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2006
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.
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Renovation |
Approximate Cost Range |
Immediate Value Contribution |
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Amount |
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EXTERIOR |
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1) |
SIDING |
$6,000-$8,000 |
75-100% |
$4,500-$8,000 |
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a) Exterior paint |
$2,000-$4,000 |
85-100% |
$1,700-$4,000 |
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b) Vinyl |
$2-$5/sq. ft. |
55-70% |
$1-$3.50/sq. ft. |
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c) Aluminium/Metal |
$4-$10/sq. ft. |
50-65% |
$2-$6.50/sq. ft. |
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d) Wood Siding |
$2-$6/linear ft. |
50-70% |
$1-$4.20/linear ft. |
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e) Masonry brick, natural |
$10-$15/sq. ft. |
50-75% |
$5-$11.25/sq. ft. |
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f) Acrylic Coating |
$6-$9/sq. ft. |
70-100% |
$4.20-$9/sq. ft. |
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2) |
NEW SHINGLES |
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a) Asphalt shingles-standard quality (15-20 years) |
$1,800-$2,500 |
70-90% |
$1,260-$2,250 |
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b) Asphalt shingles-high quality (30 years) |
$2,500-$3,400 |
70-90% |
$1,750-$3,060 |
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c) Cedar Shakes-good quality |
~$10,000-$15,000 |
50-70% |
$5,000-$10,500 |
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d) Metal |
~$5,000-$8,000 |
70-90% |
$3,500-$7,200 |
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e) Pine Shakes-Not Recommended |
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3) |
DOORS |
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Standard |
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a)Exterior |
$500-$700 |
50-75% |
$250-$525 |
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b)Interior |
$75-$200 |
50-75% |
$37.50-$150 |
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Deluxe |
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a)Exterior |
$1,200-$5,000 |
50-75% |
$600-$3,750 |
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b)Interior |
$300-$800 |
50-75% |
$150-$600 |
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4) |
REPLACE WINDOWS (including one bay picture window and the balance all casement windows,
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vinyl casement, energy |
$10,000-$15,000 |
60-75% |
$6,000-$11,250 |
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efficient) |
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5) |
PATIO DECK(raised, 12' x 20') |
$4,000-$5,500 |
50-60% |
$2,000-$3,000 |
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6) |
SKYLIGHT |
$1,000-$3,500 |
0-30 % |
$0-$300 |
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(with opening capacity) |
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INTERIOR |
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7) |
INTERIOR PAINTING |
$2,000-$3,000 |
80-110% |
$1,600-$3,300 |
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8) |
NEW FLOORING |
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a) Hardwood |
$9,000-$12,000 |
60-75% |
$5,400-$9,000 |
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b) Laminate-good quality |
$3,000-$5,000 |
60-75% |
$1,800-$3,800 |
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c) Ceramic tile |
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- polished |
$12-$16/sq. ft. |
60-75% |
$7.20-$12/sq. ft. |
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- unpolished |
$10-$12/sq. ft. |
60-75% |
$6-$9/sq. ft. |
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d) Carpet |
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- average quality |
$3,600-$5,400 |
50-60% |
$1,800-$3,240 |
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- high quality |
$5,400-$8,000 and up |
50-60% |
$2,700-$4,800 |
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e) Shock absorption floor |
$7-$10/sq. ft. |
25-45% |
$1.75-$4.50/sq. ft. |
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(cork, rubber tile) |
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9) |
REMODEL BATHROOM |
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(new fixtures, flooring and ceramic tile) |
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a) 4-piece bathroom |
$5,000-$12,000+ |
50-70% |
$2,500-$6,700 |
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10) |
REMODEL KITCHEN |
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by contractor |
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(cabinets, flooring, ceramic tile) |
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a) Average quality |
$10,000-$20,000 |
70-85% |
$7,000-$17,000 |
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b) High quality |
$20,000 up |
65-80% |
$13,000 and up |
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11) |
GARBURATOR |
$200-$500 |
0-20% |
$0-$100 |
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12) |
CENTRAL VACUUM |
$650-$1,000 |
30-60% |
$195-$600 |
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+$55 per capped outlet |
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13) |
ALARM SYSTEM |
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a)Installation |
$200-$1,000 |
0-10% |
$0-100 |
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b)Monthly monitoring |
$20.00+ |
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14) |
HOT WATER TANK |
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a) 40 gal. tank (33 Imperial gal.) |
$700-$900 |
20-50% |
$500-$1,500 |
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b) 50 gal. tank (38 Imperial gal.) |
$900-$1,100 |
20-50% |
$600-$1,750 |
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15) |
WATER SOFTENER |
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a) 30,000 grain capacity |
$2,500-$3,000 |
55-65% |
$1,375-$1,950 |
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b) 45,000 grain capacity |
$3,000-$3,500 |
55-65% |
$1,650-$2,275 |
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16) |
Install water distiller |
$3,000-$5,000 |
20-50% |
$600-$2,500 |
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17) |
Install new furnace |
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a) Medium efficiency |
$2,500-$4,000 |
75-90% |
$1,875-$3,600 |
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b) High efficiency |
$3,500-$6,000 |
75-90% |
$2,625-$5,400 |
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18) |
AIR-CONDITIONING |
$2,500-$3,500 |
0-50% |
$0-$1,800 |
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19) |
GAS FIREPLACE |
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a) Average quality |
$2,000-$3,000 |
50-70% |
$1,250-$2,100 |
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b) High quality |
$3,000 and up |
50-70% |
$1,500 and up |
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20) |
WOOD STOVE |
$2,000-$5,000 |
50-60% |
$1,000-$3,000 |
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21) |
BASEMENT DEVELOPMENT |
$25,000-$40,000 |
40-60% |
$10,000-$24,000 |
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(drywall finish, paint, |
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3-piece bathroom, carpet, lino) |
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Per sq. ft. overall |
$25-40/sq. ft. |
40-60% |
$10-24/sq. ft. |
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22) |
WET BAR(with plumbing) |
$2,500+ |
10-25% |
$250-$625 |
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23) |
CONDOMINIUM |
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(add in-suite laundry) |
$800-$1,200 |
95-100% |
$720-$1,200 |
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24) |
ELECTRICAL SERVICE UPGRADE |
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60 Ampere to 100 Ampere |
$3,500-$4,000 |
80%+/- |
$2,800-$3,200 |
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LANDSCAPING |
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25) |
PONDS & FOUNTAINS |
$7,500-$10,000 |
10-30% |
$750-$3,000 |
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26) |
Lengthen/Widen Driveway |
$6-$8/ft. |
20-50% |
$1.20-$4/ft. |
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27) |
RV PARKING PAD |
$1,700-$2,700 |
45-60% |
$770-$1,620 |
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28) |
DECORATIVE LAWNS/GARDENS |
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a) Standard |
$10,000-$25,000 |
30-50% |
$3,000-$12,500 |
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b) High end |
$25,000 and up |
30-50% |
$7,500 and up |
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29) |
GAZEBO |
$2,500+ |
20-40% |
$500-$1,000 |
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OTHER |
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30) |
DETACHED GARAGE |
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75-100% |
$7,500-$17,000 |
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(Package) |
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a)Double (22'x24') |
$19,500-$21,500 |
70-90% |
$7,350-$12,600 |
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b)Single (16'x22') |
$13,000-$14,500 |
70-90% |
$7,950-$9,900 |
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(Contractor) |
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a)Double (22'x24') |
$19,500-$21,500 |
85-100% |
$16,575-$21,500 |
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b)Single (16'x22') |
$13,000-$14,500 |
85-100% |
$11,050-$14,500 |
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Add Heating |
$800 + cost of heater |
85-100% |
$680-$800 |
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Add concrete pad |
$6,000-$7,500 |
85-100% |
$$5,100-$7,500 |
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31) |
ADD-ONS (family room, bedroom, storage room, |
$120-$170/sq. ft. |
50-80% |
$60-$136/sq. ft. |
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walk-in closet, fitness room) |
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32) |
SUNROOM (3 season) |
$15,000-$20,000 |
50-70% |
$7,500-$14,000 |
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(16'x10) |
($100/sq. ft.) |
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33) |
OURDOOR HOT TUB/JACUZZI |
$5,000-$8,000 |
0-40%* |
$0-$3,200* |
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34) |
SAUNA |
$3,500-$7,000 |
0-20%* |
$0-$1,400* |
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35) |
SWIMMING POOL (16'x30') |
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a) Outdoor |
$30,000-$50,000 |
0-25%* |
$0-$12,500* |
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b) Indoor |
$75,000-$90,000 |
5-25%* |
$3,750-$22,500* |
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36) |
FENCING |
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a) Cedar |
$12-$15/linear ft. |
60-75% |
$7.20-$11.25/linear ft. |
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b) Spruce |
$6-$7/linear ft. |
60-75% |
$3.60-$5.25/linear ft. |
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c) Wrought iron |
$34+ linear ft. |
35-40% |
$12.25-$14/linear ft. |
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d) Chain link |
$10-$15.linear ft. |
60-75% |
$6-$11.25/linear ft. |
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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 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
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