The ‘square footage’ of a home should only include the space that is regarded as living space. Furthermore, the garage and the basement, unless converted into living space, generally should not be included in the square footage when the house is appraised.

Price valuation of a home is generally determined by an appraisal. Home appraisals are estimated by a certified appraiser, who takes into consideration many aspects of the home and location. Some of these aspects include: square footage, design, layout, quality of construction, landscaping, lot size, neighborhood location, area schools and ease of transportation. Appraisal costs should vary between $300-$500

You can also get a good idea of the price range your home may fall into by looking at the public records of recent sales on homes similar to your own.