Measure for Measure
Who would think that 100 square feet to one person, could be 70 square feet to another? In most Countries a building is measured based on net internal area. That means that the tape measure is laid out on the inside of the building and things such as staircases, closets, and bathrooms. This would be the accepted practice in the UK, USA, indeed most Countries. Strangely not in the Cayman Islands.
Cayman Islands Measuring Standards
I have no idea why but in Cayman the buildings are measured using a gross external measure. That means the outside of the walls of the building are measured. This can include covered patios, balconies, whatever the envelope includes. If you buy a condominium in a block, it can be bigger than the identical condo in the same block. How? A condo is usually measured to half the thickness of the walls for the external measure. If the condo has the outside wall, then there is no other condo to split the wall with. Therefore, a condo with an outside wall will measure larger than one with shared walls.
What’s the Difference?
It only takes walking into a building that you are told is 3,000 square feet to feel that it isn’t. Of course, if you don’t have a reference point and only experienced external measurement then would you have that perspective? In reality, the same building measured gross external to measured net internal could be anything from 30% to 50% larger. Yes, really! Here is a plan of a townhouse in Savannah with the net internal measurements as 1,103 square feet whereas the gross external measurement is given as 2,126 square feet. 48% smaller on net to gross. This unit has two and a half bathrooms, large closet space, balcony on second floor, covered patio on first floor.
What’s the Effect?
Of course, a sale price is the sale price. However, for comparison to values for other properties the effect of a larger floor area is to create a lower dollar price per square foot. As long as all properties are measured on the same basis then that comparison works without a problem. Although you can be misled coming in from another country where you assume an area quoted is a net internal measurement. I have seen buyers of properties off of plan that have been shocked how small the property feels when the development is completed and they are walking around in it.
Will the Cayman Islands change to net internal area?
There are around 50 Chartered Surveyors in the Cayman Islands and the RICS was instrumental in the International Measuring Standards. Obviously, the Cayman Islands haven’t signed up to those. There is talk about whether the measurements should change, but nothing happens. There is an organisation on the Islands called CIREBA (Cayman Islands Real Estate Brokers Association) which covers a bunch of brokers but by no means all. They seem invested in external measurement and in a debate between RICS and CIREBA, the ones who sell the properties will be quoting the areas. Of course, the valuators could give their valuations on net internal measurement but that would require remeasuring the properties and the comparable properties.
What do MyRealtor.ky feel about this?
As an RICS broker I am torn on this matter. I feel for the buyers who are not aware or can’t read a plan and visualise space. To see someone surprised that their home or investment is not as large as they thought it would be is tough. When I explain about areas there is a feeling that it is wrong. To be true to my professional roots and regulated standing, I would always want to give transparency and awareness. It just feels the right thing to do. We will always give a virtual tour and floor plan that shows useable space. With MyRealtor.ky you can always be sure we will always give our best service, be transparent and act in our client’s best interests. Having satisfied clients is our mission and our drive.