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\n <\/div>\n \n Get a Free Home Value Estimate<\/h3>\n
How does your home’s value compare to other similar-sized homes you see selling in your area? Get a near-instant real estate house price estimate from HomeLight for free. Our tool analyzes the records of recently sold homes near you, your home’s last sale price, and other market trends to provide a preliminary range of value in under two minutes.<\/p>\n \n
What counts toward the square footage of a home?<\/h2>\n
The official square footage of a home includes finished spaces that are heated and cooled. This is called the gross living area, or GLA. Generally speaking, to be considered part of the GLA, the area must be livable all year, have walls and finished floors, be heated and cooled, and have a ceiling that is at least seven feet high, though there are other specifics that can affect whether a space counts toward the GLA<\/a>.<\/p>\n The value of your home is directly tied to the square footage. During the sale process, the appraiser will measure your house. If you have marketed the home with the incorrect square footage, that can come back to get you when the appraisal comes in.<\/p>\n A home\u2019s value is predicated on a number of factors, and while square footage is just one of them, it\u2019s an important one.<\/p>\n \u201cThe value of your home is directly tied to the square footage,\u201d Henley says. \u201cDuring the sale process, the appraiser will measure your house. If you have marketed the home with the incorrect square footage, that can come back to get you when the appraisal comes in.\u201d<\/p>\n Consider what would happen if the appraisal comes in and reveals the home is smaller than what you were marketing it as. In this case, the appraised value<\/a> may come in lower than the sales price, creating an appraisal gap<\/a> and putting the buyer\u2019s mortgage approval in jeopardy, and you may have to lower the price to account for the lower square footage.<\/p>\nWhy is the accurate square footage of a home so important?<\/h2>\n