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Appraisal calculations
Posted on 8/1/19 at 9:28 pm
Posted on 8/1/19 at 9:28 pm
I asked this question on the money board as well but maybe someone here knows:
Would square footage of a unfinished bonus room above garage be counted towards living area? The bonus room was included on blue prints when house was constructed and has flooring laid and a full staircase in the house leading up to it
Would square footage of a unfinished bonus room above garage be counted towards living area? The bonus room was included on blue prints when house was constructed and has flooring laid and a full staircase in the house leading up to it
This post was edited on 8/1/19 at 9:29 pm
6
Posted on 8/1/19 at 9:57 pm to Dotherightthing
No, it's not livable. Finish it, heat and cool it, then it counts as living. Right now it is under beam sqft
Posted on 8/1/19 at 10:29 pm to Dotherightthing
No. Right now it’s more of an attic with a staircase. Finish it. It’s worth it. (Pun intended)
Posted on 8/2/19 at 6:43 am to Dotherightthing
There typically is some type of factor for situations like this.
For example:
Houses are worth $100/sf in a certain area. Adding an unfinished basement, you'll get about 20% of that going sf rate. So, in the above case, a 1000 sf unfinished basement would add 1,000 X 100 X 20% = $20,000.
I'd imagine that would be similar to your garage area.
For example:
Houses are worth $100/sf in a certain area. Adding an unfinished basement, you'll get about 20% of that going sf rate. So, in the above case, a 1000 sf unfinished basement would add 1,000 X 100 X 20% = $20,000.
I'd imagine that would be similar to your garage area.
Posted on 8/2/19 at 8:56 am to East Coast Band
It would be manually calculated on a per square foot basis for value. However you'd be looking at more than 20%. Attached garages are typically around 35% of base living area price per sq ft.
Posted on 8/2/19 at 8:59 am to El Segundo Guy
Or if the appraiser were using either Core Logic/Marshall & Swift or Craftsman based appraisal software, it would be coded as UFAT (unfinished attic) for valuation.
Posted on 8/2/19 at 9:41 am to Dotherightthing
It may add some value since it has potential to be conditioned living space, but until it has been finished, the value is a fraction of finished areas.
Posted on 8/2/19 at 10:31 am to ItNeverRains
Appreciate the responses. Refinancing the house soon and an appraisal is in the future. I will update the outcome
Posted on 8/2/19 at 9:53 pm to Dotherightthing
First of all you won’t get a proper appraisal without a contract to sell
Sooooooooo
Sooooooooo
Posted on 8/2/19 at 11:17 pm to Cracker
quote:
First of all you won’t get a proper appraisal without a contract to sell
And then they will just appraise it for the price you agreed upon.
Posted on 8/3/19 at 10:18 pm to fightin tigers
quote:
And then they will just appraise it for the price you agreed upon.
If you are lucky.
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