1. What is the House Value Equation?

The house value equation estimates property value based on square footage, price per square foot in your area, and any additional adjustments for special features or conditions.

2. How Does the Calculator Work?

The calculator uses the house value equation:

Where:

• \( Sqft \) — Total living area in square feet
• \( \$/sqft \) — Current market price per square foot in your area
• \( Adjustments \) — Additional value for upgrades or deductions for needed repairs

Explanation: The equation provides a base estimate that can be adjusted for special features, location premiums, or property conditions.

3. Importance of Accurate Valuation

Details: Accurate home valuation is crucial for setting listing prices, refinancing, property tax assessments, and understanding your net worth.

4. Using the Calculator

Tips: For best results, use recent comparable sales data to determine price per square foot. Include all finished living area in square footage.

5. Frequently Asked Questions (FAQ)

Q1: How accurate is this valuation method?
A: It provides a good starting point but should be combined with professional appraisals and comparable market analysis for precise valuation.

Q2: What should be included in adjustments?
A: Include major upgrades (kitchen/bath remodels), unique features (pool, view), or needed repairs. Typically +/- 5-15% of base value.

Q3: How often should I update my home's valuation?
A: At least annually, or whenever significant market changes occur or renovations are completed.

Q4: Does this include land value?
A: The price per square foot should reflect total property value (structure + land). In areas where land value dominates, consult local experts.

Q5: How does this compare to Zillow's Zestimate?
A: This gives you more control by using your own inputs, while Zestimate uses automated models that may not account for your home's unique features.