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Jonathan Tay…, Home Buyer in Murfreesboro, TN

is the basement included in the sq footage?

Asked by Jonathan Taylor, Murfreesboro, TN Sat Jan 28, 2012

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In order to count as "Sq Footage" the living space must have a min 7' ceiling height, a permanent heat source, be finished as living space. Unfinished and finished space has a value, whether upstairs or a basement however not the same value as the main living area. Further, in different areas there are different values if present and penalties if lacking some. Example if the area has mainly 2 car garages (about a $7,000.00 value in Middle TN) but if you have none or a single car (about $4,000.00 in value in Middle TN), there is a monetary penalty in value bewteen the 2 car garage, 1 car garage and no garage. An offset is finished sq. ft. has a greater value than a garage or unfinished space so conceivably you could have a greater living area but no garage and still be equal in value to others in the area. If you have a basement and typically there are none you get additional value for the basement- but not as much value as you would if oithers were in your area. Unfinished upper levels are usually valued at between $5.00 and $15.00 per sq ft. with finished usually nearer lower levels values. A basement finished or unfinished have a value all their own. It is wise to ask an appraiser for the typical values assigned for your specific areas.

Essentially, unfinished space counts for some value, but not as great as finished, heated living areas with a 7' ceiling.
0 votes Thank Flag Link Sat Jan 28, 2012
It only has to be heated and finished, not necessarily cooled.
Web Reference: http://www.GregoryGoff.com
0 votes Thank Flag Link Sat Jan 28, 2012
Hi Jt,

Square footage of a home has to be fininshed space that has heating. A basement in that condition can be counted, and if not finished it may be a great opportunity to fininsh it out, add on to the square footage of a home and increase it's worth or your investment.

If you have any other questions or need any assistance please fell free to contact us anytime at the information below. We specialize in helping people get outstanding deals on great houses that you can call home!

George Weeks, Leader - Team George Weeks
RE/MAX Choice Properties
Direct 615-948-4098
Fax 615-907-8755
Honesty - Integrity - Great Service
http://www.callgeorgeweeks.com
0 votes Thank Flag Link Sat Jan 28, 2012
Only if it is completely finished and is heated and cooled.

Jessica King
Exit Realty of the South
Cell:615-971-1006
Office: 615-220-0700
JessicaKingTeam@gmail.com
http://Www.JessicaKingOnline.com
0 votes Thank Flag Link Sat Jan 28, 2012
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