Buying a new home can be a dream come true, but discrepancies that occur during the buying process can be frustrating. In order to make the process go more smoothly, make sure you understand why discrepancies happen and what you can do about it.
Appraisers and assessors examine spaces differently
A real estate assessor determines the square foot of the property by looking at the home’s tax information. This information may come from the county or city, and they do not verify this information by measuring the home. An appraiser enters the home to measure the square footage, but several areas of the home may not be counted in their appraisal. These uncounted areas may include:
• Garages and parking spaces
• Unfinished spaces
• Rooms being used for unintended reasons
• Basements, whether finished or unfinished
Correct square footage matters
When you are buying a home, the amount of square footage directly impacts how much the seller can fairly ask you to pay for the property. Additionally, you may eventually want to sell the home, and you want to have a record of accurate square footage for when that day arrives. Accurate square footage also impacts your property taxes.
Steps you can take in cases of square footage discrepancies
If you believe that the house you are buying has a property size discrepancy, your county assessment department may take a request for the information to be reviewed. If you have an appraiser’s recent assessment of the property, that may help you to successfully gain a new assessment of the home.
Discrepancies should be addressed immediately
If there is a discrepancy in square footage assessments, you may want to address it immediately. Delaying the proper assessment of your future home can have long-term ramifications for your taxes and future plans for the home. Dealing with problems before you by the home may reduce future complications.