Whether you are a first time home buyer or are planning to do some major home renovation, there is one thing that can seriously impact the value of your home, and that is GLA, or gross living area.
GLA is considered the liveable square footage of your home, and increasing it means boosting your property value.
The Areas not Included
As a homeowner planning to carry out some home extensions and additions for your house, knowing the projects that would increase your GLA could help you boost the value of your property.
According to Granny Flats WA, not every area of the house can be included in GLA measurements. Some portions that are not included are the following:
- Basements and other areas of the house completely or partially below ground level. However, it doesn’t mean that basements have no impact whatsoever in your home’s value. In fact, basement could significantly boost a home’s resale value, especially if it is finished.
- Enclosed patios, unless they essentially share similar qualities with other areas of the house. For instance, an enclosed patio that has lower quality compared to the other portions of the house is not counted in GLA measurement. On the other hand, an enclosed patio that has the same ‘feel’ as other parts of the house could be counted.
- Two-storey foyers.
- Garage areas, unless converted into a living space with the appropriate permits and approvals.
- Attic areas, unless finished, heated, and have reached the minimum wall height requirement set by the state.
How GLA Computation Affects the Value of Your Home
Computations for habitable area in your home significantly impact your property’s resale value. For instance, the differences on how different valuers compute GLA could short-change property owners and cause them to lose serious amount of money.
Bank assessors measure GLA from the wall interior, whereas assessors from the Property Council of Victoria include the exterior walls in GLA measurement.
Knowing how to increase your home’s GLA could help you increase your home’s market value. Consult with the experts about the different renovation and extension projects you may undertake to increase the habitable area of your house.