If you recently remodeled over half of your home in the last five years, and now you want to sell your home, you might be wondering what your home is worth. Clearly, you could charge what you paid for it, but there are other ways to price your home. Here are some ways in which you can find out your home's new value and how to price your home to sell.
Real Estate Services
One of the many services offered by real estate agencies is the pricing and valuation of homes. You can pay a real estate agent to walk through your home, look at all of the updates and remodeling you have completed, and then provide you with a value/price. If you want to get a really good idea of the range in value your home has, you are free to repeat this service a couple more times, with other agents from competing agencies.
Get a Home Inspector to Tell You
Home inspectors also do a walk-through of your home, but they also examine everything that could go wrong with it. If everything from the plumbing to the electrical to the roof is in excellent functional order, the value of your home could be higher than you thought. (It also means that if a buyer hires a home inspector, there is nothing that a buyer could find amiss for which he/she would make a counter offer or request repair before making an offer.)
Add What You Spent in Remodeling to the Property Valuation Done by the City
Of course, you could just go the old-school route. This involves looking up your property in city property records, recording what the city says your home and property are worth, and then adding what you spent in remodeling costs to the city's amount. If you also want to make a bit of profit selling your home, add between five and twenty thousand to that amount. The extra amount you add gives you a little wiggle room when buyers give you a lower-than-expected offer.
If It Is a Seller's Market
Additionally, if it is a seller's market (more buyers, fewer homes available for sale), you can charge more. In this type of real estate market, you are in the ideal position to earn a larger profit. You can use any of the above methods to find the value of your home, and then add a nice nest egg chunk to that when you post your home for sale.