<title>Update the current value of a house or asset</title>
<category>lifeplan</category>
<klink type="prcdr">How do I update the current value of a house or asset?</klink>
</index>
<content>
<p>Updating the value of a house or asset is necessary to keep your plan current. For example, you should update a house's value if you remodel the house or have it reappraised.</p>
<ol>
<li>On the <emph>Planner</emph> menu, click <emph>Lifetime Planner</emph>.</li>
<li>In the left pane, click <emph>Homes & Assets</emph>.</li>
<li>Click a house or asset you want to update.</li>
<li>Click <emph>Edit</emph>, and then click <emph>Value</emph>.</li>
<li>Follow the instructions on the screen.</li>
</ol>
</content>
<footer>
<extend>
<tease>What if I don't know what my house is worth?</tease>
<reveal>
<p>Get information from your local real estate agent, local chamber of commerce, or <alink type="xtnl" href="http://mcdevwba01/money/2001/redir.asp?mcrid=626">Microsoft HomeAdvisor</alink> to determine the sale prices of comparable properties. If the condition, size, or location of the house is unique and you can't assess its value, you should consider hiring an appraiser.</p>
<p>Some of your expenses may be tax-deductible if they constitute genuine improvements to the property (not routine maintenance and repair). Keep all of your receipts of this type and apply them to the cost basis and current value of your house.</p>