Square Footage In Determining Value Of Your Denver Or Mountain Home

Square Footage In Determining Value Of Your Denver Or Mountain Home

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Square footage is one of the most important factors in figuring comparable value when placing your Home For Sale. This applies in the cities of Denver, Aurora, Littleton, Arvada and Highlands Ranch as well as Front Range and Mountain Communities such as Boulder, Golden, Evergreen, Conifer, Breckenridge and Leadville. It is a tried and true method of determining value in any area. Just remember, square footage comparisons should be used with as close to like properties including age to be relevant.

Try to choose comps that are as close as possible in square footage to your subject property. Calculating the price per square foot of a home is a good way to standardize your comparison, however, not all homes are alike: one may be fixed up, while another needs a lot of work. The cost per square foot for a new home will be very different from the cost per square foot of an older home.

There's Square Footage and There's Square Footage

The definition of a square foot is: a two-dimensional square with one foot per side. Remember that your eyes do not usually lie if a home looks a bit smaller than the advertised square footage. It is typical for real estate brokers to measure interior room dimensions when they assess square footage. Developers prefer to measure the outside of the building. This can make the home seem much larger. When comparing square footage we will tell you where our square footage calculations come from.  Typically we will get our square footage information from the county assessor in the county the property is located.

It is also important to understand just what was included in the number. Is basement space added into the total measurement? How about garage space? Space on any deck? Staircases? There is not a specific method for measuring the square feet. While sellers will add in all the nooks and crannies, purchasers won't. What is important to consider is, will the appraiser when the property goes under contact take these areas into the calculation of the total square footage when presenting his appraisal to the lender!

Do not only compare the property's cost and the size of the property's land. The sales price of a lot is different from that of a home, with wide variation in cost between neighborhoods. For instance, if the house is in bad condition, or is thought to be something that could be knocked down, the developer might just desire to pay the cost for the land, because knocking it down and moving the rubble away is an additional fee.

Let Us Help Determine Your Home Value. Contact Us at, info@ReynoldsRealEstateGroup.com or online at ReynoldsRealEstateGroup.com.