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Permits for finished attic

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jwand125

Freshman Member
Joined
Feb 18, 2002
I counted square footage on a finished attic in a 2.5 story colonial, county record didnt, Underwriter says its has no permit for addition and it should be removed as square footage and adjusted down. This thing has been finished for years, county records in this county never get updated on finished attics, basments, ets, bungalows records sometimes show upstairs
but ussually not. I dont think not having a permit necesarily lowers value its still finished and can be made legal. I actually dont think they looked at permits, I think they are going from county records. I may have screwewed up by not checking permits, what should I do?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
If they were going to sell it, would they consider the attic finished living area? That's the question. Now, to take care of the UW, you might look at it like a finished basement, by putting it in that section and adjusting there. The net value should come back the same but you are segregating out the attic space. The fact that no permit was taken out may be due to the fact that a permit was not required. For example, in my city, if I have unfinished space and am not making a significant structural change, I don't need a permit. Also, you have a statute of limitations on permits as well.

Roger
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Check your market carefully, if the market doesn't care, AND if the local ordinances would not require destruction of the existing finishes to 'make legal' you are home free.

Rather than using the basement lines, I go the extra mile and do the math in one of the bottom lines on the grid. This prevents reader confusion and further points out htat I carefully considered the contribution to vlaue be it by the square foot, or as in some markets by room count.

I also try to find at least ONE sale with similar 'issues' no mtter how far or old as a 4th comp.
 
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