According to new survey findings from Realtor.com, although home improvement expenses remain high, 70% of American homeowners intend to renovate their homes within the next year. Furthermore, the survey highlights that nearly 75% of homeowners express a desire for clearer insights into the potential return on investment (ROI) for any renovations they undertake.
According to Fox News, would-be renovators can now find out the home improvement projects that have the best ROI as Realtor.com launched a renovation calculator tool. Homeowners pick a room and enter project details to get estimated renovation costs and the projected increase in their home’s value. They can also download a detailed report with itemized costs to help with project management, Realtor.com announced. The RealValueTM tool from Realtor.com provides information from Kukun, a home data and analytics company that gives homeowners personalized estimates with comparative insights based on the quality of renovations.
According to the survey, of those looking to make changes to their home in the next 12 months, the most common plans include bathrooms and kitchens (37% each), interior paint (35%), or flooring replacement (33%). Interestingly, the data reveals 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.