In any real estate listing, ad, or pamphlet one of the first facts that are listed about a property, whether residential or commercial, is the square footage. Both property appraisers and real estate agents use square footage to compare properties as well as determine value. This number is one of the first things that potential buyers learn about any property that they have shown an interest in. Of course, many buyers will opt for more square footage, especially if the price is about the same as properties with lower square footage. In many cases, just the simple sum of a few more square feet can make or break a sale. Real Estate Lawyers know this, and realize that this simple fact makes being sure of an exact sum absolutely necessary, but as Boston Closing Lawyer George Megaloudis knows, this is just one of the reasons.
Discrepancy in Square Footage Can Lose a Sale
Any savvy Boston Real Estate Attorney knows how to capitalize on square footage to profit from a sale, and thus realizes the importance of accuracy for square footage on any property. Closing lawyers are also aware of the devastating issues which can arise during the closing process from the slightest discrepancy in actual square footage and the square footage which was listed. Recently, litigation reviews show more and more cases of misrepresentation when it comes to square footage in properties that are being sold. Not only in houses, misrepresentation in square footage is becoming prevalent among those who are selling all sorts of properties, and property buyers, developers, managers, brokers, and architects are paying the price. Once a lawsuit is filed, the negative publicity and court costs can be almost impossible to overcome for these professionals.
Basic Method for Calculating Square Footage
When it comes to measuring square footage on Massachusetts properties, most professionals tend to use the elementary length/ time/ width equation that many of us were taught in school. What some fail to realize is that there are several other options available as a means to determine the square footage of a property. In order to discover the exact square footage of a residence, for example, the method that is considered to be the most accurate would involve measuring square (or rectangle) sections of the floor. Adding these measurements together would, of course, provide the sum of square footage for the home.
Other Methods of Calculating Square Footage
Often, those who appraise properties will measure the outside perimeter of a two-story building and then double their total. This only works in cases where the top of the building is shaped exactly like the bottom. In those times that is it more difficult to measure a house or property from the outside, using the inside method of measuring is the best choice. If you have questions concerning square footage on your own property or a Massachusetts property that you have an interest in purchasing, give Boston Real Estate Attorney George Megaloudis a call today.