Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
Why Square Footage Matters to Buyers and Sellers
Invited Guest Contributor Jae Curtis
Square footage is about more than just size. It’s about the actual livability of your home. Whether you’re designing your own place or shopping for an existing home, square footage is one of the first considerations. It shouldn’t be just an arbitrary number you think will work, but a calculation based on how your family lives work and play. By taking your lifestyle, budget, and costs into consideration, you’ll be able to find a size that isn’t too big or too small – but just right.
Family ties
The size of your family definitely dictates the size of your home. That being said, some families can do with a little less. A great rule of thumb is that for every bedroom in your home, you have room for at least two people to sit in any space. If you have three bedrooms, there should be enough seating in the family room for six. Four bedrooms? Plan for a dining space that can seat up to eight. It’s a simple way to calculate how much space you need in each room to keep your family comfortable.
The entertainer
Another factor to take into consideration is the frequency and type of entertaining you do. If you love entertaining, you’ll need to plan accordingly. Putting more square footage into general living areas like the kitchen and dining room will serve you better than using up all of your square footage in bedrooms and bathrooms.
Budget concerns
Your budget definitely factors into how big (or small) your home is, but it doesn’t necessarily dictate the size. Some families might max out their budget for the biggest home possible. Others might opt for a smaller home with higher-end finishes. Talking to your real estate agent about the price per square foot can give you an idea of the size and type of home you can get in your budget. Some homes might give you more space but have cheaper finishes, while others are smaller with higher-end fixtures. Deciding what is more important to you can help you maximize your budget. I am here to help with these decisions according to what is available in the market and what you are searching for.
Utility costs
All square footage is not created equally. Don’t forget that each part of your home will need to be lit, cooled, and heated. Just because you can afford to build a bigger house now doesn’t mean you can afford the bills that come along with running a larger home. If you’re unsure of how much you’ll pay each month, ask some of the existing residents of your new area. If you’re purchasing an existing home, the seller can help give you an estimate of monthly utility costs. Just ask me, and I will obtain all of the information you may need.
Dual purposes
One last thing to keep in mind – especially if you’re designing a new home – is that some rooms don’t need to have just one purpose. By creating dual-purpose rooms, you can maximize square footage without increasing your home’s footprint (while still getting exactly what you want). Combining your mudroom and laundry room or craft room with a home gym means you get the function of a larger home without paying for more space.
When it comes to square footage, size definitely matters. But remember that bigger doesn’t necessarily mean better. With the right floor plan and some clever design, you’ll be able to get all the space you can afford – and then some.
Price per square foot is an important figure to pay attention to for both a buyer and a seller.
What is the price per square foot?
It’s, quite literally, the price of one square foot in a given property. This number is calculated by dividing the listing or sales price by a property’s total number of square feet.
Why is it important?
The price per square foot is a different way of looking at a property’s cost. Calculating the price per square foot can tell you which home is the better value. It might also be a good point to ask why one of the homes has a higher or lower price per square foot. Does the one with the lower number have some hidden renovation costs? Is the one with the higher number actually overpriced? I will also provide comparison data on the neighborhood’s average price per square foot, which could give you some good leveraging power when negotiating an offer. It's also important to know that in New Jersey, it is not mandatory to list these figures, but there are other sources I can check for valid information. Just ask me.
When is price per square foot not relevant?
If you’re looking at properties in two different neighborhoods, price per square foot is not a good comparison point, as many factors such as school district, nearby parks, and proximity to public transportation influence this figure. However, comparing a home against its neighborhood’s price per square foot is still a good idea.
If you’re looking at two different types of properties, such as a townhouse and an apartment condo, price per square foot is also not the best way to gauge value. Condo buildings tend to offer amenities and have higher HOA fees, which can all skew the price per square foot.
In summation, price per square foot is a powerful tool but best used when comparing similar properties. Ask me for my best knowledge and I will advise you on your next move!
Building Trust with your Realtor
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
SERVING THE SOMERSET HILLS AREA ONE CLIENT AT A TIME
Service & Experience
Since 1983