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FHA - Finished Attic Or Glorified Storage?

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NWolvie

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Washington
Ok, FHA gurus, I need a little help on one:

The subject has a finished area above the garage. It's only accessed by stairs that are in the garage, it is finished with carpet and a Cadet wall heater. It has a window. It is 6' at the peak and slopes down from there to about 2.5'.

The county has it as finished attic, but I doubt they've been inside it and their sketch is off on other dimensions.

In terms of market acceptance, I can only remember seeing one other finished attic with ceilings this low in my 10+ years, so I'd say its pretty rare. Plus as a market participant, I don't see how I would consider it to be living area due to height and garage only access.

Based on HUD guidelines for ceiling height (albeit in manufactured homes - they suck at writing thorough guidelines) and ANSI guidelines, I'm considering calling it finished storage and giving it appropriate value. Am I looking at this right?
 

Terrel L. Shields

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Arkansas
I don't see how I would consider it to be living area due to height and garage only access
Not GLA. It is attic space, value separately below GLA line. Use other FROG comps for comparison
 

jay trotta

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Connecticut
OR you could use; *** (Finished Attic Garage)

Definitely Not GLA
 

Confident Rabbit

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Based on HUD guidelines for ceiling height (albeit in manufactured homes - they suck at writing thorough guidelines) and ANSI guidelines, I'm considering calling it finished storage and giving it appropriate value. Am I looking at this right?
I had an almost identical situation (6' high at peak, sloping to about 2') last week, with the exception that the stairs were in the house rather than the garage. I treated it as finished (attic) storage.

Good luck!
 
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J Grant

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Dec 9, 2003
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State
Florida
Ok, FHA gurus, I need a little help on one:

The subject has a finished area above the garage. It's only accessed by stairs that are in the garage, it is finished with carpet and a Cadet wall heater. It has a window. It is 6' at the peak and slopes down from there to about 2.5'.

The county has it as finished attic, but I doubt they've been inside it and their sketch is off on other dimensions.

In terms of market acceptance, I can only remember seeing one other finished attic with ceilings this low in my 10+ years, so I'd say its pretty rare. Plus as a market participant, I don't see how I would consider it to be living area due to height and garage only access.

Based on HUD guidelines for ceiling height (albeit in manufactured homes - they suck at writing thorough guidelines) and ANSI guidelines, I'm considering calling it finished storage and giving it appropriate value. Am I looking at this right?

Yes you are right, its finished attic, not sf living area. The owners may use it as recreation space but it is what it is. Value in use to an owner is not the same as market value ...but it likely as some contributory value in the market as a kids play room or storage.
 

A Brit in California

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California
Definitely not GLA. Storage space in my little world of appraisal reports. Minimal added value, if any on the appraisal report.
 

NWolvie

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Washington
Thank you every one. I'm definitely calling it storage. Can't wait for the UW calls though, since the county thinks it's GLA and so does the listing agent. Good news is I found some old sales in the subject's plat with finished storage over the garage, so I can do some historical paired sales with those.
 

J Grant

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Dec 9, 2003
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Certified Residential Appraiser
State
Florida
Thank you every one. I'm definitely calling it storage. Can't wait for the UW calls though, since the county thinks it's GLA and so does the listing agent. Good news is I found some old sales in the subject's plat with finished storage over the garage, so I can do some historical paired sales with those.

I try to be proactive in situations like this. I write that I did not include it in GLA sf because ( explain), that county for tax purpose assessed it as GLA and RE agent added it to GLA for sales purposes.
 

NWolvie

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Joined
Jul 14, 2006
Professional Status
Certified Residential Appraiser
State
Washington
I try to be proactive in situations like this. I write that I did not include it in GLA sf because ( explain), that county for tax purpose assessed it as GLA and RE agent added it to GLA for sales purposes.
Good idea! I had something about the county, but not the broker.
 
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