When it comes to understanding how to calculate the square footage of a home you’re considering purchasing,
It’s unlikely that deciding whether or not to purchase a new home is at the top of your priority list.
Even though it seems to be a small figure, it is one of the most essential aspects to take into consideration
when assessing the value of a piece of property.
As the author points out, “when you make a mistake regarding the quality of something,
it has a cascading effect on the whole system.” It is anticipated that
Marlon Day, the executive director of Atlanta-based Quest Valuation & Advisors, said, “The renovation would have a significant impact on the overall value of the property.”
What amount of space is necessary, as well as why is this essential?
A house’s square footage must be measured in various situations, such as:
- When selling a property,
- In disputing an excessive tax assessment,
- or remodeling an existing home to accommodate more people within a limited amount of available space.
Before you can determine how much to charge for a house when you are ready to sell it, you must first determine the actual size of your property.
This is done by measuring it.
The value of a property, according to Day, will be evaluated by comparing it to comparable (which are properties of similar size and location in the local region of the property).
Comparables measurements and comparisons
Comparable are commonly referred to as “comps.” Comps are similar homes in the immediate vicinity that are equivalent in size and location.
If the measurement is not perfect, the square footage calculator measurement might be incorrect,
and the incorrect square footage measurement could result in an incorrect appraisal price being given to the property.
If the square footage measurement is error-free, the risk of an incorrect appraisal price as a consequence of an incorrect square footage measurement is quite minimal.
Assess the value of the property
Aspects of commercial agreements involving real estate, especially mortgages, are critical because they are important in other types of business transactions (which are typically abbreviated as SF or SQFT).
It will be necessary for the lender to have this information to assess the value of the property.
It may be advantageous to be aware of the square footage of your property in a variety of different situations and circumstances, though.
To provide an example, if you decide to complete a previously unfinished component of your property,
such as a basement or attic, you may be required to submit it to your local building commission.
the square footage of the area to get a construction permit.
When a county or municipality assesses your property at a greater rate than you believe your property should be assessed at, you are in a scenario similar to this.
If you decide to submit an appeal against your real estate tax assessment, knowing the square footage of your house may prove to be beneficial.
What should be omitted
If you want to guarantee that your measurements are precise,
it is advised that you remove any area that cannot be used for walking or living while you are taking measurements.
These types of spaces are not regarded as being a part of the “gross living area,”
as defined by the Federal Housing Administration.
In the words of Day, some people believe that “if I acquire a the size of my first floor
and I live in a two-story home, I just double that amount by two,” which is what he explains in more detail in his book.
Unfortunately, this isn’t the case. Alternatively, if the ground floor is made up of a two-story lobby,
the non-usable area cannot be included in the total since it is not regarded as a component of the ground floor.
Accommodate more people within a limited
Basements and garages are often disregarded when computing final square footage estimates,
even if they have been built to a high enough level to warrant inclusion.
In most cases, basements are excluded from this group because they are commonly built below grade, at, or below the ground level.
It is virtually guaranteed that the existence of an entrance and egress,
or a secure passage for accessing and departing the basement to the outside,
will be necessary to qualify for a building permit to finish the construction of your house.
In certain circumstances, finished attic areas may be utilized to increase the total square footage of your house,
but in others, certain restrictions,
such as ceiling heights, may be necessary. If your attic spaces meet specific requirements, they may be utilized to increase the total square footage of your home.
If you are preparing to sell your property, you should consult with a real estate professional to verify that the characteristics
of your home are appropriately represented in the listing.
Engage the services of a professional
For those having problems determining the square footage of a certain property,
a professional assessor may be hired to assist them with the estimation approach.
A single-family house study, according to the assessment agency’s estimates, will cost around $350 per property.
Even though multi-family assessments may range from $600 to $1,500 depending on the complexity of the property,
condominium evaluations are normally priced between $300 and $500.
The fact that a large number of qualified appraisers may inspect the same home and come up with widely divergent
estimates of square footage does not deter them from striving to achieve scientific accuracy
in their square footage calculator estimates in all situations.