Finding the square footage on an appraisal report might seem straightforward, but its location can vary slightly depending on the appraiser and the software used. However, it's almost always prominently displayed because it's a crucial piece of information for determining property value.
Here's a breakdown of where to typically find it and what to look for:
Common Locations for Square Footage on an Appraisal Report:
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Property Characteristics Section: This section usually provides a detailed description of the property, including the number of bedrooms, bathrooms, and, importantly, the living area square footage. Look for terms like "gross living area," "GLA," "finished square footage," or simply "square footage." This is often found early in the report.
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Summary of Appraisal: This section frequently provides a concise overview of the key findings, including the appraised value and often the square footage. This is a good place to check for a quick reference.
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Data Table: Some reports utilize a tabular format presenting key property data. Square footage is almost always included in this type of summary table.
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Improvements Section: Within a more detailed description of the property's improvements, the square footage may be explicitly stated along with descriptions of the construction materials and features.
What if I Can't Find It?
If you're having trouble locating the square footage, consider these options:
1. Check the Appendix or Addenda: Sometimes, supplementary information like detailed floor plans or calculations might be included as an appendix or addendum. This is less common, but worth checking.
2. Contact the Appraiser Directly: If you've exhausted all possibilities, contacting the appraiser who prepared the report is the most reliable way to obtain the missing information. They will be able to pinpoint the exact location or provide the square footage directly.
3. Review the Appraisal Methodology: The report should detail the methods used to determine the property's square footage. This may involve a physical measurement of the property, review of tax records, or reference to other reliable sources.
Why is Square Footage Important in an Appraisal?
Square footage is a key factor influencing a property's appraised value. Larger homes generally command higher prices, but other factors like location, condition, and amenities also play significant roles. The appraiser uses the square footage, along with these other factors, to arrive at the final appraised value.
What Does "Finished" Square Footage Mean?
The appraisal report usually refers to "finished" square footage. This refers to the livable space within the home, excluding areas such as garages, unfinished basements, or attics. Understanding this distinction is important for accurately interpreting the reported square footage.
How are Square Foot Measurements Determined?
Appraisers typically use several methods to determine square footage. This could include reviewing building plans, performing physical measurements of the property, or referencing tax assessments. The report should provide insight into how the measurements were obtained.
By carefully reviewing these sections of your appraisal report, you should be able to locate the square footage information efficiently. Remember that if you are unable to find it, contacting the appraiser is the most reliable next step.
