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Quick question for those of you with extensive real estate legal knowledge. Would a finished but unheated basement in a house count as liveable square footage? I am interested in buying a house in Huntington but the owner is marketing it as a five bedroom/three bathroom house. Two of those bedrooms and one bathroom are in the basement, which has no heat at all. It is almost as cold in the basement as it is outside! So I think the house is overpriced as he is using comps for other five bedroom houses in the area. Any ideas on whether this is legal? Or, if legal, should five bedroom houses in the area be considered comps for this house? Thanks in advance for any info.
I guess I'm not sure i understand why this matters. Either the seller is willing to sell to you at the price you are willing to buy at, or not.
if this isn't a high ranch, most people don't consider the basement "liveable" space in the sqft of the house. its a "finished basement" which is valued in appraisals, and by buyers differently.
in my opinion, a space needs to be heated to count as livable. and I doubt they got permits if there is no heat on that level. I'd also consider electric a necessity. do they meet the proper egress requirements to have a bedroom in the basement?
Yes, there are proper windows in each room they are calling a bedroom.
It matters because I consider this a negotiating point. The seller also hasn't lived in this country for at least three or four years and I'm fairly certain that he does not understand what has happened to the real estate market here. He asked a real estate agent here to look at 'comps' but it appears that the agent is looking at comps for a five bedroom house and telling him the house is worth 'x' when in reality it isn't because it isn't a five bedroom house when two bedrooms aren't liveable for at least six months out of the year. I believe that the house is worth about 100k less than he thinks it is.
Yes, there are proper windows in each room they are calling a bedroom.
It matters because I consider this a negotiating point. The seller also hasn't lived in this country for at least three or four years and I'm fairly certain that he does not understand what has happened to the real estate market here. He asked a real estate agent here to look at 'comps' but it appears that the agent is looking at comps for a five bedroom house and telling him the house is worth 'x' when in reality it isn't because it isn't a five bedroom house when two bedrooms aren't liveable for at least six months out of the year. I believe that the house is worth about 100k less than he thinks it is.
Windows are irrelevant.He may have a CEU.
Heated area is the livable space as I understood it.
Thanks Crook. I would think so also. I know in other states unheated areas are not considered part of the square footage of the house but I wasn't sure about NY.
Thanks Crook. I would think so also. I know in other states unheated areas are not considered part of the square footage of the house but I wasn't sure about NY.
Do you mind saying what a CEU is?
Certificate of Existing Use.
Fire marshalls want egress windows for rented apts w/ kitchens in Brookhaven.
Not sure about M/Ds.
My old house had a 4th bed in the heated Baasement and we were only wallowed to listed it as 3 bed with "other" room.
Apparently bsmt Bathrooms count and TOB will gleefully tax you heated or not.
Sounds like I need to get a buyer's agent who knows their stuff, either way. We will be having the house looked at by a RE since we currently live in it. I just want the right comps to be used and I don't think a 'regular' five bedroom house is the appropriate comp. I know they are eager to unload the property so hopefully we can get this 100k gulf between us narrowed!
Sounds like I need to get a buyer's agent who knows their stuff, either way. We will be having the house looked at by a RE since we currently live in it. I just want the right comps to be used and I don't think a 'regular' five bedroom house is the appropriate comp. I know they are eager to unload the property so hopefully we can get this 100k gulf between us narrowed!
Might not be a bad idea.
I dont like what I'm hearing and its still a buyers market.
Perhaps their agent gave them way rosy comps to list by, but 100k is way too big a divide, Id move on.
Bottom line is that the house is worth whatever someone will pay for it (and theres an ass for every seat).
Any habitable space requires egress, especially basements even those without bedrooms. Every basement bedroom must have egress within the bedroom itself. Egress window is defined as a window at least 5.7 sq ft opening with width at least 20" and height at least 24", with the lower opening no more than 44" from the floor. The well outside the window must be at least 36" x36" in width. Are these the proper windows you speak of? I learned all this the hard way unfortunately.
Also, if you go to Huntington town website you can check site history for any property in Town of Huntington to see what COs the property has on file.
If the basement, or any room for that matter, has no heat, it's not considered "habitable" and therefore should not be counted as "liveable square footage". I have a listing right now, 2 BR cape, with a finished room upstairs, but I can't call it a bedroom, only a "bonus" room, because it has no heat... and it's not considered as living space by appraisers either, especially when it comes to comps (I speak from first hand experience ).
Also, while a bathroom (if legal) can always be counted in the basement, even if heated, rooms in true basements are a bonus only and not counted the same way as "regular" living space.
Sounds like this homeowner may have gotten poor advice
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and it's not considered as living space by appraisers either, especially when it comes to comps (I speak from first hand experience 
).
