Why Actual Square Footage is so Important when Selling or Buying a Home!
Tuesday, 09th May 2023
When it comes to buying or selling a home, square footage is an important factor in determining the value of the property. The square footage of a home is a measurement of its total floor area, typically calculated by measuring the length and width of each room and then adding up the total square footage.
Square footage is considered factual when it is measured using accepted industry standards and practices. There are several methods used to calculate square footage, including the American National Standards Institute (ANSI) method, the International Property Measurement Standards (IPMS) method, and the Building Owners and Managers Association (BOMA) method. These methods help ensure that measurements are accurate and consistent across different properties.
When buying or selling a home, it is important to have accurate square footage measurements because they directly impact the value of the property. The more square footage a property has, the more valuable it is likely to be. However, it is important to note that square footage is not the only factor that affects a property’s value. Other factors such as location, condition, and amenities also play a significant role.
In addition to measuring the total square footage of a home, it is also important to consider how that space is utilized. For example, a home with a larger living room may be more valuable than a home with the same total square footage but with smaller rooms that are less functional.
It is also important to note that some areas of a home may not be included in the square footage calculation. For example, unfinished basements, attics, and garages may not be included in the total square footage measurement. Additionally, outdoor living spaces such as decks and patios may be measured separately from the indoor living space.
In summary, square footage is factual when measured using accepted industry standards and practices. It is an important factor in determining the value of a property, but it is not the only factor. When buying or selling a home, it is important to consider the total square footage as well as how the space is utilized and other factors that may impact the property’s value.
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