Quote:
Originally Posted by Coldjensens
Keep in mind that unless your basement is a walkout, you cannot count the added living space in your square footage and you cannot count the bedrooms and bathroom either. We have full permits, but the rules for real estate are different than the rules for living space. thus, the extra 1300 s.f. of finished space counts as 0. Our six-bedroom four-bathroom house can only be listed as four bedrooms three bathrooms. One appraiser increased the value of our home by $20 k for the basement build-out, but they made him change it (then he changed it back because he discovered that he had the discretion to add some value for the semi-enclosed swimming pool).
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You can “market” a home anyway you want…
Appraisal is totally different; and different from state-to-state.
Professionally, I think the whole thing on “terrace levels” is a crock! Living space is living space- as long as it meets the requirements for safety (egress), and the definitions of bedrooms, bathrooms, and the general “living space” of the IRC, the real estate industry, and those included state agencies should include it.
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