Being conscious of how much you're spending is a smart way to manage your finances. When trying to determine how much bang you're getting for your buck, determining cost per square foot can provide valuable information. Home buyers tend to base value on cost per square foot, using a simple mathematical calculation.
Instructions
1. Determine the number of square feet in the building or home. Reference blueprints or records, which will inform you of the number of square feet.
2. Determine the cost of the property. This is especially helpful if you are comparing properties; keep a log of the cost of each property.
3. Divide the cost of the property by the square footage, using a calculator.
For example: You are looking into buying a 5,100 square foot home, listed for $390,000, so $390,000/5,100sq ft = $76.47 per square foot.
4. Compare multiple properties to ensure you are getting the best deal. Look at other properties and calculate the value per square foot.
For example: Second Home: $475,000/7,000 sq ft= $ 67.86. Although this second home is more money, it is actually a better value because each square foot of the home in almost $10 less than the first home.
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