Are you getting ready to buy or sell a home? If you’re a buyer, have you thought about how much space you want? If you’re a seller, have you thought about how the size of your home will affect your list price?
Property size is important, and the Residential Measurement Standard (RMS) in Alberta provides a consistent way to communicate property size for both buyers and sellers. It contains nine principles that real estate professionals must follow when measuring and representing the size of residential property.
Here are the top nine things buyers and sellers need to know about residential property measurement, and the Residential Measurement Standard, in Alberta.
The RMS offers a consistent means of representing the property’s above grade space. Among other things, the RMS sets out what parts of a property can be included in its measured-area. For example, if a room has a dormer with a ceiling height of only 4 feet, is it included as floor space? What about finished basements that are entirely below grade? The RMS information benefits consumers because: