Home Appraisal Misconceptions

March 24, 2015

Home Appraisal Misconceptions


When it comes to measuring square footage for a home or condominium it’s not so easy!

The following article published by Royal LePage Team Realty provides some interesting background for a frequently asked question; what is the square footage of this home?

Buyers always ask their sales representative for information on the square footage of the home they are considering buying and Realtors always want to know approximately how many square feet exists in the home or condominium they are selling.

Unfortunately organized real estate no longer promotes the use of square footage in the details of housing due to the potential liability on the homeowner and real estate agent as a result of the inconsistency of how a home can be measured. Unfortunately there are no universally applied standards for measurement in existence today.

For example, you can hire different appraisers to measure the same home and they will come up with different measurements because of the multiple ways to measure and the mechanisms used.

If you are selling a home or condominium avoid providing square footage as you may be found financially responsible to the buyer for any shortage. If you feel you need to market your property’s square footage as an added feature, include a disclaimer referencing the square footage information, i.e.: square footage is an appraiser’s estimation or from a builder’s sketch of their floor plan etc. and is not warranted and the buyer shall not rely on the information for any purpose.

Note: Ensure that you don’t include illegal spaces, storage space, or the garage in your measurements.

As a Buyer don’t make your buying decision based on square footage. Determine if the house size and space works for you and your family. The feeling is more important than a figure that may or may not be real.

When buying new construction, you may want to make a comparison from builder to builder as to price per square foot, finishings and upgrades that are included. It is recommended that you take square footage information with a grain of salt and don’t get too hung up on it as builders also use different approaches to measurement and may include space or spaces that are not necessarily what you would consider living space.
Note: the floor plans that a builder provides are in no way accurate as they may include stud walls etc. and during construction no home can be bang on the floor plan sketch that the builder provides in their marketing material.

As always, we strongly suggest that you contact us, Sue Barnes and John Carkner, your Kemptville Royal LePage Realtor, to guide you through this and any other challenging aspects of Buying or Selling your home.

We are educated and trained professionals and we have the tools and the know how to sell your home and find you a new one.

Enjoy the longer days, Listing/ Buying time is here! If there are any questions our website does not address please feel free to contact us directly.
We look forward to hearing from you.

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