Profile picture for judy.robinson

Setting Value

I would like to know how we change the way properties are valued. I have a fully finished basement / w/kitchen / bath / 40 x 25 den, separate entrance. Because it is the basement, and I have a rambler, it adds little value on appraisal. Lenders only accept above ground living space, which cuts the square footage offering of my home in half. This is ridiculous -- I could put a whole family in my basement, and no one counts it toward my total square footage living space. Can someone tell me why things are appraised this way, and how do we go about changing.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 05 2012 - Hyattsville
We think we've answered this question for you!
 
 

Replies (3)

Judy, I totally understand your frustration. Ranchers/Ramblers are great, but the appraisal standards that dictate below grade square footage not being counted has been around for a long time.

A licensed appraiser would know best, but I believe the reason behind this distinction is that acceptable "living spaces" cannot be underground. Changing the way they consider your basement would be an industry wide change so the answer to your question is that in order to change the rule, you have to change the way people have valued properties over the course of recent history. Not an easy task.

The good news is that attractive, finished basements do add great value in the marketplace, and ultimately are listed as a line item improvement in an appraisal (like a garage, additional bathroom, etc.) In the end, the appraiser doesn't ignore the space, it just isn't calculated the same way.

I hope that helps.

Piero
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 05 2012
Youll only know how much your home is worth IF and WHEN you sell it, not before. Dont worry about it till then...
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 05 2012
Hi Judy, consult an appraiser.  Basements do have a value and may be added on to the price but not to livable space.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
May 08 2013
 
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
Related Discussions
Setting Value
Profile picture for Miekeba Jones
Latest reply by Miekeba Jones
May 08 2013 | 3 answers
  • Posted by judy.robinson
  • In Pricing
  • September 05 2012
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 3450 Toledo Ter APT 722, Hyattsville, MD Home For Sale
    3450 Toledo Ter APT 722, Hyattsville, MD 20782

     For Sale: $59,900

    • Beds: 1
    • Sqft: 740
    • Baths: 1.0
    • Lot: 994
  2. 4313 Knox Rd APT 218, College Park, MD Home For Sale
    4313 Knox Rd APT 218, College Park, MD 20740

     For Sale: $185,000

    • Beds: 2
    • Sqft: 944
    • Baths: 1.0
    • Lot: 974
  3. 3400 Rutgers St, Adelphi, MD Home For Sale
    3400 Rutgers St, Adelphi, MD 20783

     For Sale: $299,900

    • Beds: 4
    • Sqft: 1258
    • Baths: 2.0
    • Lot: 9413
 
 
 
Sign in with Google