U.S. CitiesCity-Data Forum Index
Happy Easter!
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 01-06-2019, 05:51 PM
 
Location: The Triad (NC)
27,218 posts, read 59,120,586 times
Reputation: 29965

Advertisements

Quote:
Originally Posted by goldenlove View Post
A finished basement in NC is now counted towards the square footage as long as it's heated.
At least that's been my experience in my current searching for a new home.
That's how it used to be... and it's in conflict with HUD standards if that footage is below the entry level.

Correct: "2000sf 3BR 2BA rancher PLUS 1200sf finished space lower level walkout"
Until recently: "3200 5BR 3BA"
Quick reply to this message

 
Old 01-06-2019, 06:27 PM
 
562 posts, read 819,372 times
Reputation: 572
Did they count that big furnace room? I could see leaving that off because the furnace limits the use of the room. Maybe he has a rule of thumb that laundry rooms are excluded.
My home is also a split entry 2 level home. County says it is 812 sq ft which it the total of my bedroom level-4bdrms 2 baths and a hallway.
My living room and kitchen and dining room are on a basement level. Walkout from living room, windows in all rooms.
I had to get a permit for electrical work and kitchen remodel and they almost denied it because my kitchen is in the "basement" and that raised red flags. My taxes are higher then my neighbors so they are taxing it as finished space.
Quick reply to this message
 
Old 01-06-2019, 06:28 PM
 
398 posts, read 366,236 times
Reputation: 1061
Quote:
Originally Posted by Kayekaye View Post
Ok. Are appraisals different in different states?
The national standard is that if any part is below ground level, it is not included as living area. FNMA and FHA both adhere to that standard. However, it doesn't mean that the area wasn't given credit, and may have the same value as living area, depending on how your market reacts to this design.

Look at the appraisal, under the living area, the next line is below grade area. It's possible that it did not affect your value, or maybe only nominally.
Quick reply to this message
 
Old 01-06-2019, 08:37 PM
 
1,143 posts, read 344,841 times
Reputation: 1717
Quote:
Originally Posted by Kayekaye View Post
Floor plan attached.
Upper level top plan
Lower level bottom plan
Entry room in Red

(Sorry the ruler has nothing to do with scale,
just the program I used to color the room red)

The floor plan is not exactly the correct measurements but pretty close. The question is, why is the red room excluded from living space? Itís fully completed, heated and nice.
So it looks like this in the floor plan? Just the square room that looks like it's for storage? And the room behind it with what looks like the washer and dryer and bathroom is really separate?

If so, what did you have in the room when the appraiser came out? Was he misled by having only clothing on hangers all around the red room so it looked like a closet?
Quick reply to this message
 
Old 01-07-2019, 07:30 AM
 
2,933 posts, read 2,925,177 times
Reputation: 3509
Quote:
Originally Posted by Kayekaye View Post
A well known realtor in MN did the appraisal. We then stopped the process because we fell under 2,000 square feet and the asking price fell accordingly. This room helps us get to 2,000 square feet. I will check on the square feet with the county. Thanks for that.

So was this an Appraiser who evaluated the house or a Real Estate Agent who was evaluating it for marketing purposes? As I understand it those could be different.
Quick reply to this message
 
Old 01-07-2019, 09:51 AM
 
4,606 posts, read 11,678,032 times
Reputation: 3146
Quote:
Originally Posted by Kayekaye View Post
I recently got an appraisal for my home and they didnít include the entry room as living space. It is a room with a nice window, closet, the washer and dryer and sink. The outside door leads to the the garage. The inside French door leads to the lower level hall. This room is 12 x 12. Finished floor vinyl ďWoodĒ planks. The rest of the lower level is also completely finished. This room is the same size as the bedroom that is on the upper level directly above it.

I donít understand why this room is not considered living space. Itís a vital part of the home, used daily and too big to just write off. Is this common? Can I insist on it being included?
Only above grade square footage is included in GLA (gross living area). However, just below that section of the appraisal is the "Basement & Finished" and "Rooms below grade" section where it address the entire square footage of the basement, how much of it is finished living area and what the room make up is. Every split entry home in MN is appraised this way, so you will get 'credit' for this square footage and it will be apples to apples with other home that have sold and are for sale.
Quick reply to this message
 
Old 01-07-2019, 12:57 PM
 
13 posts, read 1,053 times
Reputation: 23
Does your local tax man count the entry room?
Quick reply to this message
 
Old 01-07-2019, 01:02 PM
 
Location: Salem, OR
13,795 posts, read 31,948,435 times
Reputation: 12313
Quote:
Originally Posted by TimtheGuy View Post
Only above grade square footage is included in GLA (gross living area). However, just below that section of the appraisal is the "Basement & Finished" and "Rooms below grade" section where it address the entire square footage of the basement, how much of it is finished living area and what the room make up is. Every split entry home in MN is appraised this way, so you will get 'credit' for this square footage and it will be apples to apples with other home that have sold and are for sale.
Yep. This is how it is done. The square footage is the above grade square footage and then there is an additional calculation which is finished space below grade. So it counts, but they separate it out into two numbers now. We agents on the MLS (at least here) add all finished space together and then use that number for our total square footage number.

So yes it counts as living space, but how that space is documented is different on an appraisal compared to real estate agents/consumers.
Quick reply to this message
 
Old 01-07-2019, 01:30 PM
 
3,120 posts, read 4,264,716 times
Reputation: 4574
Quote:
Originally Posted by MrRational View Post
What makes no sense is if they're counting the garage. (did you say they are?)
Pick harder at this and they might just catch that error too.
No, they never included the garage.
Quick reply to this message
 
Old 01-07-2019, 01:41 PM
 
3,120 posts, read 4,264,716 times
Reputation: 4574
Quote:
Originally Posted by MidValleyDad View Post
So was this an Appraiser who evaluated the house or a Real Estate Agent who was evaluating it for marketing purposes? As I understand it those could be different.
Thatís a good question that I donít know the for. I will double check on that. Thanks
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top