This is part three of the “This Doesn’t Add Up” by: M.E Atwood, article regarding appraisal square footage. I am going to be covering each paragraph in a separate blog. This week’s paragraph is titled “Not All Entities Agree on what is Considered Living Space”.
- Fannie Mae and Freddie Mac require categorizing space in basements in a separate category (basement & finished rooms below-grade). Therefore they are not added to the square footage like the regular bedrooms called above-grade. This is true even for highly finished walkout basements.
- Houses with additional or converted attics present challenges as well.
- Unusual floor plans, multiple stories, open areas, spaces that widen or narrow at the floor or ceiling, and complicated layouts increase the likelihood of differences.
- An excellent source for learning more about measuring homes is the American National Standards Institute or ANSI.
- Here is a link: http://www.housemeasures.com/ArticlePages/ANSI-Measurement-Standard.html.
- At the end of the day a licensed appraiser is the best source to answer these kind of questions.