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Old 02-23-2006, 02:14 PM
Greg Holbrook Greg Holbrook is offline
 
Join Date: Jun 2004
Location: Portland, OR (Vancouver, WA)

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Default Definition of Basement

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
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Old 02-23-2006, 03:18 PM
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Chris Colston Chris Colston is offline
 
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Location: East Central Florida, Space Coast
State: Florida
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Default Need a picture

Can you post pictures of the front and rear? It's difficult to visulize from your description.
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Old 02-23-2006, 03:32 PM
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Mr Rex Mr Rex is offline
 
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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.
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Old 02-23-2006, 04:32 PM
xm72mhd xm72mhd is offline
 
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State: Florida
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Quote:
Originally Posted by Chris Colston
Can you post pictures of the front and rear? It's difficult to visulize from your description.
Sounds like it might be too ugly to take pics of.
  #5  
Old 02-23-2006, 04:33 PM
Walter Kirk Walter Kirk is offline
 
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Location: Audubon, N.J.
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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
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Old 02-23-2006, 04:57 PM
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Jerry Bone Jr Jerry Bone Jr is offline
 
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State: Oregon
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Default

It is not AGLA & not a basement. It is a converted garage.
  #7  
Old 02-25-2006, 03:12 PM
Kevin A. Spellman Kevin A. Spellman is offline
 
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Location: Boston
State: Massachusetts
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Default

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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