Standardized Property Measuring Guidelines

[CGinMN]

For comparison purposes, what makes more sense?

1,700sf 7/3/2 above grade with 0sf, 0/0/0 Basement & Finished and Rooms Below Grade

or

1,100sf 5/2/1 above grade with 600sf, 1/1/1 Basement & Finished and Rooms Below Grade

 

[Terrel L. Shields]

The market doesn't treat GLA with such precision.

sums it up nicely.

It is no less credible to measure to ANSI standards than it is to appraise per builder blueprints.

To me, it begs the question, why? What's wrong with just measuring a house? I mean do you weigh yourself to the hundredth of a pound just because you can?

 

[residentialguy]

For comparison purposes, what makes more sense?

1,700sf 7/3/2 above grade with 0sf, 0/0/0 Basement & Finished and Rooms Below Grade

or

1,100sf 5/2/1 above grade with 600sf, 1/1/1 Basement & Finished and Rooms Below Grade

It depends what kind of house you're talking about. If this a 2 story on slab, the top one. If it's a split with a basement, the bottom one.

 

[CGinMN]

The kitchen is on the upper level. It is a split in every way, except for the absence of some dirt mounded to one side, which is not a characteristic that the market cares anything about.

 

[residentialguy]

The kitchen is on the upper level.

Typically the kitchen is on the main level, so beds and baths below that function as a finished basement, so your 2nd answer would be correct. (However there are always going to be exceptions)

 

[djd09]

if millionaire whistle blower robert madsen never brought up measurements , it is safe to assume they are not a real issue

 

[residentialguy]

The kitchen is on the upper level. It is a split in every way, except for the absence of some dirt mounded to one side, which is not a characteristic that the market cares anything about.

Here's where I depart from ANSI. Function of the house determines GLA, not the dirt line. Typically the function of a basement is below grade, but not always. I've had splits on grade that I still gave function as a basement, as well as homes below grade that I gave GLA.

 

[CGinMN]

Typically the kitchen is on the main level, so beds and baths below that function as a finished basement, so your 2nd answer would be correct. (However there are always going to be exceptions)

Bingo. This home is generally conforming with other homes in the neighborhood, which is built up almost exclusively with splits and ranch homes, and no 2-story homes.

ANSI tells me it should be the first answer though. Maybe this is an acceptable deviation, in which case the change won't be a big deal. However, their only example of an acceptable deviation is a berm home. Personally, I would like some clarification.

 

[CGinMN]

The last thing I need is a user, not familiar with my market, telling me how I need to report my GLA to be in compliance. Per FNMA "lenders are responsible for confirming the appraiser provided an adequate explanation."

Sorry, Mr. Appraiser this is not an adequate deviation from ANSI. Please change the subject to 1,700 SF and provide a comp to bracket to the GLA, rooms, slab basement, etc.

 

[RCA]

It can happen. Had it happen on splits many times. Same with the reverse. House built into a hill.. per ansi, it has no GLA. ANSI is a Guideline... but even they realize there are exceptions and they allow for exceptions.

WHEN IS A BASEMENT CONSIDERED LIVING SPACE?

When is a basement considered living space boils down to the layout of your home. There are exceptions and you need to also consider the property value, not just square footage.

www.advantaclean.com

If the house is built into the side of a hill, and there are finished basement rooms that are directly accessible from the above grade area, and they are similar in condition and aesthetics, and the fit in functionally with the above grade area, then they can be considered part of the finished living area or GLA. If you have to go through an unfinished area to get to the below grade finished then no, it is not treated like above grade finished. If it is unkept, with moisture and mold, then no.

And I have seen homes on the side of a slope with good drainage where only a corner of the basement is maybe 1 foot below grade, it has a couple of windows and the finished rooms are nice. It is rather difficult in such situations not to treat the room as above grade finished. And Fannie Mae allows for that.