Home Renovations Tips - Henderson & Butt's Home Renovations Guide

2008 Home Renovations Guide 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. 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
	EXTERIOR
1)	SIDING
	a) Exterior paint - acrylic over stucoo	$2,500 - $4,500	85-100%	$2,125 - $4,500
	b) Exterior paint - for wood siding &trim	$4 - $5/sq. ft	85-100%	$3.40 - $5/sq. ft
	c) Vinyl	$2 - $5/sq. ft	55-70%	$1.10 - $3.50/sq. ft
	d) Aluminium/Metal	$4-$10/sq. ft.	50-65%	$2-$6.50/sq. ft.
	e) Wood Siding	$12 - $14/linear ft.	50-70%	$6 - $9.80/linear ft.
	f) Artificial Masonary Brick	$13 - $15/sq. ft	70 - 100%	$9.10 - $15/sq. ft

2)	NEW SHINGLES
	a) Asphalt (20 years)	$3,000 - $4,000	70-90%	$2,100 - $3,600
	b) Asphalt (25-30 years)	$4,000 - $5,000	70-90%	$2,800 - $4,500
	c) Rubber (50 years)	$10,000	70-90%	$7,000 - $9,000
	d) Cedar Shakes	$10,400 - $18,200	50-70%	$5,200 - $12,740
	e) Metal	$8,000 - $10,000	70-90%	$5,600 - $9,000

3)	DOORS
	Standard
	a)Exterior	$500 - $1,200	50-75%	$250 - $900
	b)Interior	$120 - $550	50-75%	$60 - $413
	Deluxe
	a)Exterior	$1,200 - $8,000	50-75%	$600 - $6,000
	b)Interior	$500 - $1,000	50-75%	$250 - $750

4)	REPLACE WINDOWS	$9,000 - $13,000	60-75%	$5,400 - $9,750
	(including one bay picture window and the balance all vinyl casement & energy efficient windows)

5)	PATIO DECK(raised, 12' x 20') treated cedar top	$4,000-$5,500	50-60%	$2,000-$3,000

6)	DURABLE DECK (vinyl covering over existing 12' x 20' structure)	$4,000-$5,000	30-50%	$1,200 - $2,500

7)	SKYLIGHT	$1,200 - $5,500	0-30 %	$0 - $1,650
	(with opening capacity)

	INTERIOR
8)	INTERIOR PAINTING	$3,000 - $5,000	80-110%	$1,760 - $4,730

9)	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) Ceramic tile	$10 - $16/sq. ft	60-75%	$6 - $12/sq. ft
	d) Porcelain Tile	$12 - $16/sq. ft	60-75%	$7.20 - $12/sq. ft
	e) Carpet
	1. Average quality	$5,000 - $10,000	50-60%	$2,500 - $6,000
	2. High quality	$10,000 and up	50-60%	$5,000 - $6,000

	f) Shock absorption floor	$3 - $10/sq. ft	25-45%	$0.75-$4.50/sq. ft

10)	REMODEL BATHROOM
	(new fixtures, flooring and ceramic tile)
	a) 4-piece standard quality	$8,00 - $12,000 and up	60-80%	$4,800 - $9,600

11)	REMODEL KITCHEN
	(cabinets, flooring, ceramic tile)
	a) Average quality	$16,000 - $27,000	70-85%	$11,200 - $22,950
	b) High quality	$27,000 and up	65-85%	$22,950 and up

12)	GARBURATOR	$400 - $750	0-20%	$0-$150

13)	CENTRAL VACUUM	$650-$2,000	30-60%	$195-$1,800
		+$65 per capped outlet

14)	ALARM SYSTEM
	a)Installation	$200-$1,000	0-10%	$0-100
	b)Monthly monitoring	$20 and up

15)	HOT WATER TANK
	a) 40 gal. tank (33 Imperial gal.)	$900 - $950	55-65%	$495 - $620
	b) 50 gal. tank (38 Imperial gal.)	$1,000 - $1,200	55-65%	$550-$780

16)	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

17)	WATER DISTILLER	$3,000-$5,000	20-50%	$600-$2,500

18)	REVERSE OSMOSIS DRIKINKING SYSTEM	$1,000 - $1,500	20-50%	$200 - $750

19)	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

20)	AIR-CONDITIONING	$3,000 - $7,000	0-50%	$0-$3,500

21)	GAS FIREPLACE
	a) Average quality	$2,200 - $4,500	50-70%	$1,100 - $3,150
	b) High quality	$3,000 and up	50-70%	$1,500 and up

22)	WOOD STOVE	$1,400 - $6,000	50-60%	$700 - $3,600

23)	BASEMENT DEVELOPMENT	$54,000 - $85,000	50-70%	$27,000 - $59,500
	(drywall finish, paint,
	3-piece bathroom, carpet, lino)
	Per sq. ft. overall	$45 - $71/sq. ft	50-70%	$22.50 - $50/sq. ft

24)	WET BAR(with plumbing)	$2,500 and up	10-25%	$250-$625

25)	CONDOMINIUM
	(add in-suite laundry)	$1,200 - $2,400	95-100%	$1,140 - $2,400

26)	ELECTRICAL SERVICE UPGRADE
	60 Ampere to 100 Ampere	$4,000 - $5,000	90%+	$3,600 - $4,500

	LANDSCAPING
27)	PONDS & FOUNTAINS	$10,000 - $12,000	10-30%	$1,000 - $3,600

28)	LENGTHEN/WIDEN DRIVEWAY (acreage)	$9.80 - $15/sq. ft	20-50%	$1.96 - $7.50/sq. ft

29)	RV PARKING PAD	$5,400 - $8,400	45-60%	$2,430 - $5,040

30)	DECORATIVE LAWNS/GARDENS
	a) Standard - lawn, some shrubs	$9,000 - $18,000	30-50%	$2,700 - $9,000
	b) High end - "the works"	$18,000 and up	30-50%	$9,000 and up

31)	GAZEBO
	a) Contractor	$2,900 and up	20-40%	$580 - $1,160
	b) Package	$399 - $1,100	20-40%	$80 - $440

32)	UNDERGROUND SPRINGKLER SYSTEM	$4,200 - $4,800	30-60%	$1,260 - $2,880

	OTHER
33)	DETACHED GARAGE - not including driveway
	Package
	a)Double (22'x24')	$10,000 - $14,000	70-90%	$7,000 - $12,600
	b)Single (16'x22')	$5,500 - $8,500	70-90%	$3,850 - $7,650

	(Contractor)
	a)Double (22'x24')	$15,000 - $25,500	85-100%	$12,750 - $25,500
	b)Single (16'x22')	$11,500 - $16,000	85-100%	$9,775 - $16,000

	Add Heating	$1,500 + heater	85-100%	$1,275 - $1,500
	Add concrete pad @ $9.80-$15 sq. ft	$8,500 - $10,500	85-100%	$7,225 - $10,500

34)	ADD-ONS (family room, bedroom, storage room,	$170 - $250/sq. ft	50-80%	$85 - $200/sq. ft
	walk-in closet, fitness room)

35)	SUNROOM (3 season)	$16,000 - $25,000	50-70%	$8,000 - $17,500
	(16'x10)	($100/sq. ft.)

36)	OURDOOR HOT TUB/JACUZZI	$5,000 - $15,000	0-40%*	$0 - $6,000*

37)	SAUNA	$3,000 - $9,500	0-20%*	$0 - $1,900*

38)	SWIMMING POOL (16'x30')
	a) Outdoor	$34,500 - $69,000	0-25%*	$0 - $17,250*
	b) Indoor	$86,000 - $115,000 +	5-25%*	$4,300 - $28,750*

39)	FENCING
	a) Cedar	$18 - $27/linear ft	60-75%	$10.80-$20.25/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

40)	MEDIA ROOM/HOME THEATRE(includes cabinetry, carpet, seating for 12, 101" screen, projector, receiver, speakers, Blue Ray system, soundproofing, _ bath)	$22,000 - $60,000+	20-60%	$4,400 - $36,000

41)	"BABY BOOMER 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) Specialized 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


* 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 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. You may download, copy, and distribute this document to others as often as you wish. If you have any questions or, if there are any other categories that you think should be addressed, please call me at (780) 486-5158 or e-mail me at admin@hendersonandbutt.com. Sincerely, C.N. Butt, AACI, CRP Click here to download this document (258 kilobytes)