Edmonton Real Estate Blog

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Think spending $50,000 on a total kitchen remodel or $10,000 overhauling the bathroom is the only way to add value to a home? If large, expensive projects are beyond your grasp, you’re in luck: Increasing the value of your home doesn’t have to involve large outlays of cash, especially when you’re willing to put in a little sweat equity. Why spend big money when there are so many low-cost, do-it-yourself (DIY) projects? Whether you’re planning on selling or just want a nicer place to live, read on to find out what you can do to add value to your home for as little as a few dollars.

House-Wide Updates

The following are some changes that can be undertaken for surprisingly little money.

Freshen Up the Walls
If your walls have scratches and dirty paint, an outdated color or tacky wallpaper, a few cans of paint can make a dramatic difference. If you’re trying to maximize the value of your home, it’s best to choose a neutral color scheme that unifies the entire house, makes the space look bigger and will appeal to a wide variety of potential buyers.

Install Crown Molding
This task is surprisingly simple but adds a lot of character. You simply buy the molding, which is nothing more than decorative strips of wood from a home improvement store, cut it to the size that fits your room (or have the store cut it for you), and attach it to the top of the wall with a nail gun. It may even come already painted. This involves a bit of woodworking skill as well as the right tools, but is very inexpensive if you can do it yourself.

Update Fixtures
Switch plates, outlet covers, curtain rods, light fixtures and doorknobs are often boring or overlooked, but a few bucks can add major pizzazz. Attractive metal switch plates and outlet covers can cost as little as $5 apiece but look much more expensive. Light fixtures and decorative curtain rods can be a little pricier, but sometimes you can make an inexpensive piece look elegant with the right can of spray paint. Again, make sure to choose items in colors and finishes that will appeal to a wide audience.

Install Ceiling Fans
Everyone likes to save money on electricity bills, making ceiling fans an appealing addition to any home. Using ceiling fans can definitely cut down on air conditioning costs, and in fact, they can also reduce heating costs by circulating warm air away from the ceiling. A basic fan costs about $50, and a nice one can be had for no more than a couple hundred dollars. If you don’t already have overhead lighting in the room or rooms you want to install fans in, the electrical work needed to install them can significantly escalate the cost of this project as well as take it out of the DIY realm.

Improve Window Treatments
The cheap vertical plastic blinds, paper shades, or horizontal aluminum blinds that may have come with your house definitely don’t add any value to your home. Consider replacing them with plantation shutters, wooden blinds or nice drapes. By the way, it doesn’t matter whether the drapes will come with the house if you are in the market as a seller. The important thing is that they make it look nice while it’s on the market and help you get top dollar for your home.

Reveal and Restore Hardwood Floors
Older homes in particular are likely to have hardwood floors lurking beneath carpet. If your floor squeaks, that’s a decent sign that you may have wood floors. If you’re not sure, pull up your carpet in an unnoticeable corner and investigate. If you do have wood floors, there’s a good chance you’ll have to refinish them to restore them to their original splendor, but that will be much less expensive than installing new flooring from scratch.

Bathroom

Redo the Bathroom Floor
Many people can learn how to do this task themselves with a simple class (your local home improvement store may offer one). Because installation makes up a major part of the cost of most home improvements, saving all that money on labor may allow you to pick nicer flooring than you could otherwise afford. Opting for a neutral-colored tile will add the most value.

Update Fixtures
If you have generic, cheap and/or outdated fixtures, replacing them with newer, more customized versions can make your bathroom sparkle. For about $40-$100, you can replace a shabby bathroom vanity or ceiling light fixture with something elegant. A similar cash outlay will get you a new sink faucet. A spa-style chrome shower head adds a touch of luxury for about $80. Towel bars are the easiest and cheapest fix at about $20-30. Sometimes the upgrade can even be more energy efficient, increasing not only the aesthetics of your home but “greening” it up as well.

Kitchen

Paint or Stain Kitchen Cabinets
You could buy all new cabinets and save money by purchasing prefabricated (rather than custom) cabinets and installing them yourself, but that’s more work and money than painting or staining your existing cabinets. White cabinets will brighten the room, don’t usually go out of style and are easy for future owners to repaint if they want something different. You’ll need to remove all the hardware from your cabinets, including removing the doors. You’ll also need to clean the cabinets first so that residue like grease won’t ruin your work. This renovation can be used to spruce up your bathroom cabinets as well.

Upgrade Cabinet Knobs and Drawer Handles
It’s surprising how a seemly innocuous element like a cabinet door knob can make your kitchen look cheap or dated. Updating this hardware can give your kitchen a face lift whether you redo your cabinets or not.

Living Room

Clean Fireplace Brick
If you have a brick fireplace and it’s ever been used, chances are some of the brick is stained with soot and creosote. Because a nice fireplace can be a major selling point in a home, you’ll want to make yours look as nice as possible. Just use a damp rag to wipe away some of the soot, then follow up with a fireplace cleaner designed to remove creosote. It will take some scrubbing with a stiff brush and possibly several applications, but you’ll have that brick looking spiffy when you’re finished.

Don’t Forget the Exterior

It may be easy for you to ignore your home’s exterior when you spend most of your time inside, but it’s the first and sometimes only impression that others get of your house. Here are a few simple ways to make it look its best.

Install a New Front Door
A very basic steel front door costs about $100, but for just another $100-$200, you can get a door with a lot more character that will improve your home’s curb appeal. If you can’t afford a new door, a fresh coat of paint in an inviting color may be all you need.

Replace the Front Door Mat
When you’ve had the same doormat for years, it can be easy to overlook how worn out or dirty it’s become, but it’s one of the first impressions people get of your home. This is one area where $20 can make a big difference.

Gutters
This is more an issue of maintaining your home’s value than increasing it, but it’s extremely important. Without properly functioning gutters, which are designed to carry water away from your home, rain may seep into your home or pool around it, causing problems like mold and mildew and eventually compromising the house’s structural integrity, leading to very expensive repair bills.

Power wash the Exterior of Your Home
For less time and money, a good washing can make your home’s exterior look almost as good as a fresh coat of paint.

Repaint the Exterior
If washing the exterior of your home didn’t brighten it up as much as you’d hoped, consider a new paint job. With the ladders and heights involved, this may not be a DIY task for everyone, but even if you have to hire others to do this job, it’s still pretty inexpensive as far as home improvements go and can make your house look almost new from the outside.

Power wash the Driveway, Walkways and Patio
As long as you’re renting the power washer, you might as well clean your driveway, your patio, and any walkways. You may be surprised by how new they’ll look afterward.

Upgrade Landscaping or Clean Up Existing Landscaping
Flowers and other plants are a great way to brighten your home’s exterior. Use greenery in front of your house and/or along walkways to draw attention to your house. To get the most for your buck, choose perennial plants, or ones that will come back year after year, rather than annuals, which will die in a year or less and not return. Patch any bald spots in the yard with fresh sod and trim existing trees and bushes to complete the yard’s new look.

Put on Your Tool belt
Upgrading your home doesn’t have to be expensive or difficult and it doesn’t have to involve contractors. There are a variety of projects for all price ranges and all levels of skill and enthusiasm that can improve your home’s value, whether to future buyers or, perhaps more importantly, to you. Putting a few of these home-improvement ideas into action will help you get the most value out of one of your biggest assets whether you’re staying in it or selling.

Article by: Amy Fontinelle Investopedia.com

“Fix it and flip it” is a phrase often associated with real estate investing. The idea behind the concept is that the completion of a few choice remodelling projects will add significant value to the price of a home. With this in mind, many homeowners undertake major renovation projects before putting their homes up for sale with the idea that sprucing up the place will result in big bucks. More often than not, these upgrades fail to pay for themselves. Read on to find out how to renovate strategically and which renovations really add value to your property.

The Difference between Investors and Owners
Updating an investment property is generally a sound strategy because successful advocates of the fix-it-and-flip-it philosophy buy run-down homes at bargain prices and save money on the repairs by doing most of the work themselves. A little sweat equity goes a long way toward making a real estate investment profitable.

Investors carefully choose their remodeling projects, focusing on those that will result in the most value for the least amount of effort and cost. Part of the process includes paying attention to the other homes in the neighborhood to avoid over-improving the property. If none of the other houses in the area have crown moldings and Corian countertops, adding these amenities is unlikely to result in a significantly higher selling price for the property.

Owners, on the other hand, often take a less strategic approach to remodeling when sprucing up their homes prior to putting them on the market. As a result, they can end up putting significantly more money into the project that they will get back out of it when they sell.

To make the most of your remodelling projects, it pays to keep four types of projects in mind : basics, curb appeal, value added and personal preference.

The Basics
The basic are the things that buyers expect when they purchase a home. This includes a roof that doesn’t leak, functioning gutters and downspouts, a dry basement, a good furnace, solid floors, walls that are in good repair, retaining walls that work and all of the other common sense items that you expect to find in a home.

In upscale properties, this includes air conditioning, a certain number of bedrooms, bathrooms and garages, and any other amenities that are common to the neighbourhood, such as a swimming pool.

Adding these items to a home that lacks them doesn’t add value, it merely brings the property up to the standard level of the rest of the homes in the area. Money spent on these items is unlikely to be fully recovered, but should at least result in ensuring that the home sells for a price that is comparable to other homes in the area.

Curb Appeal
Items that add curb appeal help the property to look good when prospective buyers arrive. While these projects may not add a considerable amount of monetary value, they will help the place sell faster. Curb appeal items include a nice green lawn, attractive landscaping, fresh paint inside and out, new carpet and new appliances. If you know that a prospective buyer is due to arrive at a certain time, baking an apple pie just before the arrival is an easy way to set the stage, make your house smell good and create a warm, inviting atmosphere.

Adds Value
The projects that add considerable value are big favourites of fix-it-and-flip it advocates. While most of these efforts will not recoup their costs, some will come close. Projects that offer the most bang for the buck include new siding, kitchen remodelling, bathroom remodelling, new windows, decks and the addition of living space. The National Association of Realtors cites siding, kitchens and windows as some of the most beneficial projects, often recouping 80% or more of their costs during resale.

Personal Preference
Personal preference projects are nifty items that you want but that other people may not like or be willing to pay to get. In most areas of the country, these include amenities such as swimming pools, tennis courts, hot tubs, wine cellars, basement game rooms and ponds. There’s certainly no harm in adding these items to your house, but don’t expect potential buyers to be willing to pay a premium to get them when you are ready to sell.

House and Home
Regardless of the project that you are considering, remember that your primary residence is not just a house, it’s your home. If you plan to live there for many years to come, add amenities that you want to have regardless of their impact on resale. When it’s time to sell, do the basics to get the property up to par for the neighbourhood and add some curb appeal, but don’t bother undertaking an extensive array of projects strictly in an effort to increase the value of the property. Even with the projects that are known to add value, the chances are good that you will spend far more money than you will get back in return.

Article by: Lisa Smith Investopedia.com

Monthly MLS® home sales activity continues to run strong, with new monthly records set in July, September and October. This has prompted CREA to revise its MLS® home sales forecast for 2009 and 2010.

CREA now forecasts national activity will reach 460,200 units in 2009, up 6.6% from last year. The new sales forecast for 2009 puts activity about on par with annual activity in 2004, but below levels reported for the years 2005 through 2007. Alberta, Saskatchewan, Quebec and Prince Edward Island are also now forecast to post an annual increase in activity in 2009.

National MLS® home sales activity is forecast to rise 7% to 492,300 units in 2010. This would make 2010 the second highest year on record for sales, putting activity below the peak reached in 2007 and slightly above the 2005 and 2006 figures. The forecast increase in activity for 2010 reflects significant weakness in activity recorded in the first quarter of 2009. Monthly activity in 2010 is expected to trend downward from recent heights, but the sharp drop inactivity recorded in the in the first quarter of 2009 is not expected to repeat in 2010.

The national MLS® average home price is forecast to climb 4.2% in 2009, reaching a record $317,900. This is an upward revision from the 1.5% gain in CREA’s previous forecast and reflects the high degree to which the national average price was skewed downward last year by a significant decline in activity in Canada’s priciest markets, and then upward by the rebound in activity.

Alberta remains the only province with a forecast decline in average price in 2009 (-3.0%). Average prices are forecast to rise in all other provinces, with gains ranging from 1.5% in British Columbia to 13.1% in Newfoundland and Labrador.

Average prices are forecast to climb a further 4.7% in 2010. Much of the annual increase reflects weakness in the average price in first quarter of 2009, which is not expected to repeat in 2010. Average sale prices are forecast to rise in every province in 2010.

Source: CREA

 Job seekers at an employment office in September. The number of Canadians receiving EI benefits was up more than 7 per cent during the month. (Canadian Press)

EI recipients up 7.1% in September

The largest increases were in Ontario, Alberta and British Columbia, Statistics Canada said Tuesday.

The total number of beneficiaries reached 818,000, up 63.5 per cent from October 2008, when the agency says employment hit its peak.

The number of people receiving EI had increased sharply between October and June, before moving onto a downward trajectory.

Several cities recorded more than double the number of beneficiaries than a year ago, with the fastest year-over-year increases in Calgary and Edmonton.

Another week another dollar… Maybe.

As of this morning there were 1,781 single family homes listed for sales in Emdonton proper.  That is only a slight drop from last weeks number of 1,794,  So the listing inventory is remaining fairly stable.

In the last 30 days there were 545 single family homes sold in comparision to last weeks 546.  Again, a very stable number.  That ultimately give as a listing to sales ration of 3.27:1.

Stability is good and if the market can continue to hold its own for the next few weeks we shouldn’t see market values dropping over the winter months.

So if you have been waiting for prices to drop over the winter months before you buy you just might be out of luck and end up paying more because you waited.

Winter is here and you have already pulled out your warm, woolly sweaters, hats and mitts.  Sure, you might be prepared for the cold, but what about your home?  It’s about time we all got our homes ready for winter – eco-style.  Conserving energy is one of the best things you can do for the environment and your bank account, as it can help reduce your utility bills as well.

Here are 10 ways to prepare your home for the cold months ahead while treading lightly on the Earth:

1) Automate
Almost half of a home’s energy consumption is due to heating and cooling.  If you turn your thermostat down by just one degree, you will save energy and up to ten per cent on your home heating bill.  And, for each degree you drop below 20 degrees Celsius during colder weather, you will save three to five per cent more on heating.  An easy way to control temperature is to install a programmable thermostat that automatically adjusts to cooler temperatures during the day when you are at work or at night when you are sleeping.

2) Assess
In many homes, an enormous amount of energy is wasted as heat radiating from the furnace quickly escapes out of cracks and windows.  A home energy audit can help assess how your house uses energy while prioritizing actions you can take to make it more efficient and comfortable.  The federal government offers assessment and grant programs as incentives to homeowners who make changes to improve energy-efficiency.

3) Eliminate drafts
Draft-proofing will keep you warm while saving energy and money. It has been said that if you add up all the cracks and the gaps between doors and windows in an average home, it is equal to leaving one window open.  To help stop drafts, install weather-stripping around doors and caulk cracks around windows.  During the winter, air conditioners installed in windows can be a large source of cold drafts.  It’s always a good idea to remove window units during cold months or, if you must leave them in, insulate them in tight-fitting covers available at most home improvement stores.

4) Lower water temperature
Your water heater is the second largest energy consumer in the home.  Turn it down to 60 degrees Celsius, the minimum storage temperature, to conserve power and you will still find yourself with plenty of hot water.  To save even more energy here, consider wrapping your water heater in an insulating jacket that can save up to 10 per cent on water heating costs.
5) Keep it closed
Closing your curtains in the evening will help stop heat from escaping through windows.  Keeping closet doors and dresser drawers closed is also a good idea as it prevents heat from entering areas that do not need it.  If you have rooms in your home that you don’t use, you may consider closing the doors and, depending on the type of heating your house has, blocking vents or turning off electric heaters.

6) Timing is everything
When you are preparing some delicious cuisine in the kitchen this winter, be sure to time your cooking so that everything you are making can go into the oven at the same time.  This will decrease the overall amount of energy that the oven needs to cook your meal.

7) Insulate
Save energy and feel more comfortable by increasing insulation in the perimeter walls and ceilings.  Look for eco-friendly recycled materials with no added formaldehyde when shopping for insulation.  By insulting the cavity walls in your home, you can save up to 15 per cent on your energy bills.  Most homes built after 1920 have external walls which consist of two layers of brick with a small gap between them. Filling the gap with insulating material significantly decreases the amount of heat that escapes and helps to create a more even temperature throughout the home.  Attic insulation prevents up to 15 per cent of a home’s heat from escaping through the roof by acting like a blanket, trapping the heat as it rises from the house below.

8 ) Radiant flooring
Radiant floor heating systems increase indoor air quality because unlike forced-air systems, they don’t blow dust and other allergens around your home.  They have warm water circulating in flexible tubing that is installed below the floor allowing heat to radiate upwards providing quiet, steady warmth while using less energy.  This project may have to wait until you are renovating as it can be pricey depending on the area you want to cover, but if the opportunity and funds arise, it will pay off in the long run.

9) Your furnace
Clean or replace your furnace filter as recommended, especially during months of heavy usage. Energy is lost when hot air furnaces have to work harder to draw air through dirty filters.  You may also consider purchasing a new furnace.  There are furnace models available now that are 25 per cent more efficient than they were back in the 1980s.

10) Double up
Installing double-pane windows involves a bigger investment, but it can cut the heat lost through windows by half.  Some of the government programs mentioned above will subsidise a percentage of the cost of the windows if your assessment concludes that new windows will make your home more energy efficient.  If you don’t think a new set of windows will work for you right now, a simple and effective seal for your existing single-pane aluminum windows (at a fraction of the cost) is clear plastic.

Getting your home winter-ready can make a large impact on both the environment and your utility bills.  It’s certainly easy to turn up the thermostat and have your furnace pump out the heat, but it’s crucial to consider the environmental impact.  There are many small things you can do around your home to make it more energy efficient.  Larger projects may seem costly to implement at first, but if you use the government programs available and look at the big picture, you will see it is well worth the money and the effort for you and the planet.

By Selene Wilkinson, ND

These easy tips on staying warm as the season cools can save you money

Finding ways to cut your electricity bill doesn’t have to be complicated. In fact, it’s the simple choices we make that can have a biggest impact. In Adria Vasil’s new book, Ecoholic Home (being released just in time for winter!), Canada’s favourite “ecoholic” reminds us that cracking down on old energy-wasting habits around the house will ease the drain on your already-suffering bank accounts. “Just ask your grandparents,” she writes. “Savings energy, saving resources-saves you money.” Plus, reducing your energy needs will ultimately benefit your whole community.

So try these 10 small things before the snow flies:

Tip #1: Crank Down.

In winter, turn your thermostat down by two degrees and wear a sweater. It will save you $180 per year on your energy bill (and just think of the huge energy saving around the province if everyone did this).

Tip #2: Fill Up

Ensure the dishwasher is full before you turn it on. Dishwashers are more energy and water efficient when full. Researchers have also found the machines consistently do a better job-with less water-than hand-washing.

Tip #3: Morning Retreat

A low-flow showerhead requires less water and, by extension, needs less heat to warm the water. You can also insulate your water tank and set the thermostat two degrees lower to save energy. The range should be from 60 degrees Celsius to 65 degrees Celsius. If you have a set thermostat, this range is midway between “warm normal” or “low medium”. We assure you, you’ll never notice the difference!

Tip #4: A Cooler Cool

Simply cleaning the condenser coil on your refrigerator can improve its efficiency. And the next time you’re replacing a refrigerator, look for an ENERGY STAR model, which typically has a more energy-efficient compressor, better insulation and temperature controls that offers energy savings that conventional models can’t.

Tip #5: Clean Heat

Cleaning your furnace filter every two months can increase its efficiency by 50 percent.

Tip #6: Time it right

Install a timer on your water heater and furnace to turn it off at night and back on just before you wake up in the morning. Few people realize that waiting to do electricity-heavy activities (such as laundry or showering) before 7 am and after 10 pm can hugely reduce your energy requirements and costs. (In fact, some provinces now raise electricity rates in the daytime (prime time), making it smarter than ever to wait until it’s late to run your appliances.)

Tip #7: Be Caulk-y

Before you feel the full force of winter, weatherproof your home. Make sure you have enough insulation, get double-pane windows and caulk any cracks. You’ll get rid of those uncomfortable drafts and save money that was flowing out of your home with the heat.

Tip #8: Vampires Beware

Unplug home electronics when you’re not using them. Most of them have features that make them easier to use-instant-on TVs, for instance-that also suck up electricity, even when they’re not in use to the tune. This can amount to $75 in energy costs per year. Be sure to turn off your computer, too.

Tip #9: Dry Smart

Dry two or more loads of laundry in a row to take advantage of an already warm dryer. Remove clothes from the dryer when they’re still warm to prevent wrinkling. And clean the lint filter before every load. A clogged filter can increase energy use by up to 30 percent and also present a safety hazard.

Tip #10 Light solutions

Replace your home’s incandescent light bulbs with CFL or LED bulbs. You’ll save energy with the lower wattage it takes to power the bulb but also from reduced cooling costs-incandescent bulbs give off 90 percent of their energy as heat.

By Green Living Online

Weekly rate minder provided by: Souchita Rattanarasy Dominion Lending Centres Optimum 780-932-2225. Explore Mortgage Scenarios with Helpful Calculators on http://www.souchita.com/

Bright and open large 2 bed + den in newer building with underground heated parking and lots of storage. This condo has full A/C and has an open concept floor plan with 9′ California stipple ceilings, crown mouldings, and is painted with neutral tones. Hardwood flooring makes this unit feel elegant and sophisticated. There is a corner gas fireplace with mantle in bright many-windowed living room as well as glass doors that lead out to the balcony with gas BBQ hook-up. The kitchen is brightly lit with track lighting and offers lots of storage space with natural maple cabinetry, as well as matching appliances. Master bedroom has upgraded broadloom carpeting and features a large walk-through closet with shelving and 3 piece ensuite. The 2nd bedroom is located across from the main bathroom. There is a large storage room with in-suite laundry.  Located steps away from Bonnie Doon Mall. The building features a car wash, storage locker, social and guest rooms, roof top patio & more.  List Price: @294,900  To view more information and pictures click on the following link: http://www.edmontonhomesforsale.biz/view_listing/Bonnie_Doon/mls/E3205174