Basements included in sq. ft. in listings? (Chicago: real estate, house)

[Ldoubled]

We have to (get to?) move to Chicago and thought I'd ask the easy question first: When I look at a real estate listing, if there's a finished basement, is that included in the quoted square footage?

[chet everett]

I think is one of the biggest reasons that so few Chicago shoppers pay more than a passing interest in sq ft for typical single family detached homes -- some folks cheat, a lot of folks with "raised ranches" and "split levels" where most or some significant portion of finished living space is "below grade" but still very much like space above grade.

When there is either a natural or post excavation change in grade that makes some portion of the living space below grade "walk out" there are supposedly rules for appraisers to determine what is below grade, but I find HUGE variations in that as well. Some home owners will literally use one "standard" to get a HELOC approved and then use the opposite rationale to appeal their property tax assessments...

I can't say that any particular method is less fair,but I do think that "buyer beware" is key...

[pinipig523]

Simply put, the basement should not be included in sq footage. Only if it is finished, but even then - I would have the owner be very specific re what the actual sq footage is of the house and the basement (separately).