Square footage, plus or minus a bit

The Charlotte MLS system has just announced that beginning in late March, square footage on houses will be reported in ranges, instead of specific amounts.  On the data sheet for a home, the square footage may read something like “3600-4200″.  This change by the Charlotte multi-listing system is consistent with how square footage is reported in many other real estate markets.

The reason for the switch is to prevent disagreements that sometimes come up after the sale is negotiated.  Some buyers want credit if there is even a slight discrepancy.  While square footage is a factor in the price of a home, it is not the only factor, or even the most important one in most cases.  Amenities, level of finish, condition, and location can create a difference in price for houses that are otherwise very similar in age and size.   For waterfront properties, square footage of a house is even less of a factor in price determination.  (See What to Look for in Lake Wylie Waterfront Property)

Also, measuring square footage is hardly an exact science, especially when considering modern architecture with some areas open to the next floor, living spaces with sloped ceilings, bay windows and various other nooks and crannies.  While there are guidelines for measuring (see my blog Understanding Square Footage), rarely will two people come up with an identical number when measuring some of the more challenging floor plans.

Liability has become such an issue that some real estate agents hire measuring services to calculate square footage.  Under the new practice of the Charlotte MLS, the range listed for square footage will leave a bit of room for minor variations in measuring, thus reducing chance of arguments and lawsuits. 

While the new method will no doubt frustrate those buyers who carry calculators to make precise comparisons, it will allow the buyers to place more emphasis on the comparison factors that are not as precisely measurable, but may be more important in their overall satisfaction with the property.

For more information and resources for buying and selling real estate in Lake Wylie, please visit my website, TheLakeWylieMan.

Preparing for a Home Inspection

A little preparation can go a long way in getting ready for a home inspection.  If you’ve just sold your home, you want it to be in the best shape possible.  The sale may be contingent on a favorable inspection, and you may be responsible for repairs prior to closing.  It’s best to keep the repair list as minor as possible.  So, before putting your house on the market, take care of some basic maintenance issues that will surely come up:

• Clean all gutters.  Inspect and repair any roof damage.
• Make sure mulch is 6-8″ away from the siding of your house.
• Paint all weathered wood on the outside of your home.  Caulk around the trim, windows, and doors.
• Replace or clean all filters.
• Replace burned out light bulbs. 
• Make sure all plumbing fixtures are in good condition, clean, and free from leaks.
• Make sure there is access to all electrical panels, water heaters, etc.

Familiarize yourself with what a home inspection covers.  For a sample home inspection report (thanks to Brian Connelly, certified home inspector with Inspection Services in Rock Hill), visit the link below:

http://www.inspect-service.com/Reports/HomeInspectionReport.pdf

Brian’s website has some excellent information on home inspections, what to expect, and frequently asked questions.

http://www.inspect-service.com/default.htm

To return to my website:  http://www.TheLakeWylieMan.com