Technical question on fin/unfinished basement %

[Tom D]

My typical row home appraisal has a 550 sq foot basement. It is all finished, but there usually is a utility closet with the heater and hot water heater that is unfinished inside. Lets say about 5x8 = 40' unfinished along a stone parged/block wall..

Now my lender minutia question. Is the basement 100% finished, or is it 97% finished. Chase who has never bothered me wants the sketch to show the unfinished spot with dimensions. I got a partial picture anyway.

But my question basement 100% finished or 97% finished.

Just another pebble in my appraisers shoes.

 

[Fernando]

I saw this nicely built "basement" (better remodeled than main floor) and the utility closet also nicely built which I didn't expect.
Seems like if the utility closet wasn't finished, it could have easily been finished at minimal cost.

 

[Dublin ohio]

My typical row home appraisal has a 550 sq foot basement. It is all finished, but there usually is a utility closet with the heater and hot water heater that is unfinished inside. Lets say about 5x8 = 40' unfinished along a stone parged/block wall..

Now my lender minutia question. Is the basement 100% finished, or is it 97% finished. Chase who has never bothered me wants the sketch to show the unfinished spot with dimensions. I got a partial picture anyway.

But my question basement 100% finished or 97% finished.

Just another pebble in my appraisers shoes.

I always show unfinished areas in my sketch. So I would say it is 97% finished.

 

[Fernando]

Nice to know about the small unfinished area which can be finished at minimal cost.
A small distraction to what really matters in getting to appraised value.

 

[Tom4value]

97% finished. They do want the percentage. Technically, they do want the dimensions but I have never gotten push back. All my sketches say, “rooms not drawn to scale”.

 

[shrubberyvaluation]

Ive never had any comments on it. I rarely put 100 percent. This is really only when it's a main living level but partially below grade.