LAS VEGAS (KTNV) — After you buy a house, one of the biggest decisions is whether you should renovate. There's a new tool that can tell you just how much a renovation could effect your home's value. Contact 13's Tricia Kean looks at this online calculator that's taking some of the guess work out of your upgrade.
Norm Rosensteel has done it all when it comes to renovations. He's hired contractors and done DIY projects in several homes throughout the years.
"Redoing the master bathroom, master bedroom, large part of the family room, the kitchen, the pantry... We've redone the pool. All of the outdoor fencing and major part of the landscaping," says Norm.
But he admits, it's hard to know if a renovation will have a worthy return on his investment. That's why he's excited to learn about this new home improvement calculator.
"Sounds like a great tool. You can guess at what you think the value is going to be. But with the calculator, it makes it simple," says Norm.
The calculator was created by Opendoor, an online company where you can buy or sell your home. Simply enter the city where you live. Then select your approximate home value.
"Having a pool in your backyard is really valuable," says General Manager Alice Ferguson with Opendoor Las Vegas.
According to Opendoor: adding a pool can increase the value of your home by nearly 9%.
"It actually adds on average about $26,000 of value to an average home in Las Vegas, which is about $300,000," says Alice.
Other upgrades that provide the biggest boost include: a new bedroom, which adds more than 6%. 150 square feet of new interior living space, adding more than 5%. A new bathroom, adding more than 4%, and rounding out the top 5 remodeling projects: an upgraded kitchen, which adds 4% to the value of your home.
"We also have other options for people who are not able to do big renovations... I think the most affordable and easiest are paint and carpet," says Alice.
Opendoor also suggests upgrading your kitchen cabinets, plus landscaping and overall curb appeal. In the end, whatever you decide to work on, Norm says every little bit helps.
"It's very rewarding and certainly does increase the value," says Norm.
Click here to check out the home improvement calculator.