Home Buying in 08820>Question Details

bijoudunil, Home Buyer in Edison, NJ

how important is square footage when doing comps..?

Asked by bijoudunil, Edison, NJ Mon Apr 29, 2013

there's a house being built down the block which already went into contract..the asking price of that house is the same price as the one i'm planning to buy(new construction too)..except the other house is 200 sq ft bigger. should i be concerned that it will not appraise.

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3
Hi, Square footage is very important but I don't think 200 will make a world of difference. The fact that your home is also new construction is very important. The appraiser will also need to know what the other home actually sells for because that determines value.

Chris
0 votes Thank Flag Link Tue Apr 30, 2013
Hi,

Let the appraiser decide the value of the house you are buying. Appraisal depends on several factors other than the area or square footage. If the house you are buying has more upgrades, more land etc., it may appraise more than the other house. I would let the appraiser decide on the true value of the house you are buying.
Web Reference: http://www.vishalmaher.com
0 votes Thank Flag Link Tue Apr 30, 2013
It is hard to appraise just by words, unless the appraiser is physically in the house, sees it, feels it and measures each room.
0 votes Thank Flag Link Mon Apr 29, 2013
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