This is a question mainly for realtors. I have seen that there is a difference between the acutally square footage and the living space square footage. For example. a two story house, with a finished basement. either as just a basement or as a rental apt. The square footage remains the same but now the living space for that house has changed. Another example. A screen porch. many screened porches have been finished to actually become rooms in the home. again the overall square footage hasn't changed but the finished space has. How do the Realtors in this board tackle in their listings such discrepancies. and how are they are viewed in regards to the comps that have the same square footage but don't have the same finished living space.?
It is determined by local laws and rules. We use slightly different terms. Here it is Under Roof vs Heated. Under roof is as it says - everything covered, heated or not, by the roof and includes basement, garage and covered porches.
Heated is heated living space. If the porch has been fully converted and has heat it is usually included in the heated measurement. If it is just a 3 season room that is separated by an exterior door it would not be. Basements are rare in my area but the few properties that do have them are not supposed to include it in the heated sq ft even though it could be a major part of the living area. That was per a local appraiser/instructor. Because we have such limited experience with basements, most of our real estate agents don't know there are specific rules to measure.
A Realtor better know the difference in our state between heated square footage. (considered living area) as opposed to under roof square footage. Also those exact measurements.
I know of a Brokerage who was sued because the heated square footage was not reported properly on the MLS listing, and the buyer filed a lawsuit.
"Heated" is the key word in our state, and considered living area. The appraiser will figure heated sq ftg. and non heated sq. ftg. areas such as enclosed porches, garages based on adjustments of the sold comparables of the neighborhood.This message has been edited. Last edited by: real estate lady,
Our MLS has very specific rules for sq footage such as walk out basements can be counted as far as the sq ft that is more than 3/4 above grade if they are finished to the same standard as the rest of the home, sloped attic bedrooms the sq ft can only be counted where there standing room (x feet floor to ceiling), etc. So after you meet the criteria for the MLS in the remark section agents will often list "possible".
Originally posted by rker321: But as a Realtor how do those house are advertised by the Realtor? and does it make a difference in the overall value. Waiting to see answers from others this one was a new one on me.
Yes and no. As REL pointed out - the most important number for us is heated. That is one of the primary numbers we look at in evaluating a property. The variables - as Lakelark pointed out such as a bonus room with a sloping roof is only measured from 5 or 6 feet floor to ceiling. Also you don't measure open space. If it is a 2 story home you do not include the open space for the stairwell. There are a number of variables and that is why almost every listing you will see will have disclamers about the measurements.
If you are wondering how all this affects price per square foot - that is something that really mainly impacts new construction. I rarely look at it and when I do it is only as a guide.
Ok, so if Trulia and Zillow posts a square footage based on county records. but as you have stated heated space may be different, which is it that anyone that visit those sites whould at least think about as being somewhat accurate?
It is not easy. I was showing homes to a couple who had certain space needs and size requirements. One house we looked at - we walked in and looked around. Lovely house but according to the info provided by the listing agent the house was over 3000 sq feet. We walked through and my initial reaction - no way is the house much more than 1800 sq feet! Then we found the doorway to the semi finished upstairs. That might have added another 1000 sq ft he was still way off - it seems he was including an addition unfinished space that opened off the 2nd floor area.
I would not have included it and I don't think an appraiser would have included it because it was not fully insulated and had no walls or floors. However the house had adequate HVAC for the sq ft - 3 separate units so.... I'm just a lowly real estate agent - who knows. This message has been edited. Last edited by: Charming,
SqFt is living space.....not the garage, patio/deck. NOR an attic or basement that doesn't meet "code". What is advertized by a relator, might have been miisreprented (lies) by a seller? IMO the listing agent and buyers agent are expected to perform due dilligence... buyer beware!This message has been edited. Last edited by: tessa89,
Posts: 5016 | Location: NE of S.F. | Registered: Apr 13, 2006