you really need to account for everything when trying to determine the value of any home.
feel free to contact me with any further questions.
I will have a home coming on to the market very soon off of upper holland rd...a 4 bed 2.5 bath home plus an in-law suite with bed, bath, kitchen and private entrance. the home also has a detached garage and about a half acre of land. let me know if this is similar to what you are looking for.
I am not a big fan of price per sq foot. It may make sense when looking at building new construction. But on a resale there are many more factors to consider. Such as improvements, location, style of the home,etc....And as you mentioned the typical sq footage listed on the MLS or Public record should not include garage and /or basement. The best thing to do is compare it to the comps...just as an appraisor would. Hope this helps.
Hugh Henry Jr
Ask yourself a question. If you pay $180 per sq. ft., will the property get appraised? If it doesn't get appraised, you won't get money from the bank, right?
That's why it's important to work with an agent to figure out the best price and the most fair market value of the house.
To see all available active listings in Richboro, please follow this link: http://www.ephiladelphiarealestate.com/richboro-real-estate.php
If you need help or have any questions, please don't hesitate to contact me through my website.
Your question is a good one. It makes total sense to pay more if you are getting more. It tmakes no sense to pay more for less unless of course there is great personal value that you see in the item being purchased.
I like the square foot method of quantifying the value of property because it is an easy formula. But... and I am sure you expected a BUT based on the answers you have received so far. But, unfortunately the square foot method does not take into account many other factors such as location, improvements, and the personal value that you believe the home will offer you as an investment.
In Philadelphia, where I live and work, the square foot method is best used with condos or townhome communities where each property is similarly designed with similar sq footage and all property is within the same building or withing a small cluster. Even then, we still need to account for location (ex. penthouse or corner unit vs ground floor unit or basement unit) , upgrades, and the personal value tht the buyer places on the property (ex. a space w/ the potential for a guest room in the future vs a space with no room for growth).
I sold my mother's home in Richboro about a year ago. The community was built in 3 different phases over a period of 10-15 years so there were a variety of factors to take into consideration when pricing. Some of those considerations were: age, upgrades, lot size, square footage, additions, layout, location... Ultimately, to find the right listing price I took the comparable sales in the development, and evaluated the value of the upgrades and the value of improvements needed on the property. There was no formula. When an offer came in a few weeks later, we were confirmed that we had priced the home accurately.
The answers given below are very good. I would recommend finding a Realtor familiar with the area you are looking and going over the comparable property sales before making an offer.
I only use $/sq ft on commercial properties, because thats the way they roll. When it comes to home, there are just too many factors to think about.
Get in touch with a Realtor who can help you out with finding the right home for you. I am willing to help in any way possible. I can even let you know of home not in the MLS.
Hope that helps,
Terrence Charest, e-ProÂ®
Century 21 Associates
905 Easton Road
Willow Grove, PA 19090
Cell (Preferred): 877.614.1494
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