Balconies can make for attractive additions to a high-rise apartment or condo, but are they included in the square footage valuation?
Typically, a balcony, terrace, or patio isn’t included in the square footage calculations of a residence. For an area of a building to be ‘counted’, the traditional rule is that it must be fully enclosed, heated, and most importantly, liveable.
Read on to learn more about balconies and the other rules that are associated with the valuation of a property.
Room With A View
The concept of a balcony can be traced back thousands of years, to a time when architecture was a fledgling idea. They’ve been identified on buildings associated with the Ancient Greeks and Romans, typically in any country that enjoys warm weather.
There have been some very famous balconies throughout history, such as the centuries-old stone balcony from Shakespeare’s Romeo and Juliet. In this play, the titular female character calls to her lover from a balcony at night.
Coincidentally, that’s why we call them juliet balconies today, some six hundred years later. If you’re not familiar with the term, a juliet balcony is little more than a railing outside a glass door that opens inwards, located on an upper floor.
These days, balconies are an extremely common addition to countless apartment or condo blocks around the world. Whether you’re in the United States, Great Britain, France, or Italy, you’ll see balconies everywhere.
They’re an easy way to boost the value of a property, owing to the opportunity for a little outdoor lounging. They afford you the ability to look down as the world goes by, or give you a fine view out over the surrounding area.
In some places, they can be considered quite practical, such as in the homes of those who smoke. It’s not all that desirable to smoke inside your home these days, so you can step out on the balcony instead.
However, while they might increase the value of a property through the means of an added bonus, they’re typically not included in the square footage valuations.
According to industry experts, the square footage of a property includes only areas that are fully enclosed, liveable, and heated. Therefore, an open terrace or a balcony goes uncounted or may be listed separately.
The Nice To Haves
Balconies can be massively appreciated, or rarely used, depending on who is living in the property. Some people turn them into small gardens, particularly herb gardens, while others adorn them with lounging furniture.
Some balconies are too small to do anything with and serve as nothing more than a small viewing platform. In other cases, balconies can be enormous, and span the entire width of the property.
They’re not just add-ons for apartments, either – there are plenty of houses that come equipped with balconies. You can even have them added on post-build if you so desire.
Reportedly, it can cost anything from two thousand to seven thousand dollars, or more, to build a modern balcony. The latter figure includes anything up to a two hundred by five hundred square foot deck.
That figure does depend massively on the difficulty of the build, the amount of customization taken into consideration, and the materials used, of course. There are plenty of options too, from gleaming metals to reinforced glass, and from composite plastics to hardwoods.
On The Market
When it comes to selling your home, it’s almost a guarantee that your outdoor balcony or terrace will increase the value. This is particularly true if it’s an ‘aftermarket’ addition that boasts more character than a stock, standard construction.
However, when it comes down to calculating the square footage of your property, you have to remember that a balcony certainly isn’t included. In fact, there are plenty of areas of a property that don’t count in the square footage measurements.
For example, garages in any form aren’t included in the measurement, nor are guesthouses, pool houses, or even basements. In some cases, even an attic won’t be counted in the final square footage measurement.
Reportedly, the ruling states that if you must leave the ‘finished’ and liveable area of the main house, the area can’t be counted. Although, you’re more than welcome to class these areas as bonus spaces to boost that overall valuation.
These days, the property market is a highly competitive one, and you’ll need every advantage you can get to secure a sale.