Excellent (Recently Renovated)
Good (Well-Maintained)
Average (Typical Wear)
Needs Work (Minor Repairs)
Major Renovation Needed
This calculator provides an estimate based on common factors. For a precise valuation, consult a professional appraiser.
function calculateFMV() {
var livingAreaSqFt = parseFloat(document.getElementById("livingAreaSqFt").value);
var basePricePerSqFt = parseFloat(document.getElementById("basePricePerSqFt").value);
var numBedrooms = parseFloat(document.getElementById("numBedrooms").value);
var numBathrooms = parseFloat(document.getElementById("numBathrooms").value);
var lotSizeAcres = parseFloat(document.getElementById("lotSizeAcres").value);
var yearBuilt = parseFloat(document.getElementById("yearBuilt").value);
var conditionFactor = document.getElementById("conditionFactor").value;
var garageSpaces = parseFloat(document.getElementById("garageSpaces").value);
var recentRenovationsValue = parseFloat(document.getElementById("recentRenovationsValue").value);
var resultDiv = document.getElementById("fmvResult");
resultDiv.classList.remove("error");
resultDiv.style.display = "none";
// Input validation
if (isNaN(livingAreaSqFt) || livingAreaSqFt <= 0 ||
isNaN(basePricePerSqFt) || basePricePerSqFt <= 0 ||
isNaN(numBedrooms) || numBedrooms < 0 ||
isNaN(numBathrooms) || numBathrooms < 0 ||
isNaN(lotSizeAcres) || lotSizeAcres < 0 ||
isNaN(yearBuilt) || yearBuilt new Date().getFullYear() ||
isNaN(garageSpaces) || garageSpaces < 0 ||
isNaN(recentRenovationsValue) || recentRenovationsValue 10) { // Start depreciating after 10 years
ageDepreciation = (age – 10) * 1500; // Example: $1,500 depreciation per year after 10 years
}
// Cap depreciation to prevent negative values or excessive deductions
ageDepreciation = Math.min(ageDepreciation, baseValue * 0.5); // Max 50% of base value from age
// Condition multiplier
var conditionMultiplier = 1.0;
if (conditionFactor === "Excellent") {
conditionMultiplier = 1.15;
} else if (conditionFactor === "Good") {
conditionMultiplier = 1.05;
} else if (conditionFactor === "Average") {
conditionMultiplier = 1.0;
} else if (conditionFactor === "Needs Work") {
conditionMultiplier = 0.9;
} else if (conditionFactor === "Major Renovation Needed") {
conditionMultiplier = 0.75;
}
// Calculate total value before applying condition multiplier
var totalValueBeforeCondition = baseValue + bedroomValue + bathroomValue + lotValue + garageValue + recentRenovationsValue – ageDepreciation;
// Apply condition multiplier
var finalFMV = totalValueBeforeCondition * conditionMultiplier;
// Ensure FMV is not negative
finalFMV = Math.max(0, finalFMV);
resultDiv.innerHTML = "Estimated Fair Market Value: $" + finalFMV.toLocaleString('en-US', { minimumFractionDigits: 0, maximumFractionDigits: 0 }) + "";
resultDiv.style.display = "block";
}
Understanding the fair market value (FMV) of your home is crucial whether you're looking to buy, sell, refinance, or simply assess your personal net worth. Unlike a fixed price, FMV is an estimate of what a property would sell for in an open and competitive market, assuming both buyer and seller are well-informed and acting voluntarily.
What Influences Fair Market Value?
Several key factors contribute to a home's fair market value. Our calculator takes these into account to provide a reasonable estimate:
Living Area (Square Footage): This is often the most significant factor. Larger homes typically command higher prices, especially when compared to the average price per square foot in a given area.
Average Price per Square Foot in Area: This input acts as a proxy for comparable sales (comps). It reflects recent sales data for similar properties in your neighborhood, which is a cornerstone of professional appraisals.
Number of Bedrooms and Bathrooms: These features directly impact a home's functionality and appeal. More bedrooms and bathrooms generally increase value, though there are diminishing returns beyond a certain point.
Lot Size: The size of the land the house sits on can significantly affect its value, particularly in areas where land is scarce or highly desirable.
Year Built (Age of Home): Newer homes often have modern amenities, better energy efficiency, and fewer maintenance issues, which can increase their value. Older homes may experience depreciation, though well-maintained or historically significant properties can retain or even increase value.
Condition of Home: A home's physical condition is paramount. Properties that are recently renovated, well-maintained, or in excellent shape will fetch a higher price than those needing minor repairs or major overhauls.
Number of Garage Spaces: Garages add convenience, storage, and protection for vehicles, contributing to a home's overall appeal and value.
Estimated Value of Recent Renovations: Significant upgrades like a new kitchen, bathroom remodels, or a finished basement can directly add value to your home.
How to Use This Calculator
Living Area (Square Feet): Enter the total heated and cooled living space of your home.
Average Price per Square Foot in Area: Research recent sales of comparable homes in your immediate neighborhood. Divide their sale price by their square footage to get an average. This is a critical input for accuracy.
Number of Bedrooms/Bathrooms: Input the count of bedrooms and full bathrooms.
Lot Size (Acres): Enter the size of your property's lot in acres.
Year Built: Provide the year your home was originally constructed.
Condition of Home: Select the option that best describes your home's current physical state.
Number of Garage Spaces: Indicate how many car spaces your garage or carport provides.
Estimated Value of Recent Renovations ($): If you've made significant improvements, estimate their cost or the value they added.
Click "Calculate Fair Market Value" to get an instant estimate.
Important Considerations
While this calculator provides a useful estimate, it's important to remember that it's a simplified model. A professional appraiser considers many more nuanced factors, including specific location advantages (e.g., school districts, views, proximity to amenities), unique architectural features, market trends, and the specific details of comparable sales. For official valuations, always consult a licensed real estate appraiser or agent.