A square foot is a measured amount of flat space that covers an area. Its measurement is one foot x one foot (or 12 inches * 12 inches, equaling 144 square inches), meaning that if you have a 100-square-foot bedroom, you can divide it into 100 equal squares.
Regardless of your reasoning, you need to know how to calculate square feet down to the foot. Being off by even a little bit can cost you hundreds—even thousands of dollars. Here are a few reasons why:
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Identifying fair market value: Square footage is a key indicator of a property’s fair market value. When selling a house, you need to know what comparable homes in your area are worth. If the average home price per square foot in your neighborhood is $200 and your measurements are off by 10 feet, you could undervalue your property by $2,000.
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Tax assessments: If you believe the assessed value of your property is too high, you can calculate the square footage to see if your number matches the assessors. You can dispute the assessment and save money on property taxes if your number is lower.
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Renovations: If you’re renovating your home or a rental property, you need to calculate the square footage of the areas you’re rehabbing. This calculation will let you know how much material to buy and ensure your new furniture and appliances will fit and function properly.
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