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APPRAISALS LTD
2010 HOME RENOVATION
GUIDE
2010 Renovation
Costs and Returns
Why to Get Your
Home Appraised
2010HOMERENOVATIONGUIDE
Onceagain,theErgil&JacksonAppraisalsLtd.(formerlyHenderson&ButtAppraisalConsultantsLtd.)
2010HOMERENOVATIONGUIDEexplainsthereturnoninvestmentthatyoucanexpectfordifferenttypes
ofrenovations.Usingthisinformation,youcanplanthemosteffectiveuseofyourrenovationdollar.
The Guide explains the cost and return on investment that you can expect for different types of
renovations.Italsohasalistofimportantcontactsthatmosthomeownerswillneed.Thisisespecially
usefulforpeoplewhoarenewtoEdmonton.Thisissupplementedbytheadvertisingwhichhighlights
thebusinessesontheListofImportantContactsforHomeowners.
Allpricesandvaluecontributionsarebasedonanaverage1,200ft2bungalowwithfullbasementona
6,000ft2lot.Allcostrangesincludeinstallationandarebasedonaverageorbetterqualitymaterialsand
services.WehopethatthisGuideservesasausefulreferencetogetyoustarted.
Sincerely,
SheyN.Ergil,MBA,AACI,P.App,CRP
CEO
ColinJackson,CRA,CRP
President
RENOVATIONGUIDE2010ERGIL&JACKSONAPPRAISALSLTD
GETTINGTHEMOSTOUTOFYOURRENOVATIONS
AccordingtotheAppraisalInstituteofCanadaand
various professionals weve consulted, the
following are a few things to keep in mind before
yougetstarted:
Investinyourkitchen!
About 1015% of the overall value of the home
shouldbespentonthekitchen.Ifyoudontplanon
sellingforanother5years,spending1525%more
on it today will give you about a 44% higher
recapture depending on the quality of the
renovations. For example, buyers need a
functionally designed, spacious, low maintenance
kitchen. Scratchresistant, durable materials such
as granite countertops and highquality appliances
addtremendousvalueandhavetimelessappeal.
Thebathroomisnext!
Youcanexpectuptoa6080%(andinsomecases
up to 100%) contribution to value on a well
designed bathroom even if that requires a
completerelocationoffixturesorwalls.Fromfloor
toceiling,newtiles,lightfixturesandcabinetryto
create ones own personal spa is especially
appealing. Luxury fixtures to enhance pampering
may include water jets, soaker tubs and double
sinksintheensuitebathroom.
Dontforgetthefloorsandwalls!
Thebuyerwantsahomethatsreadytomoveinto.
Smoothwallswithquality,neutralpaintswillmake
spaces seem larger and will give you an 80110%
recapture. Carpeting should be limited to
bedrooms, if at all. Hardwood and tiles not only
benefit in allergen reduction but add elegance as
well. Good flooring that flows from room to room
andtiesinwithbaseboards,cabinetry,wallsandso
RENOVATIONGUIDE2010ERGIL&JACKSONAPPRAISALSLTD
Spendthemoney!
As the saying goes You get what you pay for.
Over the past year the cost of materials may not
haveincreaseddramaticallybutthecostoflabour
is certainly rising. Quality craftsmanship and
insuring a job well done is key. Nothing is more
costlythanhavingtodoittwiceorreplaceitearly.
The importance of using the highest quality
materialscannotbestressedenough.
2010RENOVATIONGUIDE
HOWTOCONTACTUS:
Call:(780)4865158
Fax:(780)4866226
www.ejappraisals.com
Publisher:SheyErgil
shey@ejappraisals.com
MagazineAdvertising:SheyErgil
shey@ejappraisals.com
WHYYOUSHOULDGETANAPPRAISALWHETHERYOUARE
BUYINGORSELLING
RENOVATIONGUIDE2010ERGIL&JACKSONAPPRAISALSLTD
youcanlettheappraisalspeakforitselfandsend
ittoasmanypotentialmortgagesourcesasyou
want.Afterall,theappraisalbelongstoyou!
Needpropertyinsurance?Yourappraisalcan
be easily tailored to include a provision for
ReplacementCostNewthatyoucangivetoyour
home insurance provider. Be sure you arent
paying too much or too little for your policy.
Replacement Cost New means replacing
something with comparable materials; it does
notmeancreatinganexactreplicaoftheoriginal.
It is comforting to know that all appraisers carry
Errors & Omissions Insurance. So, in the unlikely
event that something goes wrong, you will be
protected.
Peace of mind is important when dealing in real
estate. Take some of the worry out of the process
and let Ergil & Jackson Appraisals Ltd help to give
you the assurance you need.
HOMEEXTERIOR
RENOVATION
1. SIDING
a) Exteriorpaintacrylicoverstucco
b) Exteriorpaintforwoodsiding&trim
c) Vinyl
d) Aluminum/Metal
e) Woodsiding
f) ArtificialMasonryBrick
2. SHINGLES
a) Asphalt(2530yrs.)
b) Rubber(50years)
c) CedarShakes
d) Metal
3. DOORS
(Standard)
a) Exterior
b) Interior
(Deluxe)
a) Exterior
b) Interior
4. REPLACEWINDOWS
(includingonebaypicturewindowandthebalanceof
allvinylcasement&energyefficientwindows)
5. SKYLIGHT(withopeningcapacity)
a)DaylightingSystems
COST RANGE
PERCENTAGE RETURN
$2,500$5,000
$4$5.50/sq.ft.
$3$6/sq.ft.
$5$11/sq.ft.
$12$18/linearft.
$15$20/sq.ft.
$5,000$6,000
$10,000$12,000
$8,000$15,000
$8,000$10,000
$500$1,500
$250$650
$2,000$12,000
$500$1,200
$8,000$15,000
75100%
7590%
5575%
4565%
4060%
7090%
7090%
6090%
5070%
6590%
4575%
5075%
5075%
5075%
6085%
$1,200$5,500
$575$1500
030%
030%
HOME INTERIOR
RENOVATION
COST RANGE
PERCENTAGE RETURN
6. INTERIORPAINTING
$3,000$5,000
80115%
7. NEWFLOORING
a) Hardwood
$9,000$12,500
1) Standard
$15,000$20,000
2) Premium
b) Laminate
$4,800$6,000
c) Ceramictile
$10$18/sq.ft.
d) Porcelaintile
$12$18/sq.ft.
e) Slate
$16$22/sq.ft.
f) Carpet
1) Averagequality
$5,000$10,000
2) Highquality
$10,000andup
g) Shockabsorptionfloor(cork,rubbertile)
$3$10/sq.ft.
8. REMODELBATHROOM
$6,000$10,000
(newfixtures,flooringandceramictile4piece
andup
standardquality)
9. REMODELKITCHEN
(cabinets,flooring,countertop)
a) Averagequality
$6,000$15,000
b) Highquality
$15,000andup
10. BASEMENTDEVELOPMENT
$60,000$90,000
(drywallfinish,paint,3piecebathroom,carpet,
$50$75/sq.ft.
linoleum)
11. WETBAR(withplumbing)
$4,000andup
$22,000$60,000and
12. MEDIAROOM/HOMETHEATRE
up
(includescabinetry,carpet,seatingfor12,101screen,
projector,receiver,speakers,BluRaysystem,
soundproofing,bath)
13. GASFIREPLACE
a) Averagequality
$2,200$4,500
b) Highquality
$3,000andup
14. WOODSTOVE
$1,650$6,000
15. GARBURATOR
$400$900
6080%
6080%
6080%
6075%
6075%
6075%
4060%
3060%
2545%
5085%
6085%
4075%
5070%
1025%
2060%
4570%
4570%
5060%
020%
RENOVATION
COST RANGE
PERCENTAGE RETURN
16. CENTRALVACUUM
$1,300$2,500
$200$1,000
$25andup
$1,000$1,200
$1,200$1,500
$750$1,200
$3,000$5,000
$1,000$1,500
$1,000$4,500
$3,000$7,000
$2,500$5,000
3060%
010%
3565%
3565%
2050%
2050%
2050%
5090%
050%
95100%
$5000$6,000
90%+
17. ALARMSYSTEM
a) Installation
b) Monthlymonitoring
18. HOTWATERTANK
a) 40gal.tank(33Imperialgallons)
b) 50gal.tank(38Imperialgallons)
19. WATERSOFTENER
30100grain/galloncapacity
20. WATERDISTILLER
21. REVERSEOSMOSISDRINKINGSYSTEM
22. NEWFURNACE
MediumHighefficiency
23. AIRCONDITIONING
24. CONDOMINIUM
Addaninsuitelaundry
25. ELECTRICALSERVICEUPGRADE
60Ampereto100Ampere
RENOVATION
a)
b)
c)
d)
e)
Ramps(4steps)
3to5Stepspecializedwheelchairlift
Specialverticalstraightwheelchairlift
(Basement)
3StopElevator
Remodelbathroomwithwalkintub
COST RANGE
PERCENTAGE RETURN
$3,000andup
$5,000
$9,500
1030%
5075%
1030%
$50,000
$15,000
5075%
5070%
RENOVATION
26. PONDS&FOUNTAINS
27. LENGTHEN/WIDENCONCRETEDRIVEWAY
(Acreage)
28. PATIODECK
(raised12x20)treatedcedartop
29. VINYLDECKING(vinylcoveringoverexisting12x
20structure)
30. GAZEBO
a) Contractor
b) Package
31. UNDERGROUNDSPRINKLERSYSTEM
32. FENCING
a) Cedar
b) Spruce
c) Wroughtiron
d) Chainlink
33. SUNROOM(3season16x10)
34. OUTDOORHOTTUBJACUZZI
35. SAUNA
36. SWIMMINGPOOL(16X30)
a) Outdoor
b) Indoor
37. RVPARKINGPADCONCRETE
COST RANGE
PERCENTAGE RETURN
$10,000$12,000
$9.80$15/sq.ft.
1030%
2050%
$4,000$5,500
4060%
$4,000$5,000
3050%
$2,900andup
$1,000$2,000
$4,200$4,800
$18$27/linearft.
$9$16/linearft.
$33andup/linearft.
$15$20/linearft.
$16,000$25,000
($100/sq.ft.)
$7,000$28,000
$4,500$8,500
$39,000$75,000
$86,000$155,000+
$5,400$8,400
1040%
1040%
2050%
6075%
6075%
2540%
4075%
5070%
040%*
020%*
025%**
525%*
4560%
DOSANDDONTSOFHOMERENOVATIONS
DO:
Yourhomework.Geteducatedbydiscussingyourprojectswithhomeimprovementspecialists.
Getreferralsandcheckreferencesforcontractors.(www.chba.ca)Dontjusttakesomeonesword
forit.
Savemoneyandpurchasefinishingmaterialsyourself.
Prebookyourcontractorwellinadvance.Winteristheoffseasonsotheremaybemore
availabilityofgoodcontractorsthen.
Hireaprojectmanageronlargejobstoensurequalityworkmanshipandtimelinesarebeingmet.
Takeadvantageofnaturallightwherepossibleandusetimelessdesignpatternsthatmakepeople
feelgood.
Considerbuildinga3Dscalemodeltobettervisualizeanaddonornewconstruction.
Protectagainstmoldandinsistontheverybestvapourbarrierinstallationlikestructural
insulatedpanels(SIPs),insulatedconcreteforms(ICFs)oranexteriorlayerofrigidfoam.
Choosetheverybestroofingmaterial.Itwillbetheleastcostlyinthelongrunasalargeportionof
thecostinvolvedisinthelabour.
Ventilatetheareabehindsiding,brickandstoneaswellastall,vaultedceilingstoprevent
condensation.
ConsiderCanadasadvancedtechnologyinradiantinfloorheatingsystems.Theseeither
distributehotliquidthroughfloorframesorusehighresistanceelectricheatingpads.
DONT:
- Dontagreetopaybythehourplusmaterials.Theresnoguaranteeofcostorworkefficiency
withoutadetailedcontractandasetprice.Bewareofanychangesthatyoumakelateron.Itmay
requirealotofextramoneyandpatience.
- Dontassumethatagreatjobisbeingdone.Checkupperiodicallywhilebringingcoffeeforthe
crew.
- Dontbeafraidtocancelthejobifyoudontfeelthatyoucantrustyourcontractor.
- Donthesitatetoofferyourinputandideastothecontractor.Ofcourse,youshouldbeclearand
respectful.
- Dontlimityourthinkingtojustmonetarypayoffs.Byusingenergyefficientmaterialsand
techniques,yourhomewillbethatmuchmorevaluable.
GOINGGREEN
3. Recycle/salvage
previous
building
materialsandusematerialsmanufactured
with
recycled
content.
Consider
construction techniques that minimize
wasteanddebris.
4. Use waterbased paints, varnishes and
adhesives free of volatile organic
compounds (VOCs) that will not give off
toxicgases.
5. Haveanenergyauditdoneonthehometo
determine the best ways to make the
mostofyourgreenrenovations.
BIGGESTMISTAKESHOMEOWNERSMAKE
1. Nothavingawellplanneddesignandareasonabletimeframe.
2. Notbudgetingforunforeseencostsorchangestotheplan.Makingfrequentormajorchangesafter
therenovationhasbeguncanaddhugecoststotheproject.
3. Notgettingacompletequoteinwritingorhavingafullunderstandingofthequotegiven.Getat
leastthreequotesbeforecommittingtoonecontractor.
4. Not hiring a professional for jobs that require the expertise. Poor craftsmanship and/or
incomplete projects result in huge wastes of time, money and energy. This could also lead to
hazardousconditionsand/oranunhealthylivingenvironment,becominganinsuranceliability.
5. Notplanningrenovationsintermsofresale.Althoughoneofthemajorperksofowningyourown
homeisthatyouarefreetodowhatyouwanttoit,whenitcomestimetoputitonthemarket,
youdontwantyourhousetobethewhiteelephantoftheneighborhood.Permanentlychanging
thefunctionoftherooms,notkeepingwiththeaverage/appropriatestyleoftheneighborhoodor
goingoverboardandcreatingahousewellabovetheaveragelistingpriceofotherhomesinthe
areawillmakeitdifficulttosell.
RENOVATIONGUIDE2010ERGIL&JACKSONAPPRAISALSLTD
11
IMPORTANTCONTACTS
REALESTATEAGENT
REALESTATEAPPRAISER
HOMEINSPECTIONSERVICE
GENERALCONTRACTOR
PLUMBING
FURNACECLEANING&REPAIR
ROOFREPAIR
ELECTRICIAN
LIFEINSURANCEBROKER
HOME/AUTOINSURANCEBROKER
LOCKSMITH
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RENOVATIONGUIDE2010ERGIL&JACKSONAPPRAISALSLTD
12
Now available:
Our Services:
Pre-listing/ Pre-purchase Residential Home Inspections by Qualified Professionals
Warranty Inspections
Certified Mold and Indoor Air Quality Inspectors
Ozone Specialists
Certified by INTERNACHI (International Association of Certified Home Inspectors)
Certified by CANACHI (Canadian Association of Certified Home Inspectors)
We serve the greater Edmonton area, as well as rural areas
Contact Us:
Contact Us:
Online: www.ejappraisals.com
Phone: 780.486.5158
Email: admin@ejappraisals.com
Fax 780.486.6226