Deciding if a renovation is a good idea for your home is tricky business – especially when you’re looking to sell. Investing a ton of money in a project only to discover that it didn’t up the value of your home (or, worse, had a negative effect) is a homeowner’s nightmare, but it can be avoided. As we’ve done before – with the listings for a headline-making San Francisco disaster house and one New York abode’s bathroom, terrace and kitchen, along with a few other homes around the country – we took this listing for a Houston, Texas, home and put Kukun’s renovation cost estimate and Projected Home Value tools to use.
After we selected different finish levels for each part of our great room and bedroom renovations, we calculated the estimated costs and return on investment for each project, as well as the total equity built into the home. Next, we sent those project plans to a professional renderer to see what the results could look like. Check out the numbers (and stunning before and afters), and learn how you can put Kukun’s tools to use when planning your own home renovation.
About the property
This bungalow-style home was listed for $399,900 and built in 1930. Using the information available in the listing and little bit of improvisation, we created renovation project plans and cost estimates for one of the home’s bedrooms, as well as its great room. We specified that the home has two bedrooms, two bathrooms, and measures 1,200 sq. ft. on a 5,000 sq. ft. lot.
Great room renovation:
The great room renovation included the kitchen and dining/living areas. To create the cost and ROI estimates for this project, we selected an overall finish level for the project, as well as finish levels for every element of the project – from paint to trim work. Kukun’s estimation tools offer three finish level options – good, better, and best. The great room renovation had an overall finish level of best, with a room size of 40 ft. by 20 ft. (800 sq. ft.), and no increase to the room size. We selected the following finish levels for the elements of the project:
-Demolition: best, plumbing: better, plumbing fixtures: better, electrical: best, lighting: better, HVAC: best, drywall: good, paint: best, countertops and cabinets: better, flooring: better, trim: better.
After we were done providing the specifics, we hit a button, which uses Kukun’s unique algorithm to crunch some numbers, and learned that our great room project would cost approximately $99,693. Next, we entered a few more details, hit another button, and discovered that this project would come with an equity gain of approximately $54,831.
The bedroom renovation was up next, and after selecting an overall finish level of best, for a room measuring 12 ft. by 14 ft. (168 sq. ft.), without any increase to the room size. We selected the following finish levels for the project elements:
– Demolition: best, electrical: better, lighting: best, HVAC: better, drywall: good, paint: better, flooring: better, trim: good.
The results for the bedroom renovation showed an estimated cost of $8,562, with a projected equity gain of $4,709.
Considering the ROI of your home improvement projects can help you make smart renovation decisions (and money when you decide to sell your home). See how Kukun’s tools can help you plan and assess your project by creating free renovation cost and ROI estimates now.