When buying a property, one of the most important things to consider is the square footage. Square footage is the measurement of the area of a property and it plays a major role in determining its value. But what does square footage include in real estate?
In real estate, square footage refers to the total area of a property that is considered livable space; areas must be heated & cooled and finished in “like-kind” materials as the rest of the home. This includes all rooms and any hallways & closets that are located within the property.
Any spaces within the home, or over a garage, may not be included in the square footage if they are are unfinished and not heated & cooled.
However, outdoor spaces such as patios, decks, and balconies are not included in the square footage calculation. Here in the Lowcountry, we do see many homes with porches, some of which can be quite large. While they may feel like an extension of the home, they cannot be included in the square footage.
Homeowners who have finished additional space in their home may want to consider having their home professionally measured to determine the new square footage. This information may come in handy should you decide to re-finance your home or sell it one day.
Do you have questions about square footage, or real estate in general? Reach out – we are happy to talk!
Lauren Zurilla & Associates