First you need to get a home valuation.  You can get those for very little money and try to find comps from other homes that are similar that have sold in your area. Look at what you owe, how much you have already put into the house, land transfer taxes, real estate commissions and see if you are positive or negative.  If you are improving you generally want to improve the kitchen, bathrooms, maybe add a 2nd, 3rd or 4th full one.  If its a luxury home then the rules change as alot.