Monday, 10 June 2013

How to lose £200,000 on a house without even trying.

The more the property market becomes obsessed by 'price per square foot' the less, it seems to me, you can depend on the people who measure those immensely valuable feet.

We recently bought a house which the agents particulars claimed was just over 1200 square feet.

When we came to draw up detailed plans for the architects, the first calculation suggested that it was in fact 1280 square feet. At potentially £2000 a foot, this was a great little bonus.

However, when the the architects got to work, using the same drawings, they calculated it at only 1108 square feet.

We checked and checked again. Two sets of so-called experts checked. Both came up with different calculations.

Mad isn't it. How bloody difficult can can it be?

Finally, weeks later, all parties have agreed it really is 'approximately' 1108 square feet.

That 100 square feet we've lost has knocked around £200,000 off the end value of our property. And of course, I have absolutely no 'come back' against the vendors or the agents.

Incredible, but true.

1 comment:

  1. Interesting. Was the difference down to the use of Gross Internal Area vs. Net Internal Area? Or even Gross External Area? There are 3 different standards, each for different purposes according to the RICS guidelines.