Determining the Return on Investment for Home Improvements

Have you ever been asked by a client, ?How much will a home improvement or remodeling project add to the value of my home??

Determining the return on such an investment can be challenging, given the many variables that go into its calculation. The cost of labor, expenses for materials, and depreciation over time are just a few of the factors that have to be considered.

Though this is a daunting task for the homeowner, MiRealSource members have access to a terrific, easy-to-use tool that allows you to answer that very question ? in just minutes!

Every MiRealSource member has access to RPR, a Web-based program developed by the National Association of REALTORS^? that provides several tools for REALTORS^? to use to help them accurately determine a home?s value. The Home Improvement Calculator is one of those tools.

Once you open any property in RPR, one of your options will be to open the ?Refined Value? tab.

The screen will refresh and you will see the ?Refined Value? page, which contains four different ways to pinpoint the most accurate price for a given property.

The tool we want you to focus on is the 2nd one on the page,
?Refine the Value Based on Any Home Improvements.?

When you click to open the ?Add a Home Improvement? menu, you have a choice of any of the pre-selected projects, or you have the option to add your own by selecting ?Other? at the bottom of the list. ?(See diagram on next page.)

Within seconds the tool will calculate the value change from the home improvements, which is then added to the estimated valuation of the property.

Source: http://www.mirealsource.com/determining-the-return-on-investment-for-home-improvements/

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