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Old 11-17-2010, 10:54 AM
145 posts, read 609,402 times
Reputation: 139


Originally Posted by lmabernathy View Post
If I decided to sell today is that really what it's worth? Not that I'm planning on selling, really I just want to know if the remodeling I did improved the value of the home. Right now, I think I am dollar for dollar at what I spent. BTW I'm just outside Charlotte NC-our market didn't plummet like so many others.
The only way to know what the house is worth is to find someone willing to buy it & see what they'll pay. Barring that, you can check the sold comp's for your neighborhood for the past 3 months. This is what the appraiser looked at as well.

As for the insurance company's appraisal of replacement costs, this is not a market valuation of the house itself, but an estimate of the cost of materials and labor should your house be damaged or destroyed. Labor & materials might be cheap now because of the recession, but suppose your house burns down during an active hurricane season or an economic expansion ala 2005-2006? You could be on the losing end of the supply/demand curve and may find yourself underinsured without that extra 25-35% cushion.
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