Basement or split level

[Donny Lindner]

Attached is a photo. It appears the area below grade was a one car garage. Converted to living area. Has vinyl flooring, half the wall up on the interior is concrete block with drywall above. Walk out door in back.

Any suggestions how to handle? What do you call this? Basements not typical in market area.

 

[Mr Rex]

I'd call the all of the lower level basement space and adjust for the converted garage area (with the half concrete block walls) at a different rate than the area to the right that I assume is finished like the upper level. Trying to fit a square peg into a round hole can be misleading, and given that this is atypical for your area....

 

[Michigan CG]

In Iowa and Illinois we call that a split foyer home and they are very typical. Most have concrete block or poured concrete foundations. They are considered below grade, but 95% of them are considered living space by owners.

These homes sell for the highest $/AGSF because of the perception of living area.

 

[Charles Knutson]

It looks like the entry is mid way between the upper and lower levels; if so, I'd call it a bi-level.

In Colorado, the rule of thumb is that when the lower level in bi-levels and split levels is 60% or more above grade it is garden level, and can be considered as part of the above grade GLA. In ranches and two stories, it is garden level basement, and not part of the GLA.

I would call it a bi-level, and include it in the GLA.

 

[JM2187]

It's obviously below grade, as such if you are going to include it in the GLA most underwriters will require similar properties with the same setup.

As you've indicated this is atypical, I would recommend treating it as such, best option may be to just add contributory value unless you have market data that shows this adds signficant value. Underwriter may ask about permits/zoning compliance as well, if it was done recently.

 

[Donny Lindner]

If all was above grade, I would consider it to be split level. The concern I have is the below grade level and the appeal. I think it is misleading to compare subject to other 2000 sf homes when the subject has 1500 sf above grade and 500 sf below. The area below appears to have been once a garage. No the same quality and appeal. It is an after throught.

When it sold back in 2006, no mention in MLS of basement.

 

[PropertyEconomics]

Let your comps be the guide of what you call it. If you have none like it then you better call it a partially below grade basement and adjust accordingly. Go to the market.

 

[Mike Kennedy]

Joe nailed it.

 

[Mztk1]

I'm with PE, but that last post you had makes me think you already have the answer. If the room is not finished to the same quality of the rest of the house, it is unlikely the market would pay as much for the finished area as they do for the main living area. As such, it becomes an amenity - unless you get lucky and find one or two just like it and discover it sold in line with GLA.

 

[Edward OConor]

What does the Building department say?

I think that I would consider it GLA because the window size clearly allows for adequate ventilation and emergency escape/access. Is there a basement in addition?