What’s included in a home’s Square footage? …and what’s NOT…it may surprise you.
If you’re buying a home, the listing includes square footage…. a key selling point, RIGHT??? . But if you make an offer that’s accepted and you’ve moved onto the home appraisal step in the process, you might be shocked to find out that the appraiser‘s square footage is different from what’s on the listing. Now what?
Or how about this: You decide to put your home on the market and you underestaimate your square footage —you might accidentally agree to sell your home for less than it’s worth. Overestimate your home’s size, and your appraisal may come in low and jeopardize the sale.
According to the National Associations of Realtors =Almost 15% of real estate contracts were terminated because of appraisal issues, including appraisal square footage discrepancies.
Whether you’re considering buying a home OR thinking about putting your home on the market it’s pretty important to know the square footage of the subject home….and knowing what’s included and not included in calculating that number.
Now, I know I didn’t give you any solutions here…my intent is to raise awareness of this important aspect in buying or selling a home. Start with working with a knowledgeable agent who’s going to guide you through the process.
Mike Naylor | CØMPASS
Accardo Real Estate Associates