It’s well known that certain home renovations — including upgrades to kitchens and bathrooms — can help improve your home’s value. But, to make sure these upgrades are fairly calculated into your home equity, it’s important to keep detailed documentation, said RezDox’s Spencer.
“For every filter change, plumbing call or recent kitchen renovation, keep track of your project details, especially your costs,” she said. “Digitize your invoices so you can review the dates, materials and total expenses. Leveraging your home’s history can ensure a more accurate valuation, which in turn yields higher home equity.”
Spencer said that users of RezDox, a website that allows homeowners to keep track of renovations and improvements, often receive higher home valuations.
“Just by capturing the total expenses in their home improvements, our members recognized an additional 1.55% lift in home values compared to their homes’ Zillow Zestimates,” she said. “Our most active users saw greater equity gains, between 3-5%.”
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