So how are you going to determine your asking price? One answer I heard recently was "well I paid this plus I have put this much into it and..."
In an ideal world the above answer would be the ideal answer.
But we do not live in an ideal world.
While showing homes not long ago a prospective buyer asked me how much value a pool would add when you sell your home. My response was simply "not as much as you will pay for the pool. Install a pool if you're going to use it!"
Determining how much your home will sell for is a function of multiple issues and characteristics. Some of those include...
- How old is your home?
- What is the condition of your home?
- Where is your home located?
- What are the competing properties?
- Has there been any major updating?
- What about any major systems issues (roof, AC, electrical and plumbing)?
- What are the current market conditions?
- Who are your potential buyers?
- And a few more depending on the property.