Home Renovation Calculator
Have you moved into a property that needs renovating? Or perhaps you are thinking about specific updates to your current home. It can be confusing to know what to spend your money on and which projects will give you the best investment. Should you go ahead with that loft conversion, or would an extension be better? A new kitchen, or complete interior decor update?
Which Projects Give The Best Return On Investment?
To help with your decisions, the Money Matters team at Sainsbury's Bank have created a useful Home Renovations Calculator. This tool can help you find the best project for your budget and perhaps highlight other projects that you may not have considered.
Renovation Projects List: Enter the estimated value of your home and the renovation amount you have available. There is also the option of choosing a budget/standard/luxury setting for any projects where you might want to spend less or more. The calculator will then display a list of renovation projects. There may be some projects, such a new fireplace, or garden decking, which are low in cost and give great home value increases, that you may not have considered.
Estimated Home Value Increase: The projects can be re-ordered according to cost of project, amount of home value increase or total profit amount. You can then clearly see the projects within your budget and which ones would be most beneficial to the value of your home. It is surprising to see that a garage conversion rates as the highest for return on investment.
Renovation Example:
- Home value: £350,000
- Garage conversion: £5000
- Increase in house value: £35,000
- Total Profit: £30,000
The calculator has been designed to work best for properties between £100,000 and £500,000. The average house value in the UK (as of January 2019) is £228,147.
Disclaimer: The Home Renovations Calculator is intended as a guide only and the values stated are estimates only. The results have no legal basis if your house doesn't increase by the value given or if a project goes over budget. It is recommended that you seek financial advice before considering a loan or a mortgage to fund any home improvements and to get quotes from two or three trusty tradesmen (with references) before making any decisions.
Please also note that if your house is valued above £500,000, the profit shown in the calculator may be more generous than what can be expected in reality.
Each project is unique to and may hit snags or problems not considered in the general estimates. Also regional variations and market fluctuations will affect the values from one month to the next. The cost of renovations used in the calculator are average costs from across the UK.
Information from the Money Matters team is correct as of March 2019.
