A new renovation calculator could help homebuyers

Property portal Rightmove has launched a unique new tool to help people explore the added value that existing, or planned renovation works might have on a property.

The new renovation calculator is an enhancement to Rightmove’s instant valuation tool.

Once people receive an instant valuation of a property’s price, they now have the option to add in completed or planned renovation that might be overseen by an architect to that property and see the potential impact on its value.

By combining market-leading property data with local renovation uplift data, Rightmove is offering people more in-depth instant valuations, by estimating how much value renovation works may add to a home.

Rightmove’s instant valuation tool aims to provide existing or future home movers with an instant estimate of a home’s value, ahead of a more comprehensive agent valuation.

It lets people track the home’s value over time and provides regular insights to help them to decide when the right time to move may be.

The development of the renovation calculator was carried out following consistent feedback that people wanted to be able to see the potential impact of improvements they had made to a home or planned to make in the future.

Users can see the potential value-add of major renovation works that increase the size of the property, such as loft conversions, single-story extensions and many other options that might involve an architect.

The new tool is available for homemovers to use now after requesting an instant valuation for a home.

James Bassil, Rightmove’s director of product said: “One of the most common questions we received from people using our instant valuation tool, is that they wanted to factor in significant renovation works they had done since buying the home, or that they planned to make in the future.

“We’re really pleased to utilise our market-leading property data to bring people this innovative functionality.

“We’re clear with home movers that this is an initial estimate, and agents seeing the property for themselves will be in the best position to consider any additional value added by renovation works.

“We will be continuing to educate home-movers that agents are the experts and in the best position to carry out a comprehensive valuation.”