The square footage of a property is used to justify market value and assess opportunities like expansion. It can also affect desirability for most buyers. Therefore, it is important to get it right. To understand why it is important to Calculate Square Footage Of A Home, we need to understand the concept first.
The square footage of a property is the measurement of its living space which is calculated in square feet. One square foot is measured by marking out a square of space with each side measuring one foot. The total square footage of a property is the total number of one-foot squares of livable floor space.
Rooms which are typically included in a home’s square footage are any finished rooms that have a ceiling, walls and a floor, such as living room, bathrooms, kitchens, bedrooms and finished basements. Areas that are not typically included in the square footage of a home are garages, pool houses, unfinished basements and attics.
WHY IS IT IMPORTANT TO CALCULATE SQUARE FOOTAGE OF A HOME
You might wonder what is the big deal about calculating the square footage of a home! Square footage is a necessary piece of information to determine a number of things. Sharing some of the reasons below:
- Home value & price per square foot:
Generally, when appraising a home, professionals first calculate the exact square footage and then they compare your home to other homes in the same area with a comparable amount of living space. Square footage is the single most important factor and the very first step in setting a value or sale price for your home. When shopping for a home, this knowledge will actually help you give a point of reference for comparing different properties. And if it’s measured incorrectly, that can have a domino effect that can affect your home’s value, sale price and more.
- Home renovation cost:
If you ever think of making any major upgrade to your home like renovating your kitchen or finishing your verandah, you will likely need to know the exact square footage in order to get building permits. Knowing the exact square footage of a space that you are renovating is also helpful when it comes to making cost estimation and setting a budget for it.
- Property taxes:
Square footage is an important factor in your home’s value. More so as it is also a big part of determining your yearly property taxes, which are based on the assessed value of the home and property. If your square footage is not calculated correctly, it could result in you paying improperly on your taxes.
- Securing a mortgage:
Most mortgage lenders will require homebuyers to get a home appraisal. They need to know details before granting them a loan to protect themselves from promising more money than the house is worth. If your appraiser finds that a home is worth less than it is listed for because of a square footage anomaly — the buyer may not get a loan for the house unless the listing price is adjusted to affect the appraisal value.
- Knowing your and your family’s need:
Finally, knowing and understanding square footage can help you better understand exactly what your family needs when looking for a home. It is always a good idea to know how much square footage your family needs to live and function properly and comfortably.
While knowing the square footage of a home is extremely important, you might face problems while calculating square footage. It is important to understand that if you misrepresent the actual square footage, you will be held responsible for it and likely to be asked compensation for damages.