Answers (8)
- cesargarcia
- Contributions:48
Basment is used for cost to repair new that when you see them also use the basement as part of the total sqaure footage of the house. You can add Gla by inclosing a porch and getting the permits and having the house resurveyed. Then give that information to the appraiser and they will add it to the houses overal size.
I hope this helps. Its a great question you might hear other opionions but this is based on appraisal guidelines.
- Neil Najibi, "hard hat agent"
- Contributions:23
- Judy Boyle, "JudyBoyleCDPE"
- Contributions:225
You have received great answers below. I just want to add that there really is no consistency with square footage if you are questioning how homes are represented in the Multiple Listing Service....or on other real estate websites such as Zillow.
According to the rules on the MLS, the living area may include a finished basement as long as it is disclosed in the listing. Unfortunately, there is no way to differentiate between what is "above grade" and "below grade" after the information is syndicated throughout the web. When in doubt, ask a real estate professional for specifics.
Kind regards!
- Philip Austin, "PhilipAustin"
- Contributions:72
Functional living space is all space finished in the home. When an appraisal is done for mortgage purposes or for any other reason, the appraiser will only utilize the living space "at or above" the front door threshold. Living space below that point is catagorized as finished basement living area and it is calculated at a lower valuation per square foot. The tax assesor in the community where the home is located should use the same formula as an appraiser would utilize for determining the value of the home.
If a garage is converted to additional living space, it must be done with the neccessary permits and approval from the municipality. Once the work is done and insepcted officially, the tax assessor will acknowledge that living space as "legal" living space. Of course, the tax assessment will then be adjusted.for the legal living space.
3 seasons room are calculated as unfinished at a lower valuation and will not be included in the living space calculation
Check the assessor's record for a more accurate determination of the living area in a home.
- Deb Forte, "debbieforte"
- Contributions:393
- wetdawgs
- Contributions:39533
- Jennifer Erickson, "OaklawnRealty"
- Contributions:350
best,
Eric
- Masha Senderovich, "BuyWithMasha"
- Contributions:179
what does a home's square footage include? Living space only, or garage, basement, 3-season?
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