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Answers (5)
Best Answer
- Steve Withrow, "SteveMDDCVA"
- Contributions:22
It depends on whether you are talking about square footage for the purposes of an appraisal or for the purposes of comparing your property to others in terms of market value, as we would do in a CMA. Buyers will definitely look to your finished basement space when comparing your home to competing homes. Appraisers will factor it into the value as well, but often times its hard for them to determine what is finished and what is not with the comparables as that data is sometimes missing from the MRIS listings. In short, there is a distinction, but its not as hard and fast as you might think.
- Reema Sharma, "ReemaSharma"
- Contributions:927
Ask your local county clerk as it is public info
- Gordon Haraway, "1stTimebuySpecialist"
- Contributions:250
look up your tax record, it should list the square footage above ground and also Base sq ft. Below grade is always calculated at a lower rate than above grade from a value standpoint. The biggest issue the appraiser considers is the below grade fully underground or in the case of Some ramblers, the rear of the house may be fully exposed and have a walk out basement, which would generally have a slightly higher value than a basement that does not.
Here again, a lot of homeowners and even agents will list a home and include the room/s in the basement that may be used as bedrooms when they are not actually bedrooms. To qualify as a bedroom, The room must have, full egress window and closet. generally speaking you will not realize the full economic benefit of a finished basement but as a selling point it can be a big deal.
Here again, a lot of homeowners and even agents will list a home and include the room/s in the basement that may be used as bedrooms when they are not actually bedrooms. To qualify as a bedroom, The room must have, full egress window and closet. generally speaking you will not realize the full economic benefit of a finished basement but as a selling point it can be a big deal.
- Appraisal guy
- Contributions:120
Any part of the home that is above ground level is included in the GLA or above ground area. The basement is given value, but in the appraisal it is included in the basement area. Now for the values. Sometimes, the value is similar to the above grade area, but most of the time, there will be a difference in value. There will be an adjustment for finished or unfinished in most cases, unless the appraiser finds out that your market area will not pay any differences for finished and unfinished basements.
- wetdawgs
- Contributions:26854
Usually areas with the floor below grade, even when finished, are called out separately. However, the practice seems to vary from state to state for advertising purposes.
is basement included in square feet?
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