Floor plans are key as the size of a home matters greatly when it comes to how much you might pay for that property as a buyer.
Yet over the years, it’s become evident that different companies measure the size of a property differently which can notch up square footage by an extra 10%, resulting in an elevated asking price.
Every room in a property needs to be measured accurately so that buyers pay a fair price and sellers’ homes are neither undervalued or overvalued.
Why measurement matters
Buying a property is the biggest financial investment in most people’s lives.
And, if you’re selling, you also want to be sure you get a fair price for your home to enable you to move into your next property.
As floor area can affect the value of a property, it is absolutely critical that a house floor plan is accurate.
- Size is often a hugely determining factor in how much someone is willing to pay for a property. In some cases it can mean spending over the odds.
- Alternatively, a buyer may be put off viewing if a floor plan gives false details due to incorrect measurements.
Inconsistencies in property measurement
Unfortunately, there are no set rules or regulations for determining floor space and creating a floor plan, and because asking prices are often decided by using a pounds per square meter referencing tool, this can be misleading.
In fact, research by the Royal Institution of Chartered Surveyors (RICS) uncovered major inconsistencies in the way residential properties are measured in the UK.
For this reason, the RICS introduced a standard known as Measurement Matters to help buyers pay a fair price based on the accurate size of a property.
This guide implements mandatory measurement standards, helping ensure homes across the country are measured fairly – for the benefit of both buyer and seller.
How do property measurements vary?
Given the known inconsistencies, property floor plans could mislead potential buyers.
A floor plan should not include areas in their measurement of any unuseable spaces. Other extras which may or may not be included by floor plan companies include:
- walk-in wardrobes
- loft measurements (when there is no loft conversion)
- parking areas
- roof terraces
How to check house floor plan for accuracy
If you want to be sure you’re getting your money’s worth, follow my advice:
- Make sure you’re fully aware of what the existing floor plan does and doesn’t include.
- Ask the to confirm exactly what space has been measured and ensure no unusable areas have been snuck in to boost the price.
- Check if the floor plan offers details on external areas or includes notes on the square footage of limited use areas.
- Don’t be afraid to arm yourself with a tape measure for the house viewing.
- Check with the agent if the person measuring the property is RICS qualified or an RICS certified measurer
- You could even ask your surveyor to check the accuracy of the estate agent’s floor plan when they survey the property.
Knowing the facts about a property can save both buyer and seller valuable time and money.
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Phil Spencer is a presenter, author, businessman and property investor. Phil’s consumer advice platform Move iQ, is a website, YouTube Channel and Podcast. Each preserve and reflect the same impartiality that consumers trust and base their property moving plans.