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Definition of Basement

Discussion in 'Urgent - Help Needed' started by Greg Holbrook, Feb 23, 2006.

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  1. Greg Holbrook

    Greg Holbrook New Member

    0
    Jun 1, 2004
    I'm doing an appraisal on a townhouse that converted part of the garage into living space. It's a three level structure & the finished area is not below grade, but it is below the concrete perimeter on a slab foundation. Is this area a basement or is it above grade gross living area?

    Thanks,

    Greg
     
  2. Chris Colston

    Chris Colston Elite Member

    0
    Jul 24, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Need a picture

    Can you post pictures of the front and rear? It's difficult to visulize from your description.
     
  3. Mr Rex

    Mr Rex Elite Member

    285
    Jan 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    If the outside grade is higher than the top of the floor anywhere the earth touches the side of the house, its below grade, AKA basement. Chris is right, pictures would help.
     
  4. xm72mhd

    xm72mhd Elite Member

    0
    Aug 13, 2005
    Professional Status:
    General Public
    State:
    Florida
    Sounds like it might be too ugly to take pics of.
     
  5. Walter Kirk

    Walter Kirk Senior Member

    21
    Jun 24, 2003
    Professional Status:
    Licensed Appraiser
    State:
    New Jersey
    I grew up in a house like that, The first level was above grade but it contained the garage, laundry area and utility room. The exterior walls were poured concrete and the interior walls were unfinished, we called it the basement. Later my father converted the garage to a recreation room, we called it a finished basement
     
  6. Jerry Bone Jr

    Jerry Bone Jr Senior Member

    0
    Feb 23, 2004
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    It is not AGLA & not a basement. It is a converted garage.
     
  7. Kevin A. Spellman

    Kevin A. Spellman Senior Member

    0
    Aug 30, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
    If your market is consistently converting a ground level garage to living space, than you can incorporate the area into the GLA. If this is an isolated incident, than treat it separately.

    The conversion from the garage to living area in a market, which is not the norm, could possibly create a miss-leading report. A miss-leading report will be the violation in the event your appraisal is for a lender and then becomes a bad loan. If your subject is a condominium than the recorded documents must be amended and permission from the association must also be recorded.
     
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