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New home on small pond with Kitchen,bath and dining in basement

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John Farnsworth

Thread Starter
Sophomore Member
Joined
Apr 11, 2007
Professional Status
Licensed Appraiser
State
Maine
I just looked a new cape style home on a small pond. The builder/owner put the kitchen, dining and bathroom in the walk out basement. The first floor consists of 2 bedrooms, full bath off one of the bedrooms and a open livingroom. There is also a loft area on the second floor. My question is do you try to inculde the basement in the GLA because it houses the kitchen and main bathroom. I have seen reports that call the basement a slab and inculde the area as GLA.:shrug: I was thinking you could call it finished basement and not inculde it in the GLA. There are many lake/pond front homes that have finished walk out basements. Is it fair to give GLA credit just because they put the kitchen and bathroom in the basement! This really increases the GLA. As far as comps go they all have kitchens(On main floor). I was thinking of doing the GLA straight up and giving credit for finished basement. Any thoughts! Thank you
 

jeanwillick

Junior Member
Joined
Jun 2, 2003
Professional Status
Licensed Appraiser
State
Michigan
Is any part of the basement below grade? Not clear to me. I once rented a house on the lake that had the entire basement above grade.
 

John Farnsworth

Thread Starter
Sophomore Member
Joined
Apr 11, 2007
Professional Status
Licensed Appraiser
State
Maine
Three sides of the basement are under ground. This is a typical walk basement! I have seen apppraisers give credit in the GLA because the kitchen and bath are in the basement. My thoughts are why should I give credit in my GLA just because this guy put the kitchen and bath down there. I think it should be treated like any other finished basement area. m2: Give credit but not in the GLA!
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Is any part of the basement below grade? Not clear to me. I once rented a house on the lake that had the entire basement above grade.

If its all above grade, then by definition its not a basement.:Eyecrazy:
 

John Farnsworth

Thread Starter
Sophomore Member
Joined
Apr 11, 2007
Professional Status
Licensed Appraiser
State
Maine
The only part of the basement that is not under ground is the walk section facing the lake. I have a MIA and CG telling me to incude it in the GLA! My thought is just because the owner puts the kitchen and bathroom in the basement does not mean I should change the rules! Houses contain bedrooms, bathrooms, kitchens and other living space. If you put a bathroom and 2 bedrooms in the basement we do not inculde it the GLA, so why change/bent the rules to mis lead the client.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I use ANSI. Does Maine have any recognized GLA and/or measuring standards?
 

John Farnsworth

Thread Starter
Sophomore Member
Joined
Apr 11, 2007
Professional Status
Licensed Appraiser
State
Maine
I think some appraiser make stuff up as they go. I am not sure if all Maine appraiser use ANSI. I was taught that if it is below grade it is not GLA. I have seen a couple of homes that only one side under ground. But most of them are typical raised ranchs or capes with walk out basements.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I say go with your instinct, and if anybody gives you any grief, refer to ANSI. the only recognized national standard.
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
A few questions to help you think from a different perspective.

How would the market perceive the house?

Of what good is a house without a kitchen or a bathroom?

It is your opinion but say what you did and why. Be consistant with what you do with your subject and your comparables.

For humor:
How do you build a house on a pond? Does it float?
 

John Farnsworth

Thread Starter
Sophomore Member
Joined
Apr 11, 2007
Professional Status
Licensed Appraiser
State
Maine
Nice Joke " Joker"! I am going to adjust just like any other finished basement. Give them credit for the bathroom and finished area only. All my comps have kitchens so there will not be any addtional adjustment for that. I think that is a wash.
 
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