Are you wondering “how much is my house worth?” I’ve created an AI-powered home value calculator that also gives your renovation recommendations to add value, estimates costs and gives you the post-renovation value.

The best part? It’s completely free.

You can get access here or if you want more information, you can scroll down below to see all that you can do with this incredibly powerful tool.

What is a home value calculator?

If you’ve never used a home value calculator before, typically you’ll enter in details about your home including location, number of bedrooms, bathrooms, car spaces, etc. Sometimes you may even enter your specific address.

Then you’ll be given your estimated value.

However, it doesn’t always take into account the condition of the home or nuances like whether you’re on a busy road or have a view of Sydney Harbour.

And you certainly can’t ask it questions to get a more specialised answer.

How this home value calculator is different

Using the power of AI, I’ve created a custom ChatGPT specifically for the Sydney-area market.

For the non-techy folks, this means that I’ve given it specific details that impact value. For example, how Manly property values are going to be very different than North Manly property values.

This calculator is also all encompassing. Not only can you estimate your property’s value in seconds, but you can also get personalised renovation recommendations, calculate budgets and timelines, and your post-renovation value.

This tool combines all the calculators out there – a home value calculator, renovation cost calculator and the ability to calculate the after renovation value.

How it works

ChatGPT is exactly what it says in the name – a chat. The beauty is this tool is actually really simple.

You can either choose the recommended prompts or ask it your own question.

It’s usually best to start with finding out your home’s current value and entering your home address and some key information like the number of bedrooms.

Within seconds, you’ll get a response using comparable sales from the last 6-12 months.

Then you can ask it further information. For example, if you think that number’s inaccurate, maybe you need to share that you recently renovated the kitchen.

Remember that AI isn’t in your home so it can only go off information it’s found on the internet (like the photos from when you purchased the property) or details you’ve given the chat.

You can go back and forth as many times as you want.

Renovation calculator

After you’ve calculated your home’s current value, you can ask it for renovation recommendations that will add value.

At first, you’ll likely get some generic recommendations based on similarly sized properties in your suburb.

My advice is to take those ideas and ask it additional questions. Like for example, it may suggest you add a bathroom. You can ask what that would likely cost and the steps involved (such as “would that require a CDC?”).

You can get really detailed including the costs of replacing certain items vs. a fully renovation, the level of finishes (budget, mid-range and high end), etc. for each project in your home and the chat will keep track to provide a final budget and post-renovated value.

Other cool features

Here’s a few things I’ve been able to do with this custom ChatGPT:

• Upload floorplans and get recommendations
• Explore extensions, second storey additions and even knock down rebuilds
• Compare different ideas such as an internal renovation vs. adding a second storey (including costs, timeline and profit) and put them in a chart for easy comparison
• Calculate the estimated profit and return on investment

Calculating the post-renovation value

After you’ve told the chat what projects you are considering and worked out a budget, you can then ask for your home’s estimated post-renovation value.

This is an extremely powerful feature – in minutes you’ll be able to gauge whether your home will make a profit.

Similarly to the current value, this tool uses comparable sales from the last 6-12 months and factors in restrictions on your value. This can also prevent over-capitalisation.

For example, I looked at adding value to a semi in Bondi Beach that did not have a car space. It will keep this limitation in mind and won’t compare to properties with a car space, even if the level of renovated finishes are similar.

Things to keep in mind

Before you get started, there are a few things to remember:

• This tool only uses information readily found on the internet, such as recent sales data and property photos. That includes your home. It will go off the photos from when you purchased. If you’ve made any updates, you’ll need to tell it.
• Take all information with a grain of salt. As with anything AI or computer generated, there may be some inaccuracies. You’ll still need to do your due diligence before making any big decisions.
• This is a chat and you can feed it as much information as you want. The more information, the more detailed the response.

How to Get Started

1. You’ll need access to the custom ChatGPT. You can sign up here.
2. Sign in to your ChatGPT account or create a free account.
3. If you’re already signed in to ChatGPT, the link will immediately open a new chat in the custom GPT. If you’re not signed in, you may need to re-click the link found in your email or you can find the Home Value Calculator in the left-hand sidebar.
4. Use the suggested prompts or ask your own question in the chat.

Once you’re using the Wealth House Home Value Calculator, you can leave and come back to your previous chat by finding it in the left hand sidebar (it will automatically name the chat or you can rename). You can also start a new chat but you’ll likely need to re-enter information about your property.

The next step

After you’ve explored whether renovations will add value to your home, I recommend scheduling a consult.

I’ll be able to go through your home in-person to give you the best recommendations and can talk you through the steps to make it a reality.

If you’re wondering what happens on a consult, you can learn more here.

What about my data and privacy?

With all the talk of AI, you might be wondering about how safe this tool is to use.

First of all, only you will have access to your chat. Even though I created this custom GPT, I can only see the number of users – not any of the chat.

If you’re concerned with how ChatGPT will use your data, you can submit a privacy request for it not to train on your data (I’ve done this). You can also delete your account after using this tool.

Conclusion

This AI-powered tool gives Sydney homeowners incredible insight into their current home value and potential when selling – all within minutes.

Sign up to get access now and explore your options, then let’s meet for an in-depth consultation.