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
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
"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
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
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
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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