I never had a problem subject to quality addressing these honestly and accurately as below the line basement in the old days other areas that may be at same value.
Finished attic part of gla appraisal.
The fannie mae selling guide does not specifically identify any requirements for inclusion of finished attic spaces or ceiling heights.
A requirement is that attic ceilings have a height of at least 5 feet.
Second it may cause the total gla to exceed the amount of living space allowed by that city for that lot size.
Definitely a nice feature but not gla.
First it wasn t engineered to carry the load that a normal living space floor carries.
A finished basement is not measured as part of gla because it is below the property s grade level.
The interior needs insulation sheet rock tape and textured also needs flooring.
The fourth story when present is a mezzanine or loft area that years ago would have been considered about the same as a finished attic.
I wouldn t put a water bed up there.
Part 2 of my story please understand the difference between a unfinished attic finished attic and half story.
Calculated by measuring the outside perimeter of the structure and includes only finished habitable above grade living space.
If a room which meets guideline 5 and should be included in gla has a sloping ceiling the appraiser should consider the 5 foot height rule for calculating livable space.
Finished attic space with a minimum of 5 foot walls and heat is calculated for gla.
This is a huge difference that i learned the hard way.
Similar to below grade rooms this space is given value in part of the appraisal other than gla.
I don t see how a finished attic can be included in gla unless there are permits.
Follow the rule of 7s.
Enforcement varies but codes typically say that at least half of a finished attic must be at least 7 feet high and that this area must be a minimum of 7 feet wide and 70 square feet.
Every attic is different but a few established norms and practices will guide your renovation.
Gla is defined by the dictionary of real estate appraisal as the total area of finished above grade residential space.
It does have a door from my daughter s bedroom that we use as storage.
A contractor or a local building.
The exterior is completely finished.
The erc guideline also states.
Finished basements and attic areas are not generally included in gross living area.
