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Should a finished basement be counted in gross living area square footage?

I have a finished basement below grade and want to know if it should be included in total square footage of the living area?
  • September 24 2013 - US
  • 1Yes

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Answers (2)

Profile picture for Shannon Coan
In My area if the space is heated and cooled and is living space it is considered part of the square footage.  It would also be considered and upgrade if it was another living space.  If it is just concrete floors, and walls than that is not a living space. 
  • September 24 2013
  • 1Yes

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Simple answer is no.

On a residential appraisal, basement area is counted on its own, separate from the GLA, and given a value. If any or all of the basement area is finished, it will be given additional value. While the basement area carries value, it is much lower than the value of area above grade. How much value depends on where the house is located and how popular finished basements are in the area. If you are somewhere that finished basements are sought, like PA or NY, it will add more value. If you are somewhere that finished basements are frowned upon, like FL, it won't add much value. 
Either way, finished basement area will never add significant value to a home as would a similar above grade area added to the home. 

  • September 24 2013
  • 1Yes

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