My clients are often asking me, "What is the price per square foot for a home in Brentwood, TN?".
Well, there are no good answers for that... Although most people do look at the price per square foot when they buy a home, nobody should base a purchase on this alone, and this is why:
Prices per square foot for a home can vary enormously based on quality of construction; location; layout; lot sizes and orientation; whether it's a one-story or multi-level home; condition; improvements and updates; quality of appliances; amenities, among other factors.
1. The price per square foot for a home will vary deeply depending on the quality of the construction, you can have the same floor plan, in the same neighborhood, built by two different builders, one used all quality material to build and several architectural features and the other one used basic material and features; at first glance you may not be able to see the difference, but live in it for a few years and you will feel the difference in your wallet.
Obviously the house from the builder using quality material will cost more to build, and it will most probably sell at a higher price per square foot, but it will cost less to maintain on the long run. It is always good to work with a Realtor® that knows the builders working in your areas, or can identify good craftsmanship in a build.
2. The price per square foot for a home can also vary because of the neighborhood the property is located, the more desirable the neighborhood, the higher the price per square foot.
3. Is the house a one level or two levels? One level houses have a larger footprint than the two level houses, and because of that larger foundation, they cost more to build per square foot than two story houses, smaller homes also cost generally more per square foot to build than larger homes.
4. What is the lot size? The price per square foot for a home will also vary depending on the lot size, a larger lot will require more money to acquire than a smaller one.
5. Location and condition of the lot. Each neighborhood has better lots than others, some have better views, close to water, close to a common area, better access, better orientation of the lot, etc. Some are professionally landscaped while others are bare.
6. The layout, condition, quality of appliances, improvement and updates of a property will also affect the price per square foot. Better layout will get more money, open floor plans are more in demand than closed-in layout; the same is true for a property in great condition and with many updates or with superior windows or roof shingles.
7. If you are looking at condominium or townhome, the price per square foot can be higher in a subdivision or project that is financially sound and well managed, than another with insufficient reserves. If there are no rental restrictions, ask what the units rent for, and the ratio of rentals to owner occupied, the quality of construction, as well as the condition, location, improvements and updates, maintenance of common areas, and overall amenities.
So remember, if you are going to compare different homes, don't stop at the price per square foot, but consider at all the other variables that will affect the value of the property.
If you are in the market for a Nashville, Franklin or Brentwood, TN home and need help to make sense of all these factors, please contact me.
Photo of $ sign from Svilen Milev