” She paid $343,000 for the fourth-floor, upgraded condo, which she is now renting out.
“I’m trying to make this an investment, and now when I sell it later, I’ll have to sell it at a lower price,” said Parane, a clinical laboratory scientist. “I feel like I’m being defrauded.” ”
I’m guessing that Lori is getting about $1,200 in rent for her 643sf condo. Does that sound like a good investment to you guys?
Before purchase, I calculated the square footage of my house and irregularly shaped lot with tape measure and calculator. Isn’t this just common sense?
My guess is the developer reported gross building area which includes thickness of exterior wall areas and some interior open to below areas.
Someone took a look at the appraisal and saw it didn’t match because the appraiser is supposed to measure interior wall to wall floor space, excluding exterior walls and some stairwells. This can easily account for a 8-10% difference.
This is very common. I have, however, run into a couple projects where it appeared the developer also included patio or balcony space which is definatly misleading.
SDAppraiser, do you normally find differences between appraiser measurements and builder square footage figures?
Are stairwells usually included? What about front porches and back porches?
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