“Is a home project worth it?” can be a homeowner’s “To be or not to be?” when the realization sinks in that their home, townhome, or condo doesn’t meet their needs anymore, or they’re thinking about making upgrades that could pay off later on.
It’s a big decision, and one homeowners are increasingly saying “yes“ to.
The Harvard Joint Center for Housing Studies reported that the home remodeling market had surpassed its previous peak when homeowners spent $340 billion on renovations in 2015. Most of that market share is captured by homeowners ages 55 and older, but Millennials and Gen Xers are also poised to spend billions of dollars in the years ahead on home improvements, generating huge opportunities in the area of home renovation.
Marcus by Goldman Sachs® and analytics firm HouseCanary have made it easier for homeowners to see the impact home additions may have on their home’s value before they commit to it with the rollout of the Home Addition Calculator.
With Marcus, homeowners can fund projects with an unsecured personal loan, up to $40,000, without having to leverage the equity in their homes. Marcus also gives the money directly to homeowners, providing the flexibility they may need to pay for supplies or different contracting professionals.
When homeowners visit the Marcus Home Addition Calculator and enter their property’s address, it draws on HouseCanary’s real estate data to provide the current bedroom and bathroom count, the home’s square footage, and the home’s estimated value based on metrics, including local real estate prices, comparable homes, and local demand.
Homeowners then specify the type of addition they’re considering — like adding square footage, or adding a new bedroom, bathroom or pool.
The Marcus Home Addition Calculator then immediately shows homeowners how their project may change their property’s value.
If the homeowner is ready to go ahead with the project, Marcus can help them with the next step: applying for a home improvement loan they can use to help pay for their addition.
The application process is fast because there’s no appraisal, and the loans are exactly what they say they are. There are no fees and the interest rate stays the same for the life of the loan. Plus, the value provided by HouseCanary’s data can help homeowners feel confident in the decision they’ve made.
The calculator’s innovative take on home additions is only going to expand. The plan is to increase the types of additions the calculator can estimate based on customer demand, and to increase the depth and geographic reach of the property details it can offer.
Want to see the Marcus Home Addition Calculator in action? Check it out on the Marcus website.