PAGE 18, WHITBY n=E PRSS, WEDNESDAZMAY 22, 1991 kismen homeshow Chos rgh enovations to* add value to hm Ontariods professional real estte ppaisrsdon't think much of sWimming pools as an investment that adds value to a house --- but a good-looking, functionai kidtchen can resuit in value added, and keep a home competitive in the marketpace. 1In a, recent survey of selected members of ' the Ontario Assoiation of the Appraisai Insititute of Canada who are residentiai appraisai specia]ists, the *prasers said unanimously that renovations shouid be, carried out-to maintain market competitivenes -- flot to add luxuiy feturs to a'house that can price it beyond. its neighbours.' HqOME SHOW SPEGiALS. Z& 2 /Z TNic Doors Triple Sealed With4and6 ealsCasernent Window 2' x 3' lingesIIIJI Whte, BrownsWeos r Iu %.g$250.00 Reg.$30000 2" $15995 $199.95 Reg .gSoooReg35000 Reg$25000 2 1/2" $199.95 $239.95 $1 69.95 And, they said, ý,.doit-yourself projeets have to ha of thie highest ~uaity...or they1re flot worth Relestate appraisers with AACIor CRA designations -from: the - Ap4praisai. Institute of Canada,,are hired by banks, trust companiesi and' mortgagèbrokers to deterniine the value, of a property as part of mortgage arrangements, and 'in other situations where value muet be estalished. Kitchen tops the list Seventy-eight par cent of the appraisers put the itchen at the top of their liit of areas to improve. The mAjority also said that the "payback," or the money returned for money spent, on a itchen was better than 70 per cent, and could be as high as 200 per cent, depending on the' quality of the renovation. A super-iuxury kitchen was not advised, howevar. "nhe market won'always'pay for a $15,000 kitchen," said one reai estate appraiser. Although appearanoe waa important,. the m4jority of the appraisers said thatý modemn cabinatry was praferabla, and advised renovators not to forget that function was the prime characteristic of *any Iitchen, that would add ta the house's value. <The main floor family room ise considered another important project for real estate value, say the appraisers, who ranked it third in importance.! Interestingly, appraisers from northern Ontarlo, feit that a basement conversion was important too, because northerners "entertain a- lot ini the basement recreation room." 2x Y-Reg. $25.00 $189.95 'x 2'- Reg. $25.00 $1 89-95 5' Paio Door Single ta Quadruple Glazed Reg. $350.00 FROM $275.00 Bay Window 5'x 4' Reg. $110000 $595.00 2'x 3'. Reg. $80.00 3'x 4' - Reg. $250.0é $49.95 $179.95 Enargy a hot topic Energy-efficient *as a' tapie that brought out sma interestn regona diferncès: professionai reai estte appraisers Who, lived in southern and western, Ontario, and in the Toronto area, rated energy-efficient features such -as a new heating system and upgraded wind ows, doors and insulation relativaly high, but DRAs and AACIs inth north (Thunder Bay and, Sudbury) didn't think' this, feature- would add much value.' The reason for this différence is, said. one Thunder Bayý appraiser, that'i features that promote energy effl 'ciency tend- 1ta be agiven" in the north. On the whole, tha appraisers said that an upgraded f!urnaceý wouid improve marketability, but not necessarily add value. The main idea, saidthe professionai. appraisers, is that the haating systam appear ta ba 'worry free,' that it snt going to break down ini the naxt faw years. Forced air systems wera prefarabia, said several, because they allow for the addition of air conditiomng. Handyman work shouid be inible Although 60 par cent of the real estaite. appraisers surveyed saîd that in their opinion, the quality of do-it-yourself projects they -sea are-of high enough qiuality ta add value, the ?pries comments showed the need for caution. "Of you1 can tell it was home-mada, th en it has no value," said one. "Athough tha -work today--ië sup1erior ta, 25 yemarsag because of the' tools: and materiais available,"f said another,' homeownars ý should probably- not attempt major projects such as itchens or', bathrooms unless, thay. can do p,'rofessional quality work. If tha quality is high, they said, then payback can be as high as 75 ta 100 par cent. On a- tricky ýproject such. as drywall,' they said, homeownars could'sava rooney by'putting h sheetrock up themselves, but caUl on a profassionai to do'tha taing and sanding. siURVEY ON RENOVATION AND RESIDENTL4AL VALUE 1991 Value of renovation projecta (in oeder of imotne), Main flow famfyroom Jnterior decerWn New wumiow do r lienin onveron Air conditloning systei, addtion Energy-fflcient Ifstwes lIandacsping Firepm atlon Saimndngpoa Paybmcék poential of' individual renovatioei projects lwStPotential ner=e aback Interior decorating Kitchon Famaily-oon, addition Furnacaflrmcndtioner iupgrade SVISIT OUR FACTORY/SHOWROOM AJAX WHITBY OSHAWA N VtCIorla SI IBaSclirn.' ii VI~ ~owefu1savings, HR2?5HXol Ieaurng 4.5 HP. Qel-sa slroIçoo<ign..IL : u8 ShIft Hyrosiallc and Rostop safty LUBATA AVIGS Cyde ar, 114 Dundas Si. E., Whitby Oniario LIN 2H7 666-1666 T.0 427-6144 I 35 to 200 per cent 35 to 200 per cnt 35 t. 100 per cent 35 t. 100 par cent 0 to 70 pet cent EVA'S ASTROLOGY PALM, TAROT CARD AND CRYSTAL BALL READER -VVill Predict The Past, Present, And Future -Help And Advice On Ail Matters Of Life *Many Years Experience -Ail Readings Guaranteed 728m 5480 4-el Ilh, ÎC qi Next most imipor tant project for value, said the- appraisers, is the bathroomn; make it light 'and bright with l 'ots of space, and above 1ail,Î'a dean, fresh' appearance. Shouid you add luxury items such as a whirlpool bath? Lt depends on what you want, say the appraisers. Do it for your own comfort, but don't' expect ta get ai the money you sunk into a iuxury bath back in the sale price of your home. 1 Appraisers in the south and west of the province did not rank basemant flnishing varyý high, and said that for reale purposes., basemente ought ta be left "clean." 1",