When it comes to square footage, there is no number more important when it comes to the built environment than that square footage number.
Square footage is the basis for any number in the build space. It’s the basis for the budget that you use when you’re creating or building a space. The square footage is used to manage the value during construction, and square footage is used to determine the value post construction.
So for you as real estate professionals, when you’re advising a client on how to set that selling price or what you should go in as an offer, you’re really using square footage as some of that determination because you’re comparing it to another property, maybe down the street. “Well, the square footage is about the same.” Or ” It’s a little bit less, so let’s go under.”
The square footage is really important to you when you’re determining value and comparing options. You and your buyers. And this is very much about the buyers too.
Square footage is about comparing one space to another. It is a basis for comparison, a number that people can use as a starting point for comparing one thing to another. And thirdly, it’s a space planning tool.
So when you get square footage number, somebody wants to rip up the flooring, maybe rip up carpet and put in hardwood or put in ceramic, that area number becomes very important because it helps determine the cost of materials, potentially the cost of labor and anything. When it comes to construction, everything really is time and materials, again, square footage. That number becomes extremely important when you look at planning a space.
When we talk and discuss square footage, it really is about its importance for you during that whole selling process and trying to relay that back to you.