Determining the price of a home per square foot involves some basic mathematical calculations.
Calculating the price per square foot of a house or condominium is one of the best ways to determine whether it's a good value. If all the other amenities for the home are roughly the same within a given neighborhood, the property that offers the best buy in terms of cost per square foot should stand out from the competing real estate choices. If you're willing to perform a little elementary school arithmetic, you can compute the difference rather quickly.
Instructions
1. Examine a realtor's listing or advertising brochure and take note of the home's price and its square footage. If the property is located on a freestanding lot, note that size as well.
2. Use a calculator to divide the home's price by the number of square feet to figure its cost per square foot. For instance, a condo priced at $200,000 that measures 2,000 square feet is selling for $100 per square foot.
The formula is: Price / Square Feet = Price Per Square Foot
3. Apply the same formula to determine land values. If a 20,000 square foot lot is available for $250,000, you can quickly calculate that the land is selling for $125 per square foot.
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