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!

TOP 6 WAYS TO DETERMINE THE VALUE OF YOUR HOME ON YOUR OWN

Top 6 ways to determine the value of your home on your own



If you ever are wondering what your home is worth and you don’t have the time nor money to contact a local appraiser or agent like myself, then look at my tips for some assistance.

How are homes valued?

Homes are valued based off of RECENT CLOSED sales in the area. Do not mistake these for listings. Many times I will have someone tell me “My neighbor’s house is listed for X amount. Isn’t mine worth that then?” NO! Anyone can list their home for whatever they want, it does not mean that it is actually worth that amount.

So how do you determine which closed sales are the best? 

Here are the top six things to look for when searching for closed sales:

1. Location – Start by looking for recent sales (within a year) located in your neighborhood.
2. Time of Sale – You want to start looking for sales that have closed most recently. Start searching within twelve months. If there are no sales within the past year, you will need to expand your search to neighborhoods that you think are similar to yours. If you would consider to live there, then it is probably similar.
3. Style – Start by narrowing it down to style of homes, example: 1 Story, 2 Story
4. Size – Narrow it down by searching for homes close in Square Footage. I would do a range, for example: If your home is 2,000 sq ft, I would search homes from 1,500 to 2,500 sq ft.
5. Bedroom/Bathroom Count – Look for homes with similar Bed/Bath count as yours.
6. Condition – After you narrow down all other features above, you should have a range of values. For Example: If your search revealed 20 homes ranging from $250,000 – $350,000. You need to make an educated guess of how good or bad the condition of your home is. If it is all new, estimate it on the high end. If it is Low, Estimate it on the lower end. If it is Average, right in the middle.

After using these tips you need to realize that valuing a home is not always this straight forward, there are many other factors you need to consider. Some of the other things when valuing homes that come into play are:

External factors –Is your home located near a busy highway?, railroad?, lake front? These are factors that will greatly affect value.

Improvements – Do you have improvements that are considered to be over improved for the area or under improved for the area? For example: Maybe you have an in ground pool that doesn’t increase value, yet decreases it.

Using these tips is just a general guide on how the valuation process works. If you are having difficulty figuring this out, give me a call or send me an email and I would be glad to help you out. I have over 10 years of appraisal experience and I am a licensed broker. Sometimes valuing your home is the most important part in the selling/buying process. If you are selling you want to make sure you are not listing it over market value. Therefore, potential buyers will not qualify for financing. If you are buying, you want to make sure you are not paying too much for it.
Please let me know any way I can help

- 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.

www.ChicagoStyleRealEstate.com
www.Facebook.com/ChicagoStyleRealEstate



Thank you!