Since square footage is directly related to the price of a home, it’s no wonder that buyers zero in on it. But just how accurate is the number advertised by a seller or real estate company? You might be surprised.
Figuring out the exact square footage of a house can be tricky — a job best left to the professionals. Here’s what you need to know when buying a home.
Don’t assume the square footage number on a home’s listing documents is accurate. It could have been taken from the builder’s original floor plans or from outdated tax documents. Or the home may have been measured by the listing agent, who may not be professionally trained.
Hire a licensed appraiser to determine the square footage. The cost, in the $200 to $400 range, is worth the peace of mind. If the house is new construction, ask the builder for a copy of the floor plan and then verify that it hasn’t been changed.
How is square footage measured? The rule of thumb is to include all living areas that are heated, finished and directly accessible from main living area.
Many appraisers will start by measuring the exterior of the house to determine the gross living area, and then make adjustments to find the exact square footage. What about a basement? A basement is included in the total square footage only if it is finished and directly accessible from the main living area. Is a room with a sloped ceiling or dormer considered living space? Any area with a ceiling height less than five feet is not included in the total square footage.
Bottom line, professional measurement is important. Not only does it ensure a fair price but it also helps homeowners know if they’re paying the proper amount in property taxes.
