Last Updated on June 29, 2023
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’s worth?
For your most accurate assessment of your home, it’s best to contact a Realtor that will conduct a comparative market analysis based on the local real estate market, as well as trends specific to your area and neighborhood.
For an estimate of your home value, use our easy-to-use home valuation tool.
What factors affect my home’s value?
In typical market conditions, home values tend to appreciate, granted you maintain it 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 condition 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 help my home’s worth the most?
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.
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 prove 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 $1,200, studies show you can expect to recoup about 98 percent 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Likewise, replacing an outdated garage door can dramatically increase your home’s presentation and marketability.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 on 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 88 percent of your investment here.
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.
Experts say that a smart renovation budget for a kitchen should not exceed more than 10 – 15 percent of your home’s overall value, and you can expect to recover about 83 percent of your total cost when you sell.
Keep future buyers in mind when picking out new color, surfaces, fixtures and cabinets to ensure your kitchen remodel will look up-to-date for many years to come.
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 select from, you can quickly transform the outdoors into an inviting space for family or friends to gather. Expect to gain back about 80 percent of your overall investment when you sell.
For more projects that yield a high return when you sell, check out our blog on the latest cost vs. value report.
How can I keep an eye on my home’s value even if I’m not ready to list it?
Keep an eye on your home’s value relative to the market around it with our Home Value Estimator— a free monthly report, jam-packed with important data that enables you to easily keep a pulse on your home’s worth.
Ready to list your home? See how much your home is worth now!