Gross building area question

[Peter Woodward]

Hi. I'm working on a multifamily appraisal, and was wondering what areas should be included in the GBA. These were the areas I wasn't sure about...
Finished basement? Finished attic? Detached workshop/storage area?

thank you

 

[lmichels]

The way I read Fannie Mae, finished basements are part of GBA on the 2-4 family form, but garage and unfinished areas are not. I'd be curious to see what other appraisers think about it.

 

[Brian Weaver]

Technically, GBA includes basements; finished or not. But if you look at the new 1025...the first page asks for the GLA of each unit...then on the grid page it goes back to asking for GBA.

GBA and GLA are the same when there's nothing below grade...but sometimes we get one unit up out of the ground and a just-as-good garden unit below grade.

So...if you had a 24' x 65' building as described...you'd have a GLA of 1,560 but a GBA of 3,120.

The difficulty is when you're stuck trying to reconcile a building that is 3,120 in GLA & GBA against the one with a garden unit in the ground.

Are we having fun, yet?

 

[Ray Miller]

Mr. Brian Weaver gave the answer I was taught by two other CG appraisers. Got to watch that GLA and GBA when looking for your sales you are going to select as comparables.

Some time it means doing a walk through of the sales selected.

Its Friday and I am Going to the

MIDWEST HORSE FAIR

for the day.

:new_all_coholic: :new_multi: :new_multi: :new_all_coholic:​

 

[Otis Key]

Didn't we go through a similar question a few days ago? The search button works wonders.:new_all_coholic:

http://appraisersforum.com/ask-appraiser/119050-finished-basement-question.html

http://www.allregs.com/efnma/index....FNMA/selling/part-xi/xi-ch-4/xi-405/xi-405.07

XI, 405.07: Gross Building Area (06/30/02)
Gross building area, which is the total finished area (including any interior common areas, such as stairways and hallways) of the improvements based on exterior measurements, is the most common comparison for two-family to four-family properties. The gross building area must be consistently developed for the subject property and all comparables that the appraiser uses. It should include all finished above-grade and below-grade living areas, counting all interior common areas (such as stairways, hallways, storage rooms, etc.), but not counting exterior common areas (such as open stairways).
We will accept the use of other comparisons for two-family to four-family properties (such as the total above-grade and below-grade areas as discussed above in Section 405.06), as long as the appraiser explains the reasons he or she did not use a gross building area comparison and clearly describes the comparisons that were made.

 

[Jim Onderisin]

The definition Otis posted is the one I follow. The problem, as Brian pointed out, is that the software programs put the appraiser into the position of reconciling the GBA with the living area size of each unit OR have inconsistencies in the report. Take your pick.

 

[Peter Woodward]

Thanks a lot, I appreciate the responses. I'll include the finished attic and finished bsmt in GBA and not the detached workshop/storage area.