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Value Of Basement Square Footage All Locations : Nationwide Real Estate Advice

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Showing results for Value Of Basement Square Footage [Clear search]
Thu Nov 24, 2011
Ron Thomas answered:
In an Appraisal, every detail of the subject house is compared with the Comp houses:
If one has something the other house doesn't, an allowance in made to make them COMPARABLE.
You will hardly ever find two houses that are 100% the same, even in a cookie-cutter tract.

You have to trust that the Appraiser knew what he was doing.
Finding a similar house, within a short radius, was more important than finding one with a basement.
And there is almost always an allowance for the difference in SQFT

good luck, God bless and Happy Thanksgiving
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0 votes 4 answers Share Flag
Thu Sep 10, 2015
Sandra Richard answered:
I would suggest you talk with your local county or township assessors office and let them explain to you how property is valued and assessed in your specific area. How it is handled here in central Indiana might be entirely different than in CT. Below grade space as well as unfinished space is generally valued differently than above grade finished livable space. ... more
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Wed Mar 21, 2012
Seth Pollinger answered:
It does. Since values are driven by demand, and the split level is less popular in demand, that results in lower values. Of course, split levels vary. Some are buried in the ground and smell like a musty basement--buyers count them more like a basement. And that sq footage may only be worth about 1/2 of the prime space on the first floor. Meanwhile, are totally above grade and they can be dressed up to look more like a traditional two story. Since they often have great lots, focus on its distinctives--large living rooms and large lots--rather than the out of popular features. For more on value, see http://www.nccapitalhomes.com/my-homes-value ... more
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Mon Jul 17, 2017
Dan Tabit answered:
Kelly,
Assessed value is a general idea of value for tax purposes and has little or nothing to do with market value. The relationship between sale price and assessed valuation can be interesting to look at, but is not a reliable way to set market value.
Market value is what a home is worth when presented to the broadest possible market and a willing and able buyer and willing seller agree to. As an agent we approximate this by checking sold comparable homes in the local market that are the most like our subject property. Once we list a home for sale, the Market will set what the market value is by the presence or lack of an offer at or near our listed price.
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0 votes 18 answers Share Flag
Fri Apr 26, 2013
Scott Godzyk answered:
It is actually not allowed, first as far as the MLS square footage should be GLAG gross living sopace above ground. It is a basic calcualtion multiplying length times width of a house. Space in a lower level, basement, or unheated should not be included. As well garages, 3 season porchs, decks or attic space should not be included. Assessors often calculate teh entire square footage and then seperately the living space square footage. The one thing to note is craigsllist is not the mls, it is filled with scams and cloned listings by scammers. A buyer should always verify any info, having a buyer agent can nearly eliminate problems like this as they are looking out for the buyer best interests. ... more
0 votes 12 answers Share Flag
Sat Oct 15, 2011
Karen Paytas answered:
Dale:

Good Morning!! Square feet is calculated by living area above ground only unless there is egress from the lower level. The discrepancy in the square footage on a listing can be a typo that was corrected and the previous listing hasn't been removed. When you notice something like this ask a question on the site or e-mail the agent for clarification or better yet talk to your buyers agent.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
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0 votes 1 answer Share Flag
Fri Jul 28, 2017
Frank Dolski answered:
Good question. What I do is look at location, "like properties" and use my professional opinion with comps to support the data. Location as always, outranks everything!
0 votes 19 answers Share Flag
Tue May 1, 2012
Joe Cusumano answered:
I work with a lot of people that buy those types of homes. I would love to refer them to you. Please let me know.
0 votes 20 answers Share Flag
Fri Dec 21, 2012
Pam Parker answered:
Hi Marcus,

If you want Cherry Creek schools and be close to DTC then Willow Creek is a great neighborhood between Yosemite and Quebec and Dry Creek and Cty Line Rd (about 10 min). I know of a great updated detached patio home that may still be available. It came on the market about 10 days ago.The next affordable area would be Highlands Ranch and if you don't mind a 20-30 min. commute Parker is very affordable and the homes will be newer. The closer you get to downtown Denver and the heart of DTC will be more expensive. Another thought is Littleton around C-470 and Broadway/Santa Fe. There are very nice affordable neighborhoods and the commute would be about 20 minutes but the homes were built in the 80's, so not newer.

So,those are a few ideas. Let me know if you would like me to email you specific properties so you get an idea of what is available. Just let me know your priorities, price and bedrooms/baths you want to have.

Best Regards,
Pam Parker
Perry & Co
303-875-7117
pamparker@perryandco.com
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0 votes 23 answers Share Flag
Thu Dec 8, 2011
Shanna Rogers answered:
Hi Alexandra,

The amount assessed for Property Taxes has nothing to do with the market value of the property. No, an additional bedroom is not worth $185K - maybe $3K-$10K. The owner of the property in question should contact a Realtor to pull some comps in the area (SOLD within the last 3 months, within a 1 mile radius of the property-the closer, the better). The owner should then file with the Tax Assessor using the SOLD comps from the Realtor to see if the Assessed Amount can be changed.

Shanna Rogers
SR Realty
www.RealtyBySR.com
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0 votes 4 answers Share Flag
Sun Jul 17, 2011
Bob Phillips answered:
At SOME point, if not by you, SOME subsequent buyer - or lender - will demand that the addition is inspected, and if it fails to pass muster, it could be ordered to be repaired, or removed - in order to close a transaction.

It's as simple as that. MY advice would be for you, to demand that the addition be inspected and "permitted". Hopefully, you haven't already closed escrow on the property - you MIGHT have difficulty going back after the person who sold you the house, or the agents involved.
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Mon Jul 4, 2011
allan erps,ABR,SFR answered:
Yes to all of the above but the most recent comparables in your area is the main factor in determining your houses value!
0 votes 7 answers Share Flag
Wed May 2, 2012
David Burnham answered:
In this area, things can vary block to block, but chances are there are additional factors.

The square footage you see is typically the 'taxable area.' This does not include basements, so a finished basement could make a big difference.

Other things that are not factored into price per square foot are things like central air, off street parking (or a garage space), and the land. Chances are the land does not make a big difference, but if the house is a corner unit or detached, it will add value.

If you want to send me some specific examples, I can give you a little more information.
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Thu Sep 7, 2017
Team Foisy answered:
Hello Janie,

Congratulations on your decision to buy a home! I truly believe we are in a great market for homebuyers!

While I am not familiar with DR Horton in Texas, I can tell you that their homes in the Orlando area are of quality comparable to those of other large production builders. You can take a few steps to protect yourself with regard to this purchase:

1. Hire a qualified, licensed and experienced home inspector. They will typically be able to sniff out potential issues with a home. Also, see if there are other homes which have recently sold in the neighborhood and ask those buyers what their inspections turned up. If there is a well or septic tank on site, it makes sense to have these inspected as well. It may also be required by your lender based on your loan type.
2. Hire a licensed termite/wdo inspector. They will check for any signs of insect and/or fungal damage and wood rot, potentially saving you hundreds-if not thousands-of dollars down the road.
3. Ask the seller to provide you with a home warranty and termite bond, if applicable. Both of these will provide you with some level of protection should any issues arise down the road. They are usually renewable on a yearly basis as well. If the seller will not provide these for you, factor them into your offer price and purchase them at or soon after closing.

As for the resale value, check the comparable sold properties in the neighborhood-that will give you a very good idea of what the market demand, and thus the price, of these homes is. It will also help you decide on an offer price based on the market value for the home.

I hope this helps!
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0 votes 100 answers Share Flag
Wed Jun 22, 2011
Akil Walker answered:
Ednabarber777,

It appears your neighbor is motivated to sell. Of course if an adjacent home is listed, then the home that is 200K below market is now their competition. and this leads to the begging the question as to why one home is listed at one price and the other 200k more? There could be many reasons as to why i.e. upgrades, more living space, etc.

In terms of taxes the short term should have no effect on the property taxes given the climate of varying priced homes for sale.

Hope this helps
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0 votes 10 answers Share Flag
Thu Feb 23, 2012
David Janis answered:
Hi Nsk,

There is only one person that can make the decision and that is you. If you are buying the home to live in, look at the quality of life and which home you would enjoy more. Buying an investment to live in does not make sense in this market.

Look at what is important to you:
1) Kids, schools, playgrounds,
2) Commute to work - distance and time
3) Monthly payment versus size and quality of house (taxes in Erie are high)
4) Friends and social activities nearby
5) As an investment for capital appreciation

Why is that important to you?

There is only one main reason you are buying the house and once you figure out why, the right house will be obvious.
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0 votes 13 answers Share Flag
Fri Jul 26, 2013
Scott Godzyk answered:
Price per sf is one method that should be avoided to compare residential homes. Because some methods include finsihed basements, others do not and neither accounts for upgrades and amenities, this number can be skewed easily. you need to compare apples to apples, a bpo is best to truely assess what the value is. ... more
0 votes 12 answers Share Flag
Sat Apr 7, 2012
Sally Grenier answered:
In Colorado, the MLS gives the listing agent the opportunity to say if all bedrooms "conform" or not. Not sure about MA, but just because a bedroom isn't conforming doesn't make it illegal. Is it possible your agent missed the part that says not all bedrooms conform? Do you really need 5 conforming bedrooms? For example, if one is going to be used as an office, then is it really that necessary to make sure it's conforming? In the future, make sure your agent asks the listing agent if all bedrooms conform. ... more
0 votes 18 answers Share Flag
Tue Jun 7, 2011
Charlotte Savoy & The Savoy Team answered:
Hi there! I'm so sorry this is so stressful for you. Some appraisers are very conservative, however, they all have guidelines that they should follow. Depending on the price of the home you are buying, the extra bedroom should be a credit of $2500 to $5000 or so. Does the 3rd bedroom have a full sized window and closet? If not, it may only be considered a den which would explain why he left it off. Either way, I would definitely call your lender and tell them that you would like to have the appraisal challenged. That will require them to do an in-house review and see if another appraisal is in order.

I hope the process moves along much smoother for you in the future!

All the best,

Charlotte Savoy
Keller Williams Realty
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0 votes 11 answers Share Flag
Thu Apr 19, 2012
Anna M Brocco answered:
If looking to buy, do consider working with an agent of your own, he/she can provide suitable listings, comps--recently sold similar properties in the immediate area, any necessary information, schedule showings, etc.; your agent will be your best guide. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. ... more
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