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HPPSF Formula:
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The HPPSF (Home Price Per Square Foot) calculator determines the cost per square foot of a property by dividing the total cost by the total square footage. It supports input in both feet and inches, which are converted to decimal feet for calculation.
The calculator uses the HPPSF formula:
Where:
Explanation: The calculator first converts any inches input to decimal feet (inches ÷ 12), adds this to the feet input to get total square feet, then divides the total cost by this value.
Details: Calculating price per square foot is essential for real estate comparisons, property valuation, and determining fair market value. It allows for standardized comparison of properties of different sizes.
Tips: Enter the total property cost in currency units, then enter the square footage in feet and inches (inches are optional). All values must be valid positive numbers.
Q1: Why calculate price per square foot?
A: It provides a standardized metric to compare property values regardless of size, helping buyers and sellers understand market rates.
Q2: How accurate is this calculation?
A: The calculation is mathematically precise based on the inputs provided. Accuracy depends on the accuracy of the total cost and square footage measurements.
Q3: Should I include all square footage?
A: Typically, only finished, heated living space is included. Garages, unfinished basements, and outdoor spaces are usually excluded from square footage calculations.
Q4: Does this work for commercial properties?
A: Yes, the same calculation applies to commercial real estate, though market rates and valuation methods may differ.
Q5: How does this help in real estate negotiations?
A: By comparing the HPPSF of similar properties in the area, you can determine if a property is overpriced or underpriced relative to the market.