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Does one include a finished basement in the square footage of the home?

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December 28 2008 - Richmond
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Profile picture for bevhills
yes, but it's listed as finished basement. Or make it a media room... as long as it's not a bedroom without a window.
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January 03 2009
Profile picture for danasdad08820
Everyone tells me no and that is pthe concensus. If you're selling the house I guess you could show it off and people are going to see it as livable space because it is fiished.
My basement is finished with a family room, and an extra room that could be used as an office orbedroom. there is also a 3/4 bathroom and second kitchen area.
It's finished with drywall, carpets, and has recessed lights so it really is another part of the house that can be used at all times. It's not the dark scary place that so many of us grew up with.
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December 30 2008
Profile picture for SusanWit
"Finished basement" is often used in sales pitches, but not used in SF calcs. Ceiling height must be at least 7'-6" to be considered habitable by building code. There are also requirements for windows or forced air ventilation that must be met, and egress requirements including either a door or a window with a sill not more than 18" above the floor. If your basement SF meets building codes (your local city permit officials should be able to give you detailed guidance for your area), then you must also change your SF with your tax assessor's office including paying the additional tax assessment, and adding this SF to your hazard and homeowner's insurance policies. Makes "finished basement" sound good, huh?
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December 30 2008
Profile picture for thisisfile13
After reconsidering your question, I did a little online research.

What I found was news to me, here's an example...

Fannie Mae guidelines define the square footage of any home as that area which is "above grade," as in  above ground level. This means that if you have a 1500 square foot ranch with a finished basement, then your square footage is ...1500 square feet. If you refer to your home as a 3000 square foot home because you put up knotty pine panelling and carpets downstairs, you are lying about your square footage. Why? Because, that's why. Basement square footage is not considered living space, especially when there is no separate egress for fires.

I remodeled a house with a basement back in the eighties, and I was sure the real estate agent included the basement in square footage calculations.
Live and learn.

You can claim the finished basement as "a feature" of the property.

Hope this helps.
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December 29 2008
Profile picture for thisisfile13
Yes!
If you can live in it, include it. :-)


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December 29 2008
 
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