You need to do a little research on Revit formulas. See the link below.
https://help.autodesk.com/view/RVT/2025/ENU/?guid=GUID-A0FA7A2C-9C1D-40F3-A808-73CD0A4A3F20
Basically, for an if statement it is if(the condition , <result if true> , <result if false>)
However, you are doing this for a yes/no parameter, so there are only two possible results by default, either yes (checked) or no (unchecked). So you don't actually need to use an if statement as it is redundant. All you need to do for the formula is type the condition you want for box to be checked. So just:
BALCONY SQFT > 1
That's it. If the balcony is larger than that, the box will check.