For homeowners, there are many real estate sites that provide automated estimated home values based on current market conditions for your neighborhood. HomeZada’s newest Ai technology significantly improves those estimates by including all your completed home remodel projects because automated home value sites do not know what projects you have completed. HomeZada, which tracks all your renovation projects including estimates, budgets and costs, now incorporates ROI calculations for each remodel and adds that to the current home value making it more accurate.
Most real estate sites use various data points such as recent sales, current homes listed, size, age, amenities and zip codes to determine estimated market value. These sites do not include completed home remodel projects that homeowners have done. HomeZada AI now determines current home value that includes multiple project ROI values which provides the best financial assessment of your home.
How to Use Remodel Projects Value
HomeZada customers can track their previous home remodel projects and ideas for any future projects. Each project has the flexibility of tracking costs by either having multiple project items that list all the materials and labor or you can have one item for the total cost especially if you are using a contractor.
Use the property values feature from the finance dashboard where a new “Project Values” tab is displayed. There is a table that lists both completed and future projects. Click on the ‘Zada AI Values’ link where HomeZada assesses a typical return on investment (ROI) for each individual project. Zada AI uses the total cost for completed projects and either budgets or estimates for future wish list projects to calculate the Project Added Value.
Once Zada AI is finished with the assessment, save the added project values. Users can still make their own adjustments up or down to correct Zada AI’s best efforts.
The Best Financial Asset Visibility into Your Home
For each project, users can interactively choose which projects to add to the current value of the home. This helps visualize different scenarios such as someone who has already completed a number of projects and is still deciding whether to do more renovations in the future. It is especially valuable to people who have lots of renovation projects to financially plan.
HomeZada also updates your home equity based on the current home value that includes both recent neighborhood market updates plus your specific added home projects. Tracking the updated home equity is important if you ever decide to get a home equity loan because you can use it to negotiate with your bank. It is also paramount to understand your home equity to plan for your financial future including retirement.
What If Projections on Future Remodel Projects
Many homeowners contemplate whether to do remodel projects or not when it comes to ROI on home value. HomeZada allows customers to create as many remodel projects as they can envision for their home and perform multiple financial scenarios to assess impacts on home vale.
Don’t forget that remodels also have lifestyle value especially as it relates to family needs of the home. Assessing whether to do a remodel also depends on what products you select, which determines a wide range of costs. HomeZada has a separate remodeling budget AI feature to help build more accurate budgets. In the end, both financial and personal factors impact the decision to remodel and HomeZada’s latest AI provides better information to make smarter decisions.
What to Expect with Home Values
Home values ultimately come down to what a buyer is willing to pay and matching that with what amount you are willing to sell. In addition, current home value is a big factor in determining what amount you qualify for with a home equity loan. This depends on many factors including economic conditions, local real estate market, and the size and amenities in your home.
HomeZada’s new AI feature includes all your remodels in forecasting current home value improves the level of financial visibility you have in your planning and negotiating processes. Zada AI does its best effort to quickly provide more accurate information, but we always encourage customers to validate and verify it with real estate professionals.
In conclusion, HomeZada brings together the ability to track all your renovation projects, provides automated market values updates, and now introduces the ability for AI to calculate the ROI on your projects and add that to the current home value.
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