Use this calculator to quickly determine the potential future value of your home. Your home value can be a significant contributor to your net worth over an extended period of time.
Many factors affect your home value over time. Historically home prices have been very much a factor of local supply and demand. Local factors can influence value and so can global factors.
Local job prospects in an area can draw people and increase demand and prices. A global ranking of a city can result in global demand which can also drive up home values and prices.
The land on which your home is built will typically appreciate over time. Location is key. Land is in limited supply and no more is being produced. As the population increases, demand increases, and prices increase over time.
Your home value can increase with strategic renovations. Renovations should add value to your home if the costs are an improvement or addition. Repair costs typically maintain the value of your home in contrast. The money invested into renovation improvements are capital expenses, while repair expenses are current expenses with little impact on the home value. Reroofing your home would be a renovation that adds value; whereas fixing a leak on the roof would be a current expense.
Future commercial and municipal development can also affect home value. School, hospital, retail and public infrastructure planning and development can accelerate demand and therefore home value. Future development can also have a negative impact on prices industry encroaches on homes or infrastructure does not keep pace with development.
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