Renovating a home can improve comfort, functionality, and appearance, but it can also affect the property’s overall market value. For homeowners with an existing mortgage, this matters because the value of the property plays an important role in home equity, refinancing opportunities, and future resale potential. Not every renovation produces the same financial return, so it is important to understand how different projects may influence a home’s value before committing to major work. Renovations Can Increase Home Equity Home equity is generally the difference between the property’s current market value and the outstanding mortgage balance. If a renovation increases the […]