Square Footage question in Cleveland

[HomeBuyer6]

what needs to be "cleared" up. you know the answer to your question.

did or can you double check the other measurements? sometimes 68 is really 61 and so forth.

My realtor says sometimes vaulted ceilings can count for 1.5X or even double. Is this a thing? It's not in ANSI, but I have seen in multiple sources that appraisers do this on occasion.

Does a Vaulted Ceiling Affect a Home's Value?

If you are looking to renovate your home to eventually sell, including a vaulted ceiling in your renovations could up your home's value. An appraiser will determine the value of your home based on a variety of factors and any additional amenities, like vaulted ceilings, included in your home.

pocketsense.com

https://www.washingtonpost.com/news/where-we-live/wp/2018/01/22/baffled-by-a-homes-square-footage-you-ought-to-be-because-there-are-no-uniform-standards-to-count-it/

 

[HomeBuyer6]

Only finished above-grade areas can be used in calculating and reporting of above-grade room count and square footage for the gross living area

B4-1.3-05, Improvements Section of the Appraisal Report (09/06/2023)

selling-guide.fanniemae.com

is it finished?

It is an open space shared between the first floor and second (see photo supplied by my original post). A "high ceiling," in laymen's terms (my terms, in other words). My realtor says that these open spaces can count towards footage because of the added value of high ceilings. Is this a real thing?

 

[Mark K]

My realtor says sometimes vaulted ceilings can count for 1.5X or even double. Is this a thing?

No. Its realtor-speak nonsense, in other words, lies and BS. Vaulted ceilings can impact the value in certain home designs but claiming 1.5 or 2X (BTW, 1.5 or 2X of what?) sounds like something a used car salesman would claim.

If it was me I'd want the report amended/corrected to reflect an accurate size and see what effect, if any, it has on the valuation.

 

[TerryRohrer]

Consider the perspective of the sources you are citing. "Municipalities" means "the tax man." They are inclined to do whatever it takes to raise revenue, but also, in many cases, have never been inside the properties they are taxing. That is why appraisers, measuring the outside and inspecting the inside, commonly come to different conclusions than the tax man. The realtor and lender want their commission checks in the bank asap. The article you cited wasn't written by an appraiser. On the other hand, appraisers have a license that is subject to revocation, and sign a report documenting what they have done and what they have concluded. Anyone else can say whatever they want, without recrimination, because they have nothing to lose...and what they are telling you is tainted by the fact that they have something to gain by your accepting this error. While it may or may not be significant, it is not correct. I suspect by the time your done, you will believe that you paid enough in fees to deserve accurate information.

 

[HomeBuyer6]

Consider the perspective of the sources you are citing. "Municipalities" means "the tax man." They are inclined to do whatever it takes to raise revenue, but also, in many cases, have never been inside the properties they are taxing. That is why appraisers, measuring the outside and inspecting the inside, commonly come to different conclusions than the tax man. The realtor and lender want their commission checks in the bank asap. The article you cited wasn't written by an appraiser. On the other hand, appraisers have a license that is subject to revocation, and sign a report documenting what they have done and what they have concluded. Anyone else can say whatever they want, without recrimination, because they have nothing to lose...and what they are telling you is tainted by the fact that they have something to gain by your accepting this error. While it may or may not be significant, it is not correct. I suspect by the time your done, you will believe that you paid enough in fees to deserve accurate information.

I appreciate the clear feedback. Thank you.

 

[djd09]

It is an open space shared between the first floor and second (see photo supplied by my original post). A "high ceiling," in laymen's terms (my terms, in other words). My realtor says that these open spaces can count towards footage because of the added value of high ceilings. Is this a real thing?

i have never made an open area adjustment. there is no sales comparison grid line for that. but there is one for GLA.

 

[KONA]

I have seen buyers sue the Seller/Realtor representing the Seller for this kind of error.

 

[Mike Kennedy]

It is an open space shared between the first floor and second (see photo supplied by my original post). A "high ceiling," in laymen's terms (my terms, in other words). My realtor says that these open spaces can count towards footage because of the added value of high ceilings. Is this a real thing?

The Reelator is confusing Gross BUILDING area vs Gross Living Area. Residential Appraisals are required to be based on Gross Living Area (no floor - not living area) - refer to the Fannie guidelines for both in the link u posted.

The American National Standard Institute (ANSI) is a non-profit, private organization that has a mission to facilitate standards throughout many various industries. Under that mission, ANSI has created national standards for single family residential measurements in the appraisal industry.

Under ANSI standards, Gross Living Area (GLA) is the term used in most residential appraisal reports. GLA is defined by The Dictionary of Real Estate Appraisal as the “Total area of finished, above-grade residential space; calculated by measuring the outside perimeter of the structure and includes only finished, habitable, above-grade living space.

• Habitable floor area is floor area used for living purposes, usually having access to heat, plumbing, and electricity.

www.lawinsider.com/dictionary/habitable-floor-area

 

[djd09]

the appraisal is for the bank. go order your own from an independent appraiser. they will not accept it for their mortgage purposes, but a court might value the second opinion.

 

[spittman]

No, the empty space across from the loft should not be included in the gross living area. It looks like the stairs also runs partly along the side of the loft and that part should not be included either. What is the difference in size between all the comps? What price per sqft adjustment did the appraiser use? In some markets, a 300 sqft difference may not even warrant an adjustment.