The only true way to get an idea would be to have an experienced real estate agent come by and give you a value of your home. Then based on costs you could do a comparison although nothing truly 100%. The only way to know ultimately would be to see what the home would get on the open market (listing it for sale) and then based on this do a comparison back to the costs of the project. You would then take this and compare against the latest comp of a property that did not have a remodel done (if possible).

Hope this helps.

Kevin Schmidtchen
Sotheby's Int'l Realty
Santa Barbara CA http://www.SantaBarbaraRealEstateVoice.com
805-689-6877

Hi MrsC-

Depending on the quality of the work (too nice or not nice enough for the complex), permit status, and final layout (does it look like it was meant to be that way, or does it feel at all awkward?), the change from the original layout to 1 3/4 baths should definitely add value. How much the value was changed is a difficult question to answer online because of the many factors involved. If I were to throw out a percentage range you're probably going to be worth between 3% and 8% more than a similar original condition unit (size, upgrades, location in complex, etc) as long as the work is quality and seamless. If it is, and you're in a complex where the demographic wanting to purchase would appreciate two ensuite bathrooms, you may be on the high side of that range.

Based on your description it sounds like the remodel was completed very nicely and professionally, so the following concerns may not be warranted: First, you could realize little or no value if the layout is awkward because the home could prove more difficult to sell. Second, if permits were NOT obtained and the condo is located in the City of Santa Barbara, you're would have an issue when you sell because properties are inspected by a City official during the escrow period. The inspector could require that it be returned to its original layout or that someone (either the new owner or you) is responsible for monetary penalties and legalizing the work (which probably means opening the walls and flooring to inspect all aspects of the construction). It's possible the homeowner's association would assess penalties or require removal as well if modifications are required to have prior HOA approval. Finally, if you "overbuilt" the complex by upgrading the bathrooms too much, you may find you won't get all of the money you spent out of the unit.

I've just touched on factors that go into an evaluation. If you're looking for a "hard percentage" for legal purposes an appraiser might be the best solution because they're trained to break down specifics that contribute to a property's value. If you're looking for a current value, experienced Realtors that work in your specific price range and area of town would give a more accurate value versus comparables. You'll find that we get a "gut" feeling of value that comes from knowing the comparables and what's currently important to local buyers.

I only represent buyers and focus on the high-end, but I would be happy to provide an opinion if I felt qualified. If not, I'm happy to recommend a few associates that regularly sell similar properties. I can be reached most anytime at (805) 284-3660 or via email at jon@timeforsb.com.

Best regards,

Jon

Your best bet would be to contact an appraiser and have it appraised for the current market value. It sounds like it has been remodeled to having 1 full bath and 1 three quarter bath. However, remodeling costs do not increase the value of a property dollar for dollar. An appraiser can determine the amount of increase or decrease (market reaction) in value that the remodeling contributes to the overall value of the condo by using a method called matched pairs analysis.

From 10 years ago that would be a challenage HOWEVER contact a local Trulia agent or realtor in your area determine what the comps are for the property. Realtor would need to comp to that area, condo complex, and etc.

CONCERN: City issued permits I am assuming, on some redo's for a property requires city approval.