{"id":7022,"date":"2021-08-12T15:03:19","date_gmt":"2021-08-12T19:03:19","guid":{"rendered":"https:\/\/empireappraisalgroup.com\/?p=7022"},"modified":"2021-07-12T15:05:53","modified_gmt":"2021-07-12T19:05:53","slug":"why-do-square-footage-disputes-arise","status":"publish","type":"post","link":"https:\/\/empireappraisalgroup.com\/why-do-square-footage-disputes-arise\/","title":{"rendered":"Why Do Square Footage Disputes Arise?"},"content":{"rendered":"

Why Do Square Footage Disputes Arise?<\/h1>\n

Source:  Why Do Square Footage Disputes Arise? | Realtor Magazine<\/a><\/p>\n

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Why Do Square Footage Disputes Arise?<\/h1>\n

Be ready to explain to home buyers and sellers why there may be conflicting reports on a home\u2019s livable space.<\/h4>\n<\/section>\n<\/div>\n

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by<\/span> Dawn M. Molitor-Gennrich<\/a>, <\/span>Francois K. Gregoire<\/a><\/span><\/span><\/div>\n<\/div>\n<\/div>\n
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Many characteristics affect the appeal, marketability, and value of a property. One of the most important is the size of the dwelling. Disputes rarely arise about the age of a home or the number of bedrooms, baths, or garage spaces. Disagreements about square footage, and the manner by which the dwelling size is calculated, are more common. Unfortunately, if the methods applied are not accurate and explained, they may result in misleading opinions and conclusions. Because dwelling size matters to everyone in the transaction\u2014buyers, sellers, agents, appraisers, and lenders\u2014it makes sense to encourage the understanding and use of industry-accepted terms to define size.<\/p>\n

Appraisers use three approaches to develop an opinion of the value of a home:<\/p>\n

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  1. The sales comparison approach looks at the subject property against similar, nearby recently sold properties.<\/li>\n
  2. The cost approach considers the value of the site and the estimated cost to replace the subject dwelling, less depreciation.<\/li>\n
  3. The income approach, generally applied to multiunit dwellings, is applied where rental income is a factor in the decision-making process of buyers and sellers.<\/li>\n<\/ol>\n

    All are contained within the Uniform Residential Appraisal Report, the residential appraisal reporting standard promulgated by Fannie Mae and Freddie Mac. The report form uses the term \u201cgross living area\u201d rather than \u201csquare footage\u201d to identify the size of a dwelling and as a unit of comparison in the sales comparison approach.<\/p>\n

    The agencies involved in residential lending\u2014Fannie Mae, Freddie Mac, the Department of Veterans Affairs, and the Federal Housing Administration\u2014have slightly varying definitions of gross living area, but all agree on these facts:<\/p>\n