Market Value and How it Affects Your Home: Home Condition and Renovations

Interior vs. exterior: Based on compelling reports, certain renovations are more impactful at directly increasing market value of a home. Interestingly, research has shown that interior renovations do not create as much value as exterior renovations. The exterior condition of a home plays a significant role in its market value. A well-maintained exterior, fresh paint, and attractive landscaping can significantly improve a home’s curb appeal, leading to a positive first impression among potential buyers.

Functionality: Renovations that improve the flow or usability of a home can add significant value. Open
floor plans, additional storage space, and added rooms (like an extra bathroom or bedroom) can increase
the attractiveness of a home to potential buyers. Conversely, awkward layouts or dysfunctional spaces can detract from a home’s value.

Other upgrades: Homes that have been updated with energy-efficient appliances, windows, insulation,
and other eco-friendly features can command a higher market value. Improvements to a home’s foundational structure, roofing, electrical systems, plumbing and HVAC systems can also greatly influence market value.

Any changes to your home are likely to impact its value in the local market. If you’ve made any recent upgrades, consider getting a new comparative market analysis to determine how much your home’s value might have changed.