Square Footage
As homebuyers become more sophisticated and seek more and more access to pertinent information, they often ask for a home’s "square footage." The assumption is that this measurement reveals the amount of "living space" in the home. But what does this measurement of "square footage" really tell us?
It depends. As there is no national or state standard by which "square footage" is measured, the answer is as varied as the community in which you live. The American Institute of Architects says living space includes "all those spaces used for habitation" and is measured "from the outside of exterior walls." The National Homebuilder’s Association says likewise that "unless otherwise required by local codes," almost every locale "measures outside to outside dimensions." Here in Montgomery County, this is indeed the practice that is followed. Both the Auditors Office and the Building Inspection Department typically measure the outside foundation (including brick) as the basis for their measurements of a home’s "square footage."
But the measurement continues to be helpful to both homebuyers and home sellers for other reasons. First, square footage often helps REALTORS® and home sellers determine the value of property by creating a standard of community comparison. Given adjustments for closing dates, condition of the home, location, amenities, etc., homes with similar square footage in the same community should be similarly priced.
At the same time, square footage measurements help REALTORS® and homebuyers determine a reasonable offer for a property. Just as location, amenities, etc. may influence the asking price, so too, the seller’s motivation may influence the amount a buyer will offer. Is there an urgency to sell? Have the sellers already purchased another home? Are they transferred? All these may indicate willingness on the part of the seller to accept a lower price than the mere square footage analysis may suggest.
If you are given square footage measurements for a home you are selling or for a home you are considering to purchase, be sure to find out the source of that measurement and what standard was used. The most frequently used source for existing homes in Montgomery County is the Property Record Card (PRC) available at the Courthouse. Once again, be aware that "square footage" does not measure interior space alone, but rather from the size of your home from its outside foundations.
Your REALTOR® is trained to help you understand, market and sell a home -- or conversely, to learn, shop for and purchase a home. Work with a REALTOR®. They’ll measure up in every way.