If you’re grappling with how to determine home value, based on SQUARE FOOTAGE, you’re not alone.
One of the most frequently questions our clients ask us is “How does this property compare to that, as far as price is concerned, based on square footage?
Knowing what comparable properties are LISTED and SELL for, helps. But sometimes the square footage is “adjusted” … sometimes “total” …. and sometimes “living”.
Realtors make every effort to calculate property value based on “Adjusted Square Footage” – at least in Miami Dade. It can be confusing though, because the tax rolls and the property appraiser’s office and the MLS often differ as to the information shown … (and sometimes the is inaccurate) … Sometimes “adjusted square footage” isn’t shown, but instead “living area” and/or “total area” is).
In Miami Dade we tend to use “ADJUSTED SQUARE FOOTAGE” in the Multiple Listing System (the MLS). Many of the other internet sites (Realtor.com, Zillow, Trulia, etc) feed from the MLS.
“Adjusted square foot” measurements combine ground floor interior spaces & living areas, along with a percentage of each of these: the second story, the garage, & any covered patio/porch/carport areas.
THE BREAKDOWN FOR DETERMINING ADJUSTED SQUARE FOOTAGE IS:
100% – main house under air (1st floor)
80% – main house under air (2nd floor) … And this is because second story construction only costs roughly 80% of that of the ground floor costs to build.
66% – Florida room/enclosed patios or additions.
50% – garage … again based on construction costs relative to the building costs associated with the main house.
50% – laundry room
33% – covered patios/porches with overhangs.
***Screen-covered pool areas would not be included (unless they had a solid roof).
***Sheds are not included.
I hope this helps clarify adjusted square footage . If you have other questions or want more information, please call us … The Restivo Hechtman Team at EWM Realty Int’l 305 793-1365 305-632-0164
(Appraisals for loan purposes … that is another topic …for another blog).
“LIVING AREA” (air conditioned)
“ADJUSTED” (a percentage of various covered spaces)
” TOTAL AREA” (everything).