Regardless of whether or not you plan to sell anytime soon, it’s a good idea to keep a pulse on how much your home is worth relative to the market around it.
How do I determine what my home is worth?
For your most accurate assessment of your home, it’s best to contact a Realtor who will conduct a comparative market analysis based on the local real estate market, including trends specific to your area and neighborhood.
Use our easy-to-use home valuation tool to get an estimate of your home value.
What factors affect my home’s value?
In typical market conditions, home values tend to depreciate, granted you maintain the home well. Here are some factors that can affect your home’s value one way or another:
- Market conditions, i.e., how much inventory is on the market at any given time
- Neighborhood conditions and amenities
- Age and condition of your home
- How much your home sold for in the past
- Square footage of your home
- Your home’s proximity to good schools, shopping, city center, etc.
Which renovation projects will help my home gain value?
Before you swing the sledgehammer, it’s important to know the facts–because not all renovation projects are created equal. Read below to learn which home improvement projects yield the best return.
Outdoor enhancements
Curb appeal is like a first impression—there are no do-overs. And when it comes to maximizing your potential return on investment, enhancing your front door and garage door proves to be two of the best investments.
A new front door can refresh the overall look and feel of your house and won’t set you back too much. With costs typically hovering around $2,300, studies show you can expect to recoup about 198% of your investment when you sell. Update your front door for even cheaper than that by simply adding a fresh coat of paint or stain.
Likewise, replacing an outdated garage door can dramatically increase your home’s presentation and marketability. Considering garage doors are usually a fairly prominent feature in our homes, investing a little money goes a long way with this reno, and experts report you can expect to get back an average of 189% of your investment here.
Kitchens
Dubbed the best room of the house, it’s no surprise an updated, flowing kitchen with room for family to gather is at the top of buyers’ wish lists these days. Spending money revitalizing your kitchen can certainly pay off if you do it wisely.
A minor kitchen remodel is the best route if you plan to sell soon. Smaller kitchen remodels can run about $23,000 and recoup 87% when you sell.
Keep future buyers in mind when picking out new colors, surfaces, fixtures and cabinets to ensure your kitchen remodel will look up-to-date for many years to come.
Decks
Outdoor living spaces are quickly catching on– and with construction costs only a fraction of what it takes to add square feet indoors, this investment proves to be financially rewarding when it comes time to sell.
With a myriad of decking options to choose from, you can quickly transform the outdoors into an inviting space for family or friends to gather. Expect to gain back about 80% of your overall investment when you sell.
