How to Calculate the Value of Renovating Your Home
Rightmove has unveiled a new tool to help calculate how much renovation works add to the value of a property.
How does it work, and is it any good? Let’s find out.
To renovate or not to renovate? It’s a common property dilemma to which there isn’t a straightforward answer.
In truth, it all depends on what you do and how you do it.
A well-executed refurbishment can transform a property and net the owner a healthy profit.
But if the work is poor quality or out of character with the area, you can end up seriously out of pocket.
To remove some of the guesswork, property portal Rightmove has created a new online tool: the renovation calculator.
How it works
Start by visiting Rightmove’s instant price valuation page. Enter the address of your property, and Rightmove will crunch the numbers and give you an idea of what it’s worth.
You can then scroll down and tinker with the renovation calculator.
If you’ve already made improvements, you can select the relevant works you’ve completed to get a more accurate idea of the property’s value.
And if you’re thinking of renovating, you can select from a range of options such as a ground floor extension or loft conversion. Within seconds, you’ll get an idea of how much such projects could bump up the price of your home.
So, how helpful is it?
The renovation calculator is a good starting point if you’re considering selling up (and contemplating doing work before you go).
It can give you a fuller picture of your property’s current and potential value.
But it can’t capture all the nuances of the local market quite like an experienced estate agent can.
To make an informed decision about whether to invest thousands in a renovation project that could take months to complete, it’s also worth talking to a local agent.
They can tell you what current buyers are looking for in terms of features and finishes so that you can make wise choices that pay off when you sell your home.
Are you thinking of selling up?
Contact us for a free valuation and a market update.
