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mother-in-law bsmnt home below 4k GLA upstairs

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Frank Bertrand

Thread Starter
Junior Member
Joined
Aug 21, 2002
Professional Status
Certified General Appraiser
State
Pennsylvania
owners bought unfinished 4000 sq ft home at bank auction 2 yrs ago. 85% done now. couple live in fully furnished lower level until upper 2 story home is finished(home built into slope: "north" end traditional bsmnt, "South" end is fully open space with 3 car garage.)
Question: to count or not to count as finished GLA This living area. It has full, normal windows, doors etc. The living portion is partioned from the unfinished basement; I am leaning to treat as living space, and the rear portion without full windows as traditional basement. Any comments??
 

Ken-NC

Sophomore Member
Joined
Feb 21, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Frank,

If I read your post correctly, it is a basement - with finished area.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Sounds like a "subject to" assignment. 85% finished is still not fiinished. Then count the basement area asi is typical for your area. Here, it is separated out and counted below grade.
 
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