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It sounds as though the appraisal that was done 2 years ago was actually spot on with what the new regulations are for appraiser to consider space a basement or a 1st floor with a slab.While it would be nice for you to be able to claim the additional 750 feet for additional living space, your real estate agent would not be able to list it as such in the MLS and the appraiser would not be able to consider it as such for the Buyer should they attempt to get financing. There was a new rule that went into affect in 2011 that required that any interior space where there was any sort of exterior grade against it (whether it was 2 inches or 8 feet) be considered basement. This was a regulation affecting appraisers and in order to prevent confusion NNEREN (the MLS that serves the Laconia area of NH) adopted new requirements for real estate agents when entering property data in the MLS.You should be able to find a quality real estate professional in your area that can make that 750 feet sound appealing. Also the new property data sheets with this change will reflect the finished space in the basment, but it will not count towards the GLA that the appraisers use.I would caution you about trying to bluff this space and calling it part of the main living area, because if a potential Buyer gets that appraisal for the financing and were to see the 750 feet missing, they may decide that something was not done correctly when the property was listed.I am on the board for the NNEREN MLS and I can tell you that we had a very long discussion regarding this rule change and the listing sheet change so that we could make sure that none of the agents missed the change and the appraisal on a property would not show a sudden decrease in a home's square footage.Good Luck!
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