Terrel L. Shields
Elite Member
- Joined
- May 2, 2002
- Professional Status
- Certified General Appraiser
- State
- Arkansas
we call it the "library"...
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Noncontiguous living area
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David Mescon
Senior Member
- Joined
- Nov 12, 2009
- Professional Status
- Retired Appraiser
- State
- California
Your market will determine the answer. In the vast majority of markets, detached livable areas would not be considered part of the GLA. In my area, they are almost always considered part of the GLA, but this is another world.
sputnam
Elite Member
- Joined
- Apr 24, 2012
- Professional Status
- Certified General Appraiser
- State
- North Carolina
The SF used in the grid does not have to match the SF reported in the descriptive sections of the appraisal report. You can describe the property in the typical manner, using ANSI or whichever standard to determine GLA. When you get to the grid, you can report SF in the way that is most like the way the market treats similar properties. Just make sure that you add explanatory comments. It's very common, for me anyway, to do this with split level and split foyer dwellings where the lower level is below grade, but Realtors lump all heated area together. Never had an underwriter have a problem with it.
J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
No matter how much one discloses, why provide what could be construed later as a misleading reporting? RE agents of course don't have this problem, but we do.
The best way to measure market reaction is with similar comps with sep guest houses or guest cottages.
House A has 2000 sf under one roof, House B has 1400 sf in main house and a 600 sf detached guest house . RE agents or assessors might treat both houses as having 2000 sf, however, buyers are not stupid. They can see perfectly well the differences between the two.
Are buyers paying, more, less, or equivalent for the functional and appeal differences between the two houses? The Sf if laid out different, so it's not just comparing sf $ 4$ to sf, and the two styles may appeal to different buyers.
Marketability is also an issue...are dwellings with detached guest houses selling in the same marketing time, or faster, or slower? In my region, there are areas where they are popular and areas where they are not , so it's not all about price but also if they have superior, inferior or equivalent market appeal in a specific area.
The best way to measure market reaction is with similar comps with sep guest houses or guest cottages.
House A has 2000 sf under one roof, House B has 1400 sf in main house and a 600 sf detached guest house . RE agents or assessors might treat both houses as having 2000 sf, however, buyers are not stupid. They can see perfectly well the differences between the two.
Are buyers paying, more, less, or equivalent for the functional and appeal differences between the two houses? The Sf if laid out different, so it's not just comparing sf $ 4$ to sf, and the two styles may appeal to different buyers.
Marketability is also an issue...are dwellings with detached guest houses selling in the same marketing time, or faster, or slower? In my region, there are areas where they are popular and areas where they are not , so it's not all about price but also if they have superior, inferior or equivalent market appeal in a specific area.
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