Most buyers and sellers know that square footage measurements are an important part of a home. Typically, the home is more valuable the higher the square footage. There is also the price per square foot that many sellers and buyers consider. What should you know about square footage when buying or selling your Summit or Park County home?
Square Footage – What’s Included and How is it Used?
Square footage measurements may come from the MLS – past listings, builders, architects or listing agents may measure a home.
Generally, to count as finished square footage, a house typically must include four qualities
- Flooring
- Wallcovering
- Ceiling
- Ability to be lived in 365 days a year
Any space that has walls, flooring, ceiling, and heat would count as finished square footage. So, it’s likely that stairwells, closets, walk-in pantries, and other areas you might be questioning would contribute to the square footage count of a home.
If a basement has a finished floor, wall covering, ceiling and heat, then generally its square footage can be included in the total finished square footage of the house. Some MLS systems break out the total finished square footage of a property into above-ground square footage and below-ground square footage. If you are a buyer comparing homes and prices, you may want to pay attention to that breakout.
Square footage is useful when you are comparing many single-family homes here in Summit and Park Counties. This works well for condos and townhomes. But it can be difficult if you have a small home on a valuable piece of land. In this situation, it will not accurately represent the value of your entire property. It also doesn’t work well for dissimilar homes. Working with a qualified real estate agent is important. They should be an expert in their market and be able to understand your home.
Square Footage Disclosure
You will have to sign a square footage disclosure that states what the square footage mearsurements are for the home you are selling. It will also show the source for this measurement. This is one of the variables used to determine your property tax. If the number is inaccurate because you have done work that has increased your square footage, then it is important to hire an appraiser to remeasure your home. Typically your home will be compared to those similar homes in your market, but if you can verify more square footage of living space, then the value of your home could increase. Acceptable sources to measure your Summit or Park County home include Builder plans, Real Estate Agents, a prior appraisal or Assessor Measurements.
How Can We Help?
We hope that you’ve found this information useful. If you need buying or selling guidance or help in the Summit or Park County area please reach out! We will also continue to provide you with relevant and up-to-date information here on our blog.
If you would like more information on how the Summit and Park County real estate market is doing, you can also sign up for our detailed monthly market report by clicking this link.
Best Regards,
Scott & Anne Lindblom
Broker Associates
[email protected]
[email protected]
Scott: 970-485-4065
Anne: 608-345-2734
www.LindblomGroupe.com