“Value”, in the context of real estate, can be a nebulous term. An insulated opinion is often formed as to what features or renovations contribute to the overall worth of a home. A better suited definition should thus be specified as “market value”, based on objective observation of the collective actions of the market.
Understanding the concepts of conformity and effective age can result in a greater net effect of money saved from spending on inessential renovations, as opposed to over-improving your property in hopes of reaping some benefit. The economic concept of value is not inherent in the commodity, good, or service to which it is ascribed; it is created in the minds of the individuals who make up the market.