finished basement

[uncle sam]

I am appraising a split. The basement floor and ceiling are finished, but walls are just painted block, on form how would you assess this as finished, or part finished, with an explanation.

 

[Digger88]

I am appraising a split. The basement floor and ceiling are finished, but walls are just painted block, on form how would you assess this as finished, or part finished, with an explanation.

finished to me. lots of new construction condos around me are leaving entire ceilings open on the entire floor.

 

[Michigan CG]

How does the market perceive it?

 

[VolcanoLvr]

Finished.

But depending on your location, and the block contact with outside earth and grade level, perhaps use a lower value per s/f than for an insulated wall.

 

[sputnam]

Hard to say without seeing the property. Is the area heated? If so, then it's finished. Finish comes in many qualities.

 

[Mike Garrett RAA]

Painted concrete walls are considered "finished" in my market. My second house here had painted concrete walls on the exterior and paneled interior walls. Floor covering was 12" tile squares. I finally added paneling to the exterior walls to make it look better and a little warmer.

 

[sputnam]

Painted concrete walls are considered "finished" in my market. My second house here had painted concrete walls on the exterior and paneled interior walls. Floor covering was 12" tile squares. I finally added paneling to the exterior walls to make it look better and a little warmer.

Exactly. What I should have said.

 

[Pianokathy]

How much finished basement?

How about the opposite scenario? A 4 year old house with daylight windows in the basement, almost all walls(80%) have screwed drywall (not taped, mudded or painted) but no floor or ceiling coverings. Bath fixtures there but only sink is connected.

URAR asks for finished square feet in basement, but the 80% that has partially finished walls is only partially finished(no floor or ceiling coverings)

How do the rest of you handle this?

Thanks

 

[VolcanoLvr]

Judgment call on part of appraiser.

0%, or maybe 10% at most just because D/W is installed, but not finished out.

This is more like dry storage.

I think I'd opt for 0%, then put a separate line adjustment in for the area attributed to the basement at a low $ per s/f for the basement. That way any U/W or reviewer could see that 'some' value is attributed....and of course you'd explain that in the report.

 

[Terrel L. Shields]

Finish...or maybe Swedish...

I think I would call it unfinished basement.