Knowing the square footage is one of the most important factors in buying a new home. Calculating the size can be a little confusing for those looking to purchase a condo. We wanted to know how this is done, so we researched this topic to find the answers for you.
To calculate the square footage of a condo, measurements should be made from one inside wall to another inside wall. The wall width should not be counted when calculating the total square footage.
Correctly calculating a condo's square footage is important because it is part of how the property's value is determined. In this post, we will talk about the average size of a condo and if they're a good investment for you. So keep reading, and please enjoy this post!
How Is Condo Square Footage Calculated?
Looking for a new home can be nerve-wracking because there are many factors to consider. Even with a smaller space like a condominium, factors like square footage can greatly affect the property's value.
When a property is up for sale, the property's size is one of the key selling points for real estate agents. After all, a bigger space means that the property has more value and is more expensive.
For houses, the property's value will include the space outside the house, like the yard and driveway. However, condos have different criteria that determine their value. This includes the area where the condo is located, its amenities, and the square footage.
Condominiums are measured differently to get the square footage of the space. To calculate the square footage of a condo, measurements are done from one inside wall to another. Only the inside walls of the condo can be calculated as part of the square footage.
The width of the condominium's wall is not part of the square footage because it is likely to share with another unit.
Calculating Condo Square Footage
If you want a condo, it's easier to get the square footage of this property through documents alone. Typically, you should be able to get the condo's square footage based on the original floor plans the building has listed.
However, you can also calculate the square footage if you wish to be more precise. To calculate the square footage of a condo, you'll need a tape measure, some paper to write down the values, and a calculator to compute everything.
Get this square footage calculator on Amazon.
To determine the square footage of a condo, measure each room's length and width in feet. Multiply the numbers together to get the full value. Add all the totals to find the final calculation of the condo's square footage. If there are many irregularly-shaped rooms, use a square footage calculator.
What Is Included In The Condo Square Footage?
Unlike a house, the only parts calculated in the condo's square footage are the finished and livable areas of the unit. This means that areas that tenants cannot live in should not be counted as part of the square footage.
Only the finished areas like living rooms, bedrooms, and dining rooms should be part of the condo's square footage. Depending on who you talk to, some agents may or may not include the bathrooms and the closets as part of the square footage.
Balconies, decks, and other external spaces in the condominium should not be part of its square footage. These amenities, however, can still bring additional value to the property. Condos with balconies are generally priced a lot higher than those without, for example.
When appraising a property, the condo's square footage is one of the biggest factors that dictate the property's value. However, appraisers will also include all of the amenities in the condo, as well as the location of the building.
What Is The Average Size Of A Condo?
In the United States, condominiums come in different sizes depending on the location and what the property management has to offer. Different condo sizes are available, from small micro-condominiums to more extravagant luxury condominiums.
The average size of condominiums for most states is about 500 to 1,000 square feet. For a family of 6 to be comfortable, most real estate agents will suggest a minimum of 1,500 square feet. This will have enough space for rooms for all family members.
Small families can get by with condos about 750 to 1,000 feet. However, it can be a tight fit once the family grows, so most people usually get a bigger condo if they plan to have it as their main residence. Bigger condos have more space for the family to grow and it's more cost-efficient for the family.
Bachelors and singles who want to have their property are often happy with a micro-condominium. Condos of this size typically range anywhere from 300 to 500 square feet. Most micro-condominiums are built like studios, so there are no room divisions in these condominiums.
There are palatial and extravagant condominiums for those looking for more luxurious condominiums. These condominiums are sized anywhere from 3,000 to over 5,000 square feet. Most condominiums of this size have tons of amenities and many rooms.
With varying sizes of condominiums available on the market today, homeowners can now choose which one will best suit their lifestyle. Of course, you'll also notice that the grander the condo and its building are, the more amenities and added features you'll find.
Are Condos A Good Investment?
Generally, most people believe that houses are better property investments. However, recent trends in real estate show that condominiums are also great investment starters.
Condominiums are good investments depending on several factors. Since condos share other units in a complex, they are much cheaper than houses. The purchase prices are lower, and the location is often better than most residential homes.
For smaller families, condominiums are also great because the space is just enough for your family. There are also multiple benefits to getting a condo, such as proximity of the location to most business districts.
A lot of condominium owners also prefer to get units as vacation homes. It's a great investment if you are looking for a place away from home to relax. Condo units can also be rented out, which can be another source of income if you own one.
From an investor's standpoint, condominiums are good investments just like any other home. Of course, there are disadvantages to owning a condominium, such as extra HOA fees, limited parking space, and fewer outdoor amenities.
However, a condominium is a good investment if this is not the top priority that you need in your place of residence. Some people prefer living in an area close to work, and most condos are built close to business districts. They are also easier to access than other communities.
Most condo unit owners are buying units to help supplement their lifestyles. Whether they bought a condominium as their primary home or as a vacation place, their condo is a place of rent that is convenient to their lives.
Final Thoughts
Most of the time, the condo's square footage will determine the property's value. Since condos don't have exterior spaces like houses, an appraiser will rely on the size of the condo and its amenities. If you want your condo, make sure the size caters to your and your family's needs.
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