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Debbie Byers, Other/Just Looking in Columbus, OH

When Average Price per Square foot is calculated, is the finished basement sq footage included in the calc?

Asked by Debbie Byers, Columbus, OH Sat Nov 29, 2008

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This question comes up quite a bit. The square footage in the basement would not be counted unless it is finished and has two forms of egress. Egress could be a walk-out basement or an egress size window which you could escape through. There is now a section in our local MLS which allows Sellers to advertise square footage which may not be listed on the auditor’s site.
Finished square footage in the basement in any case will have value.
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0 votes Thank Flag Link Wed Dec 3, 2008
I am a full time Realtor and also a licensed appraiser and we do not include basements in the square footage of a home. The square footage price to finish a basement is way less than the square footage price of the main floors of a home. My clients have found it helpful that I can use my appraisal knowledge in letting them know the value of the home before we negotiation process.
0 votes Thank Flag Link Sat Nov 29, 2008
Hi Debbie, good question. Usually the basement is not included in the square footage - espcially if you are looking on the auditor site. Typically only a walkout basement would be included. If you are wondering about a specific property I would be happy to consult with you on it. Just let me know.
Tiffany Panhuis
Coldwell Banker King Thompson.
0 votes Thank Flag Link Sat Nov 29, 2008
No Debbie,only above ground,now if the basemt is finished,depending on if say,its 1000sqft,and above ground is 1700sqft some people will say 2700sqft of LIVING SPACE,follow me,that should clear it up for you,if not let me know Deb.

0 votes Thank Flag Link Sat Nov 29, 2008
The general answer to that is no, I am not an appraiser but the appraisers that I have worked with do not give full square footage value to a finished basement. Knowing that all finished basements are not alike there are always exceptions; such as above grade with prof. finished material and full walk-out access could account for sq. footage value. If it is a specific property then I would consult with the local realtor and appraiser.
0 votes Thank Flag Link Sat Nov 29, 2008
When appraising a property, you use the sqwuar footage above grade to calculate the average price per Sf. If you have a raised ranch or split entry where there are full windows and doors above grade that would count. hope this helps
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0 votes Thank Flag Link Sat Nov 29, 2008
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