Changes Affecting Property Value
A property’s value may alter over time due to physical changes such as an addition or a garage, family room, bedroom, or extensive remodeling and modernization. Also, property values may fluctuate due to the local economy. The economy of the entire community may affect the market value of your property negatively or positively. Changes made to maintain your property’s current value such as painting your home, replacing the roof, replacing the hot water heater, or making repairs would not necessarily increase the value of the property. However, if these tasks were not performed, the condition of the home would deteriorate, which could cause the market value to decrease.