How do I calculate the Square Footage of my home? The Right way!

What is the correct way to measure your home?

For Detached Homes : First you will need to get some tools in order to measure.  You can either purchase a laser (Disto is the best brand) or a walking measuring stick.  The correct way to  measure is from the EXTERIOR of the home.  You will start by measuring the exterior of the home covering all edges and curves until you completely go around it.  After you finish, this will give you the exact dimensions of the FIRST floor.  If it is 40 x 35 then your total GLA (Gross living Area) = 1,400 sqft.  
Note: If there is an attached garage or a porch that is NOT heated, you will have to deduct that area from the square footage.

If the home is a one story home, you are done.  Calculate the measurements to give you the square footage.  

Note - Only above grade square footage is considered in determining the square feet of a home.  Any below grade (basement), is not calculated in it.  It is calculated separate.  

If the home is 2  levels, then you simply have to double the first floor measurement.  You then can subtract any area that is open to below to the first floor such as a loft, stairway, or unfinished space.

Example: If the home is a two story home and the first floor measures 40 x 35 (1,400 Sq Ft) and the second floor is the same size, but has no living space due to a loft that measures 15 x 10 (150 Sq Ft).  Then the total GLA would be:
1,400 Sq F (1st Floor) + 1,400 Sq Ft ( Second Floor) - 150 Sq Ft(Loft) = 2,650 Sq Ft.

For Attached Homes (Condos,Apartments, Townhouses): The living area is calculated from the interior walls, the best way to do this is usually with a laser or standard tape measure. Measure around the unit tracing all interior walls until you make it all the way to your starting point.



- Nick Conteduca

I have been a Broker/Appraiser in Chicago for 10+ Years. Please give me a call or email with all your real estate needs. Visit my website for my contact info.

www.ChicagoStyleRealEstate.com
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Thank you!

3 WAYS TO ADD VALUE TO YOUR HOME

If you are looking to make some improvements to your home in order to increase the value, this article will give you some insight.

I am constantly coming across home owners complaining about an appraiser not giving value to some upgrades they have recently made. They are telling me about their state of the art sound system they installed, their all brick custom wood burning fireplace, or even their gold towel rack (Yes, this happened, it was $5,000!).

There are many other specific upgrades I come across, way too many to mention! Prior to making upgrades in the area you need to do some research to see what is accepted in the market and what is typical.

For instance, a lot of homeowners may think installing that huge in-ground pool may increase value, but in reality it may not. What if the typical buyers in the area are elderly couples who do not wish to have a pool in their back yard, rather a large yard to have a garden.

Another example I have come across was a client that installed an all-brick custom driveway that included large pillars imported from Europe. The cost to build this driveway was over $15,000, however, due to this upgrade being an over improvement for the area, no value was given to it because it was NOT typical for the market. In this particular area, the typical buyers were 25-35 year old newlywed couples and they did not care about a custom driveway. They just wanted a drive way to pull their cars into.

From my 10+ years of appraisal experience and being a broker selling homes, I can tell you my TOP 3 items to upgrade that are likely to increase values:

1. KITCHEN – Everyone has to eat, therefore this is the number one place buyers look. Installing granite countertops, upgrading cabinets, and adding new appliances will give the kitchen a great new look and add value to your home. Your goal is to give that “Wow” factor to other buyers. You can easily do this by searching for deals. You do not have to buy the top of the line appliances and cabinets. Be Creative!  
2.  BATHROOM – Bathrooms are the second place that potential buyers will look, therefore it is very important to have that updated bathroom and not an outdated one. By simply upgrading flooring and painting the walls, you can easily give your bathroom an entire makeover.                    
3. ADDING SQUARE FOOTAGE – As long as the size of your home is not the largest in the area, more times than not, adding square footage to your home will help your value. Square footage is one of the largest factors in valuing homes. However, before you add that extra square footage consult with a professional to determine if it will add value.                            

This article is just a guide and every market is different. Do not assume your home fits this criteria. If you want a more accurate response as to whether that upgrade will gain you value in your home. CALL ME. TEXT ME. EMAIL ME.