In the context of urban and rural construction land expansion, the paid withdrawal of homestead is important to improve the efficiency of rural construction land use, and the decision-making behavior of farmers is the key to the policy implementation of paid withdrawal of homestead. Based on the perspective of farmers and taking Jinzhai County in Anhui Province as an example, this study constructed a tradeoff model of perceived value of homestead withdrawal based on the theory of perceived value, and analyzed the impact of perceived value of farmers on their decision-making behavior in the process of homestead withdrawal. The results show that: (1) Farmers’ participation in the withdrawal of homestead follows the path of perceived value → willingness to withdraw → decision-making behavior. Perceived value is the basis of farmers’ willingness to withdraw from homestead and decision-making behavior, the willingness to withdraw is the main driving force for the actual withdrawal behavior, farmers’ perceived benefits have a positive impact on perceived value and willingness to withdraw, and perceived risk has a negative impact on perceived value and willingness to withdraw; (2) Farmers are “risk averse” in the process of the withdraw of homestead, but the policy system will promote farmers’ willingness to withdraw into the actual withdrawal behavior; (3) The surveyed farmers showed the dual action logic of “initiative” and “inducement,” and the effect of “inducement” behavior is higher than “initiative,” indicating that “inducement” behavior logic is dominant. Therefore, this article put forward two suggestions to ensure the smooth development and pilot promotion of homestead exit: safeguarding the rights and interests of farmers’ homestead exit; and increasing the support for the policy of homestead exit.