As renovation costs rise, Realtor.com® teams up with Kukun to assist the nearly three quarters of surveyed homeowners who wish they better understood the financial return on home improvement projects
SANTA CLARA, Calif., Sept. 27, 2023 /PRNewswire/ — Despite the rising cost of renovations, 70% of U.S. homeowners plan to renovate their home in the next year, according to a new survey from Realtor.com® and CensusWide. However, nearly three quarters of those surveyed wish they better understood the potential return on investment of any upgrades they might make. To help homeowners determine the costs and ROI for renovation projects, Realtor.com® today introduced a new Renovation Calculator, powered by Kukun, in the My Home dashboard.
The newest RealValue™ tool from Realtor.com®, the Renovation Calculator, helps give homeowners a better understanding of how renovations may impact the value of their property. The Renovation Calculator provides information from Kukun, a home data and analytics company that gives homeowners personalized estimates with comparative insights based on the quality of renovations.
“Whether homeowners are thinking about selling, or just want to know whether it makes financial sense to invest in home upgrades, Realtor.com®‘s RealValue™ tools, including the new Renovation Calculator, can help,” said Dave Masters, director of product, Realtor.com®. “Our homes are often our biggest investments and, with the cost of labor and building materials on the rise, it’s important to understand the ROI of a home improvement project or how different upgrades or design choices might impact the value of a home.”
To use the new calculator, homeowners can claim their home in the Realtor.com® My Home dashboard and choose from a selection of rooms and projects under the Renovations tab. After entering a few additional details about one or a combination of projects, users are presented with estimated costs to renovate and the potential increase in their home value. Homeowners can also download a detailed report with itemized costs to help with project management.
“Kukun is excited to collaborate with Realtor.com® so that millions of people across America can realize their financial goals while creating their dream home at the same time,” said Raf Howery, CEO and founder of Kukun.
Most homeowners would rethink reno plans with a better grasp of ROI, survey shows
Among those surveyed, reasons for renovating run the gamut, from addressing maintenance and issues (45%) to enhancing their space for enjoyment (45%), or bringing their home up-to-date (43%). Others have money and moving on their minds: 20% plan to renovate because it’s more cost-effective than moving, and 18% are renovating in preparation to sell their home.
Of those looking to make changes to their home in the next 12 months, the most common plans include bathroom and kitchens (37% each), interior paint (35%), or flooring replacement (33%) — however, two-thirds of homeowners (62%) would change their renovation plans if they better understood which improvement would add the most value to their home’s resale price.
The survey also found that consumers generally think that performing renovations prior to selling is a good investment, with 80% of homeowners saying as much. The projects that consumers think will deliver the biggest ROI include kitchens (32%), bathrooms (26%) and floors (24%). Around one-quarter believe painting the interior of their home (23%) or replacing major parts of the house like windows and doors (21%) add the most value.
To try the Renovation Calculator, visit www.realtor.com/myhome.
In the My Home dashboard, homeowners can also manage their home’s details, track their home’s value with up to three RealEstimate valuations, explore their equity and how their home compares to others nearby, as well as compare top local real estate agents and view offers from third party buyers such as Opendoor and others.
About Realtor.com®
Realtor.com® is an open real estate marketplace built for everyone. Realtor.com® pioneered the world of digital real estate more than 25 years ago. Today, through its website and mobile apps, Realtor.com® is a trusted guide for consumers, empowering more people to find their way home by breaking down barriers, helping them make the right connections, and creating confidence through expert insights and guidance. For professionals, Realtor.com® is a trusted partner for business growth, offering consumer connections and branding solutions that help them succeed in today’s on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more information, visit Realtor.com®.
About Kukun, Inc.
Kukun is a real estate data, analytics, and applications platform for homeowners, agents, and the industries that serve them. The platform includes a complete home investment optimization suite of products underpinned by a residential property database of current condition and more home valuations. Real estate agents leverage the Kukun Agent Dashboard to strengthen client relationships and look to Kukun’s proprietary PICO™ Score for refined home valuations that consider home upgrades. Kukun is the leading real estate-focused consumer web products provider for large enterprises, with customers that include Realtor.com, USBank, SoFi, and PNC Bank. Visit mykukun.com to learn more.
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SOURCE Realtor.com
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