$21,000-$37,800 |
||
| (drywall finish, paint, 3 pc. bathroom, carpet, lino/sq. ft. overall) | $35-45 per sq/ft | 50-70% |
$17.50-$31.50
per sq/ft |
|||
| 10) | Install new vinyl siding or exterior paint, aluminum/metal, wood siding, masonary brick, masonary artificial | $7,000-$9,000 | 75-100% |
$5,250-$9,000 |
||
| 11) | Replace windows including one bay picture window and the balance of all casement windows | $10,000-$12,000 | 60-75% |
$6,000-$9,000 |
||
| 12) | Install a Skylight with opening capacity | $3,000-$5,500 | 0-30
% |
$0-$1,650 |
||
| 13) | Detached Garage (Package) | |||||
| a) double (22' x 24') | $6,500-$14,000 | 70-90% |
$4,550-$12,600 |
|||
| b) single (16' x 22') | $5,500-$8,500 | 70-90% |
$3,850-$7,650 |
|||
| Detached Garage (Contractor) | ||||||
| a) double (22' x 24') | $15,000-$25,500 | 85-100% |
$12,750-$25,500 |
|||
| b) single (16' x 22') | $11,500-$16,000 | 85-100% |
$9,775-$16,000 |
|||
| Add heating | $1,500 + cost of heater | 85-100% |
$1,275-$1,500 |
|||
| Add concrete pad | $6,500-$8,000 | 85-100% | $5,525-$8,000 | |||
| 14) | New Shingles | |||||
| a) Asphalt shingles (15-20 years) | $3,000-$4,000 | 70-90% |
$2,100-$3,600 |
|||
| b) Asphalt shingles (25-30 years) | $4,000-$5,000 | 70-90% |
$2,800-$4,500 |
|||
| c) Cedar Shakes | $8,000-$14,000 | 50-70% |
$4,000-$9,800 |
|||
| d) Rubber (50 years) | $10,000 | 70-90% |
$7,000-$9,000 |
|||
| e) Metal | $8,000-$10,000 | 70-90% |
$5,600-$9,000
|
|||
| 15) | Patio Deck (raised, 12' x 20') (treated/cedar top) | $4,000-$8,000 | 50-60% |
$2,000-$4,800 |
||
| 16) | Landscaping | |||||
| a) Ponds & Fountains | $10,00-$12,000 | 10-30% |
$1,000-$3,600 |
|||
| b) Lengthen/Widen Driveway (Acreage) | $8-$12/ft | 20-50% |
$1.60-$6/ft |
|||
| c) RV Parking Pad | $2,500-$8,000 | 45-60% |
$1,125-$4,800 |
|||
| d) Decorative Lawn/Gardens | ||||||
| - Standard | $15,000-$18,000 | 30-50% |
$4,500-$9,000 |
|||
| - High end | $28,000 and up | 30-50% |
$8,400
and up |
|||
| e) Gazebo | $2,800 and up | 20-40% |
$560-$1,120 |
|||
| 17) | Add a Sunroom (3 season) (16'x10) | $16,000-$25,000 ($100/sq ft) | 50-70% |
$8,000-$17,500 |
||
| 18) | Add a Hot Tub/Jacuzzi (standard) | $4,500-$15,000 | 0-40%* |
$0-$6,000* |
||
| 19) | Add a Sauna | $3,000-$9,500 | 0-20%* |
$0-$1,900* |
||
| 20) | Install a Swimming pool - 16' x 30' | |||||
| a) outdoor | $30,000-$60,000 | 0-25%* |
$0-$15,000* |
|||
| b) indoor | $75,000-$100,000 | 5-25%* |
$3,750-$25,000* |
|||
| 21) | Doors | |||||
| a) Standard Exterior | $500-$1,200 | 50-75% |
$250-$900 |
|||
| b) Standard Interior | $80-$500 | 50-75% |
$40-$375 |
|||
| c) Deluxe Exterior | $1,200-$8,000 | 50-75% |
$600-$6,000 |
|||
| d) Deluxe Interior | $350-$1,000 | 50-75% |
$175-$750 |
|||
| 22) | Garburator | $250-$750 | 0-20% |
$0-$100 |
||
| 23) | Central Vacuum | $500-$3,000 + $65 per capped outlet | 30-60% |
$150-$1800 |
||
| 24) | Alarm System | |||||
| a) Installation | $200-$1,000 | 0-10% |
$0-$100 |
|||
| b) Monitoring monthly | $20 and up | |||||
| 25) | Hot Water Tank | |||||
| a) 40 gal. tank (33 Imperial gal.) | $700-$920 | 55-65% |
$385-$598 |
|||
| b) 50 gal. tank (38 Imperial gal.) | $950-$1,200 | 55-65% |
$522-$780 |
|||
| 26) | Water Softener | |||||
| a) 30,000 grain capacity | $2,500-$3,000 | 20-50% |
$500-$1,500 |
|||
| b) 45,000 grain capacity | $3,000-$4,000 | 20-50% |
$600-$2,000 |
|||
| 27) | Water Distiller | $3,000-$5,000 | 20-50% |
$600-$2,500 |
||
| 28) | Wood Stove | $2,200-$3,700 | 50-60% |
$1,100-$2,200 |
||
| 29) | Wet Bar (with plumbing) | $2,500 and up | 10-25% |
$250-$625 |
||
| 30) | Condominium (Add an in-suite laundry) | $1,000-$2,400 | 95-100% |
$950-$2,400 |
||
| 31) | Electrical Service Upgrade (60 Ampere to 100 Ampere) | $4,000-$5,000 | 90%+/- |
$3,600-$4,500 |
||
| 32) | Fencing | |||||
| a) Cedar | $12-$18/linear ft. | 60-75% | $7.20-$13.50/linear ft | |||
| b) Spruce | $6-$12.50/linear ft. | 60-75% | $3.60-$9.36/linear ft | |||
| c) Wrought Iron | $33 and up/linear ft. | 35-40% | $11.55-$13.20/linear ft | |||
| d) Chain Link | $15-$20/linear ft. | 60-75% | $9-$15/linear ft | |||
| 33) | "Baby Boomers Specials" | |||||
| 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 |
|||
| d) 3 Stop Elevator | $30,000 | 50-75% |
$15,000-$22,500 |
|||
| e) Remodel bathroom with walk in tub | $10,000 | 50-70% |
$5,000-$7,000 |
|||
|
|
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/ | |||||
