You may be tempted to work out the value of your home using a ‘per square foot’ method but there are many pitfalls, as Aspire explains.
Although the ‘per square foot’ method of valuation is common in other countries, it’s far too standardised for the UK – especially in London. Valuing a property is not a straightforward process and that’s why we like to visit a property in person to combine what we find with local demand and our area knowledge to establish its true value. If you do stray to the dark side and look at per square foot values, bear in mind the following:-
- It’s frequently inaccurate and inconsistent. There is no standardised per square foot valuing method in the UK and even a small human error when measuring – perhaps a couple of square foot out - can lead to under or over valuing
- A value per square foot will not reflect fixtures and fittings. It will ignore things like layout modifications, the specification, standard of décor and integrated technology – all of which greatly affect a property’s value. Yes, your Gaggenau oven and Philippe Starck taps will be completely overlooked when pricing per square foot.
- A price per square foot may reflect only the internal living space. In contrast,a guide price will illustrate the value of the whole plot in which the property sits. In London, the size of the garden or whether the property has a driveway can be just as important as the inside in terms of value.
- Square foot values can ignore potential. They are very rigid in their methodology, meaning value-adding facets, such as unfulfilled planning permission or the ability to extend, can be overlooked.
- No two homes are the same, even if they share the same square footage. We know the style of a property – whether it’s period, post-war or brand new – will affect its value, as will its proximity to a certain school or a Tube station. Only a full property appraisal will take these features in to account when producing an asking price.
Book a property appraisal with Aspire today and get a price that reflects your home’s entire value, not just the square footage.