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How Much Value Does a Bathroom or Kitchen Add to My House?

Tue, 13 Dec by Kevin Grenier

I am often called upon to do market evaluations for people looking at selling their homes but I’m getting a growing number of requests from past clients wanting to know how much their planned renovation will cost and what the increased value of the property would be too.

There are a number of factors I look at when doing a market evaluation and I haven’t found any program that is more accurate than I am in figuring out what your property is worth, in fact some of the programs out there are downright misleading.

That said, I’d like to share with you a tool that I’ve frequently used to get a rough idea of how much a specific renovation like a bathroom or kitchen renovation might increase the overall value of your home by.

It is called the “Renovation Guide” put out originally by an appraisal company called Henderson and Butt. The latest version is 2009 but it still works as a general reference. I’ve included it here for your benefit:

Now to answer the above question, the “Renovation Guide” using a 1200 sq’ bungalow indicates that a remodeled bathroom will cost you about $10-16k and will increase the value by roughly $6-12.8k. Whereas a kitchen can run you $20-32k for average quality with an immediate increase in value of approximately $14-27.2k.

There are a few things that are important to note when renovating a house or preparing one for sale.

  • The first is who are you renovating for, yourself or a prospective buyer? If the answer is a buyer, then try to isolate who that buyer might be, age, lifestyle, etc.
  • Secondly, is budget – did you know that the cost equals or out weighs the immediate increase in value on every renovation if you are having it professionally done except for interior painting, which will give you an R.O.I. (return on investment) of 110%.

However, cleaning and decluttering win out by far with as much as a 500% R.O.I.

Before you do any preparation for sale, contact me at kevin@kevingrenier.com to arrange an appointment with myself or one of my associates in your area for a free no obligation consultation.

Best Regards,

Kevin Grenier

REALTOR®, ABR® (Accredited Buyer’s REALTOR®), SRS® (Seller Representative Specialist)

 

P.S. make sure you “like” my Facebook page http://on.fb.me/BuySmartSellSmartwithKevinGrenierRealtor

This e-mail is not intended to solicit anyone who is contractually represented by another REALTOR®

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RBC’s Economic Outlook – Alberta

Tue, 13 Dec by Kevin Grenier
Coat of arms of Alberta

Image via Wikipedia

“Amid the heightened economic uncertainty spreading globally in the past several months, Alberta’s steady progress toward full recovery from the recession is
refreshing.”

 

Here are RBC’s forecasts for Alberta’s economy created by RBC Economics Research:

 

To view the report in its entirety go to:

http://www.rbc.com/economics/market/pdf/provfcst.pdf

 

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Parkview Community Profile Edmonton, AB Kevin Grenier Edmonton Real Estate

Mon, 12 Dec by Kevin Grenier

Parkview, Edmonton

From Wikipedia, the free encyclopedia
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The Valleyview portion of Parkview overlooks the North Saskatchewan River Valley.

Parkview is a residential neighbourhood in west Edmonton, Alberta, Canada overlooking the North Saskatchewan River valley. The neighbourhood is informally split into two smaller neighborhoods, with the portion east of 142 Street called Valleyview and the portion west of 142 Street called Parkview. There is a small strip shopping centre, Valleyview Shopping Centre, located near the centre of the neighbourhood on the Parkview side of 142 Street.

Most of the residential construction in the neighbourhood occurred after the end of World War II, with seven out of ten residences being constructed between 1946 and 1960. Substantially all residential construction was completed by 1970. Residences east of 142 Street tend to be more affluent, while residences west of 142 Street tend to be more affordable. According to the 2005 municipal census, 100% of the redsidences in the neighbourhood are single family dwellings. Substantially all residences are owner occupied.[1][2]

There are two schools in the neighbourhood. Parkview Elementary Junior High School is operated by the Edmonton Public School System. St. Rose Junior High School is operated by the Edmonton Catholic School System.

Edmonton’s Valley Zoo, a family oriented petting zoo, is located in the river valley to the south east of the neighbourhood with access provided by Buena Vista Road. Buena Vista Road also provides access to Laurier Park, a good place for families to go for picnics, and Buena Vista Park. Both parks are part of the city’s river vallye park system. A foot bridge, located in the river valley to the east of the neighbourhood provides access to Hawrelak Park on the south side.

Whitemud Drive, with access from 149 Street, provides residents with good access to destinations on the south side, including: the University of Alberta, Old Strathcona, Whyte Avenue, Southgate Centre, and Fort Edmonton Park. Travel west along 87 Avenue takes residents to West Edmonton Mall. Residents also enjoy good access to the downtown core.

Parkview is bounded on the north by the McKenzie Ravine, on the east by the North Saskatchewan River valley, on the west by 149 Street, and on the south by 87 Avenue and Buena Vista Road

Surrounding neighborhoods

References

  1. ^ http://censusdocs.edmonton.ca/DD23/FEDERAL%202001/Neighbourhood/PARKVIEW.pdf
  2. ^ http://censusdocs.edmonton.ca/C05002/MUNICIPAL%202005/Neighbourhood/PARKVIEW.pdf
  3. ^ A small number of houses to the north of Buena Vista Road and east of Valleyview Crescent are actually in Laurier Height
  4. External links

Coordinates: 53°31′24″N 113°33′49″W / 53.5234°N 113.5635°W / 53.5234; -113.5635

The New MLS is Here Now – Search for Properties Internationally & More

Thu, 08 Dec by Kevin Grenier

I’ve just added a powerful new property search tool to my arsenal which will allow you to search for properties for sale all across the globe from wherever you are in the world.

This has been in the works for some time and involved cooperation from many different real estate boards. You asked for barrier free access to MLS listings and this is what came of that. Check it out and comment on how you feel about it below, I’d love to hear your feedback as we strive to further improve this valuable tool.

Try it out at http://www.realtyexecutives.com/kevingrenier

 

Kevin Grenier

REALTOR®, ABR® (Accredited Buyer’s REALTOR®), SRS® (Seller Representative Specialist)

 

P.S. make sure you “like” my Facebook page http://on.fb.me/BuySmartSellSmartwithKevinGrenierRealtor

This e-mail is not intended to solicit anyone who is contractually represented by another REALTOR®

Informed Buyer/Seller – Stay or Move? How to Decide

Wed, 07 Dec by Kevin Grenier

Market Update from the Realtor’s Assocation of Edmonton – December 5th, 2011

Tue, 06 Dec by Kevin Grenier

The following is the monthly press release from the Realtor’s Association of Edmonton in its entirety. If you have any questions on this or would like further detailed statistics, information or analysis, contact me at www.kevingrenier.com

 

REALTORS® Association sees stable market with few surprises

 

Victorian Single Family Home

Image by dlichaw via Flickr

Edmonton, December 5, 2011: There were no surprises in the month-end Multiple Listing Service® sales figures for the month of November released by the REALTORS® Association of Edmonton today. The all-residential average* sales price of $321,135 was up less than one percent from last month and last November. Single family detached homes sold on average for $365,734 which is marginally higher than last November and last month. Condominium average price ($227,901) was up 2.3% month-over-month (from $222,778) but down 0.6% from a year ago (from $229,337).

 

“Prices will vary from neighbourhood to neighbourhood and from property to property,” said REALTORS® Association of Edmonton President Chris Mooney. “But generally your home would have sold last month for about the same amount as it did last year. There was a slight decrease in sales activity compared to last year but listings also decreased reducing the inventory to the level it was at in February.”

  • Residential listings = 1,800 with sales = 1,084
  • Total MLS® listings = 2,239 with sales = 1,236
  • Residential inventory = 6,588
  • Total MLS® inventory = 10,390
  • Sales-to-listing ratio (residential) = 60%, in 2010 = 64%
  • Days-on-market = 59 (same as October), last November = 64 days

“I almost think that the market is resting after the maelstrom that has occurred in the past five years,” said Mooney. “Compared to other national and global markets this part of the world is a safe haven with stability right now and great prospects in the very near future.” Total MLS® sales for the year-to-date were $5.96 billion compared to just $5.84 billion last November.

-30-

Highlights of MLS® System activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual changes for a particular property, which may vary from house to house and area to area. Prior period figures have been adjusted to include late reported sales and cancellations and therefore reflect a more accurate view of the period than previously reported at month end.

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The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.