BECOMING A GRANDMOTHER HAS SOME SIMILARITIES TO FINDING THE PERFECT HOUSE!

Benefits of being the smallest home in the neighborhood

Are you the smallest home in the neighborhood?  There are definitely some benefits for being the smallest home in a neighborhood.  As long as you are similar in size, bedroom and bath count, style, age and amenities for the neighborhood your home usually sells for a little more per square foot than average.  When appraisers make adjustments for differences in square footage, they are based on the average price per sq/ft of the comparables, minus the land value.  This amount is not used at 100%, when an appraiser makes adjustments.  It is used on a sliding scale, based on the neighborhood and adjusted anywhere from 50%-75%.  Therefore being the smallest home in the neighborhood, you receive the benefit of the full average price per sq ft.  As the other homes increase in square footage, they decrease slightly on a per square foot basis.  So keep in mind when looking at the comprables in a neighborhood, being similar in amenities, style and age, but being the smallest has its advantages upon resale.