Price Per Square Foot Calculator
This can be a really interesting calculator for property transactions. Using the Price per Square Foot Calculator can help you understand the value of one property against another, or even the value of one whole district against another.
Safe as houses: Knowing what you have to pay per square foot of space is a useful metric for evaluating a place’s good value or poor value.
To calculate price per square foot divide the property price by the total number of square feet. Make sure to get this information from the seller or agent.
Of course it also works with rental properties, so if you are renting be armed with the calculations of the price per square foot of different properties to help you negotiate a good deal.
The basic formula is therefore: price per square foot (PSF) = price (P) divided by floor space in square feet.
PSF = P / floor ~space ~in ~ft^2
Example. You have a property for sale priced at $300,000 that is 1150 square feet.
PSF = 300000 / 1150 = 261
PSF = \$261 ~per ~square ~foot
You can of course adapt the formula for calculating rental value per square foot.
Rent per square foot (RSF) = monthly rent (MR) divided by floor space in square feet.
RSF = MR / floor ~space ~in ~ft^2
Rental example. You have a monthly rent of $800 on a flat of 650 square feet.
RSF = 800 / 650 = 1.23
RSF = \$1.23
Use the Price per Square Foot calculator to look at average prices for square feet across neighborhoods to see if the price you are being charged is in line with the market, or too expensive.
Type in selling prices or rental prices from property sites and divide the numbers by the size of the properties in square feet. This information is usually at the bottom of each listing or is on the illustrated floor plans. This will give you a good representative sample of prices per square foot in your area or in an area you want to move to. It is always better to be armed with knowledge before you negotiate a sale or commit to a rent on a property.
Be careful that you are calculating the same information for each property, as sometimes people or agents include garages, attics and cupboards, whereas in most cases the square footage is listed just as the main living areas. Make sure you are not being given unrepresentative information by agents. The square footage is always about indoors, not outdoors.
Remember that a square foot is 12 inches by 12 inches = 144 square inches. Remember, too, that different countries or regions will have different types of building, or different expectations for living space. In the US, for example, properties are often larger than in Europe, and you get a higher number of square feet in a typical property than is the case in the UK, for example, where population density is greater. The same is true within countries. You will pay much more in cities per square foot than you will in the country, and you will also expect to live in a much smaller place.
Do some research on square footage values in your region and then use the Price per Square Foot Calculator to examine whether you can get more for less money or the same money in an area you like.
