Gross Living Area
Hello!
I’m Radim. An Acadiana Appraiser and Realtor with 18+ Years of Experience.
Our method of measuring homes adheres to the ANSI Z765 standard established by the American National Standards Institute. This standard, endorsed in April 2022 by state appraisal regulatory agencies, Fannie Mae, and Freddie Mac, was not obligatory before 2022. Consequently, homes measured or appraised prior to its adoption may feature inaccurate square footage, a discrepancy we frequently encounter in our work.
Understanding the correct Gross Living Area (GLA) holds significant importance for various reasons:
Price Evaluation
Square footage serves as a key determinant in assessing a property’s value. Both buyers and sellers utilize this information to compare prices with similar properties in the locality.
Resale Value
Upon selling the property, accurate knowledge of the square footage enables sellers to market and price their home accurately. This appeals to potential buyers with specific space requirements, thereby enhancing the property’s resale value.
Space Assessment
Knowledge of the gross living area assists potential buyers or renters in evaluating the property’s size and determining its suitability in terms of living, working, and storage space.
Zoning and Building Codes
Many municipalities enforce zoning regulations and building codes that specify minimum square footage requirements for residential properties. Awareness of the square footage ensures compliance with these regulations.
Future Planning
Understanding the square footage facilitates future renovations or expansions, enabling homeowners to plan additions or modifications to the property more effectively.
In essence, knowing the Gross Living Area or square footage of a home is indispensable for informed decision-making in various real estate transactions, including purchasing, selling, renting, or renovating properties.