What data do you look at in a supermarket to find out if the same product from different brands is more or less expensive? If you do it right, you'll look at the price per kilogram. Are we right? A house is not a packet of cereal, but there is also a similar data: the price per square metre.
If you want to compare the price of two properties, looking at how much a square metre costs is a good starting point. Now let's get down to business!
More than one type of square meter
You probably know what a square meter is. Or maybe you're not sure how big it is exactly, or that when it comes to determining the size of a house, there are three types of square meters.
- Built square meter . Includes all the space within the perimeter of the house. In other words, it includes the walls and the rest of the structures of the house. Have you ever wondered what percentage of the house we are talking about? Well, around 10% to 15% on average.
- Useful square footage . This is the space that you will really enjoy in the home, without walls or structures. This is the information that you should take into account, because it is the space that you really have to live in.
- Square meter built with common areas . Basically, it adds up the percentage of common areas that would correspond to you as the owner of the house.
Confusing square meters with built-up areas is one of the most common mistakes when measuring a home. Luckily for you, that won't happen to you anymore!
Now that you know the difference, take a good look at which one the offer refers to for the house you have seen or for your own home if you are the seller.
Not everything is part of the square meters of your home
To start with, any calculation of square meters will leave out storage rooms and garages. These do not form part of the usable surface area of the home. Don't be fooled by this data if you are "sniffing around" in the market for the house of your dreams!
Pay attention to the adverts, because they should separate the measurements of both or, failing that, indicate whether the square metres indicated are only for the house or for the whole complex.
The same thing happens with terraces and balconies. The surface area of the terrace does not add up to 100% of the usable square meters of the house unless it is closed on 3 of its 4 sides. Otherwise, if the terrace is open, it will only add up to 50% of its surface area.
Furthermore, if the terrace or balcony accounts for more than 15% of the usable square meters of the house, they will be considered independent elements.
And how does this affect you? Well, if you are looking for a house to buy, it means that you should specifically ask for this information or look for it in the advertisements you see. This way you will know which part of the property is a house and which part is a terrace.
And if you still have doubts, you can request a simple registration note for the property. This document, issued by the Property Registry, is one of the documents you should always request before buying a house. In addition to the square meters, it also helps you find out if a house is mortgaged or if there are other outstanding debts, such as taxes or seizures from the community of neighbors.
How to calculate the price of a house based on its square meters
To find out how much a house is worth, or your house if you want to change your home and are already looking for a mortgage, there is a very simple formula. You just have to multiply the square meters of your house by the price per square meter of your neighborhood or area. It's that simple! And we love making the difficult easy. Everything should be like this, don't you think?
This calculation can serve as a first approximation of how much you can ask for your home. Where can you find this data? Real estate portals such as Idealista or Fotocasa record the evolution of prices, as does the appraisal company TINSA.
The price per square metre can be a first indicator for comparing housing prices. Knowing the average price in the area will give you clues as to whether a house is expensive or cheap compared to another.
But it is not an infallible weapon, so don't be overconfident! There are many reasons why a house with the same usable square footage as another can be worth more. The quality of the building materials can have an influence, as can the common areas or the renovations carried out by the owner.
All of these things are reflected in the final sale price of the house and also in the appraisal , one of the key points in the process of applying for a mortgage online.
In fact, the fact that there is a huge difference between the two should be a warning sign.
Knowing what floor you can aspire to, the latest help from the square meter
There is one last advantage you can take from the price per square meter and, in general, from the average size of the house. It can clearly tell you (pay attention to this) the type of house you can buy in the area you are looking for . You only have to divide your budget by the average price per square meter and you will have an idea of the size of house you can buy with your salary. And now, what are you waiting for to go for the house of your dreams?
From there, you just have to get to work, find a home and then a mortgage tailored to your needs , but we can take care of the latter.