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. This guide will help you locate it and understand what to look for.
Where to Typically Find the Square Footage
The most common place to find the square footage is within the property description section of the appraisal report. This section usually includes details like the address, legal description, and of course, the total living area in square feet. Look for phrases like:
- Total Living Area (TLA): This is the most frequently used term and usually includes the square footage of all heated, habitable spaces within the main structure.
- Gross Living Area (GLA): This term is also common and means the same as TLA.
- Square Footage: A simpler, more direct way to state the size.
You might find the square footage listed as a number (e.g., 2,000 sq ft) followed by the abbreviation "sq ft," "ft²," or "SF." Sometimes, it's presented in a table summarizing key property characteristics.
What if I Can't Find It in the Main Body?
If you've thoroughly scanned the main body of the report and haven't located the square footage, consider these possibilities:
Check the Appendix or Addenda:
Some appraisers might include supplementary information, including detailed measurements, in an appendix or addendum section. This is less common but worth checking.
Look for a Site Diagram or Floor Plan:
Detailed floor plans often accompany appraisals, especially for larger or more complex properties. The total square footage might be noted directly on the floor plan or in a legend.
Contact the Appraiser:
If you've exhausted all other options, the best course of action is to contact the appraiser directly. They can quickly clarify the square footage and answer any other questions you might have about the report.
Understanding Different Types of Square Footage
It's crucial to distinguish between different types of square footage that might be mentioned in the report to avoid confusion:
Gross Building Area (GBA): This includes all areas of the building, regardless of whether they are heated or habitable. This is larger than the GLA/TLA.
Finished Basement/Unfinished Basement: If the property has a basement, the appraisal may separately detail the square footage of finished (livable) space versus unfinished space.
Why is the Square Footage Important?
The square footage is a critical factor in property valuation. It directly impacts the property's assessed value and influences its market price. It is frequently used in comparative market analysis (CMA) to compare similar properties.
Are there any common mistakes when stating square footage on an appraisal?
While appraisers are professionals, there is always the possibility of human error. A mistake could be an inaccurate measurement, a miscalculation, or an issue with recording the information correctly. That's why it's important to always double-check with the appraiser if you have any questions.
This comprehensive guide should assist you in locating the square footage on your appraisal report. Remember to carefully review the entire document; if you still can't find the information, don't hesitate to contact the appraiser for clarification.
