Profile picture for verick38

how do i know if my home has gained equity

i put brand new flooring in living room and hall way new tile in restrooms new paint and put grass in front yard and i will do stucco in the next couple months how do i know if my home has gone up in equity when i bouught it was trashed cats used to live with old owners.
  • April 20 2014 - Los Angeles
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Answers (10)

You can call a local realtor to do a property evaluation for you. This will give you the current market value.  Expect that the Realtor will want to come by and see the property.
The other way to pay for an appraisal.
  • April 26 2014
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Prices have gone up over 20% in 2013 due to lack of inventory. A good website to track home prices if you are not working with an agent is Data Quick (DQNews.com). Click on LA Times Chart on the left menu and that will give you median price and price per square foot by zip code in LA County and other So Cal Counties. This will give you "ballpark". It sounds like the upgrades you've made have brought the home up to selling standards but home buyers are also very keen on updates in appliances, cabinets, counter top materials, hardware, etc as well as in the bathroom. Curb appeal offers a significant return on investment because if you were to sell, this is where you make first impressions so you've made a wise choice there. To put a finer point on getting the value on your home, having an experienced agent provide sales comparables in your area will get you closest to fair market value. I hope this helps!
  • April 21 2014
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Profile picture for verick38
Thank you all for the advise I bought the home last year april 2013 for 330,000
  • April 21 2014
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Hello Verick38,

An appraisal would be one way and It would also be a good idea to have a real estate agent look into that for you.  They will look at previous sales in your neighborhood; compare square footage and other comparables including upgrades.  Depending on how many houses have sold recently, they may have to take other properties that are on the market into consideration and then give you an idea of the best value for your home.  It may also be advisable to have more than one realtor do this in order to have a greater understanding of your homes worth.  Normally there is no fee to have a realtor check this for you; however it may change from state to state.

Kind Regards,

Ashley

  • April 21 2014
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Profile picture for aracz
Hi,

You can keep an eye on the Dollar Per Square Foot per Living Area in your immediate neighborhood, then see what condition the comparable sales are in that are selling in your area and make adjustments accordingly.

Kind regards,

Arpad

 
  • April 21 2014
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Hello,

The only way to obtain an accurate assessment of your home's value is by obtaining an appraisal performed by a licensed appraiser. Other than that, you may want to speak with a licensed Realtor in your area to obtain a value estimate. The main thing to keep in mind with either of these methods is that neither of them are free. A Realtor will likely not provide a value estimate if you aren't planning on listing your home with them, and appraisals nowadays run anywhere from $400-$1000, depending on your geographic area.

My best advice would be to just make the upgrades that make the house feel more like a home to you while not going too overboard cost-wise, as most upgrades don't lead to dollar-for-dollar value increases (spending $10,000 in upgrades will most likely result in a value increase of less than $10,000). If you have any additional questions, feel free to reach out.
  • April 21 2014
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Profile picture for Mills Realty
When did you buy it?  There are a number of factors that determine the answer to your question, but generally speaking the upgrades you stated should increase the value and assuming you are not on a negative amortization loan your equity position would increase accordingly.
  • April 21 2014
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Profile picture for vinay toomu
The value of a home is generally dependent on three things from what I've seen:
-- the comparable sales that occurred in your vicinity in the past 6 months.
-- the condition of your home (great, good,bad, ugly) ;)
-- any upgrades relative to homes that were sold in the past 6 months.

Hope this helps!
 
  • April 21 2014
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Profile picture for Brian GFL Capital
if you are willing to pay for an appraisal inspection, thats another route to go to get an updated valuation of your property
  • April 21 2014
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Profile picture for The Carrabba Group
Hello Verick38,

In order to determine what your home is worth it's best to have an agent visit the home and provide a CMA, Comparative Market Analysis. Zillow is great but it doesn't take into account upgrades.

Happy to help.

Best,

Monique Carrabba

The Carrabba Group
  • April 20 2014
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