ANSWER: If the sellers wish to include the basement as part of the square footage, it is advisable to disclose that the square footage does include a basement.
Does basement count in square footage in Tennessee?
A walk-out basement or lower level with one or more sides even partially below grade (ground level) cannot be counted as above grade finished area even if one or more walls are 100% above the ground.
Can a basement be counted in square footage?
An unfinished basement is not included in a home’s square footage. In fact, in the few cases where a basement counts toward a home’s gross living area (such as some walkout basements), the finishes must match the standards and quality used in the rest of the house.
Is a finished basement considered living space Tennessee?
While a finished basement is considered living space where your property value is concerned, it’s only in rare instances that this living space is counted towards the square footage. Even if your basement is not an exception to the rule, a finished basement is an asset to your property value.
Does Zillow square footage include basement?
Garage space is not included in square footage, and many standards do not count basements (even if they’re finished) in overall square footage.
Does a finished basement add value to appraisal?
In the United States, on average, finishing a basement will give you a return of 70 to 75% of your investment. For example, if you spent $1,000 on improvements, it would increase the value of the property by about $700. If you spent $10,000 on improvements, it would increase the value of the property by about $7,000.
What counts in square footage of a house?
Any space that has walls, flooring, ceiling and heat would count as finished square footage. So, it’s likely that stairwells, closets, walk-in pantries and other areas you might be questioning would contribute to the square footage count of a home.
What counts as a finished basement?
What is a Finished Basement? So, what constitutes as a finished basement? A basement is finished when the entire level is complete and similar to the upstairs living areas. It generally includes an electrical system, heat, finished floors, an accessible entrance/stairway, level ceilings, and finished walls.
How does an appraiser determine the square footage of a house?
Some appraisers will measure square footage with a good old measuring tape, albeit a large one. Others come equipped with those new state-of-the-art laser devices. I have been present when an appraiser will just eyeball a difficult-to-measure space or even do the wide-arm measurement.
Does total interior livable area include basement?
It’s not usable, so don’t include it in square footage. To be considered “living area,” a home’s rooms must meet certain criteria — including the basement. Height clearances, whether it’s heated, and the presence of windows: all of these make a space livable.
What is considered living space in a basement?
As a general rule of thumb, listing agents and appraisers don’t count a finished basement toward the overall square footage, especially if the basement is completely below grade—a term that means below ground level. Whether an appraiser includes basement living space ultimately depends on which state you live in.
Do you count the basement when sizing a furnace?
Basement
Your new furnace should have enough heating capacity to meet your current and future heating needs once you update your basement. If your basement is finished, that space needs to be included in your square footage calculation, even if you rarely use the space.
How much value does unfinished basement add?
Below-grade space is approximately half of the above-grade price. So if the price per square foot is $150 in your location, your basement would add an additional $75 per square foot.
How much value does a basement bedroom add?
The Appraiser does give credit for below grade space, but at a lower value and with an eye on quality and functionality. The appraised value of finished basement space is generally 50% to 60% of the value of the main level square footage.
Is finishing a basement a good investment?
Finishing Your Basement Adds Value to Your Home
According to Zillow, homeowners can expect to see an average of 70 percent return on their investment with a basement finish/remodel.
What adds the most value to a home?
Top home improvements that add the most value
| Home Improvement Project | Average Resale Value % Increase | Average $ Resale Increase |
|---|---|---|
| 1. Add a pool | 7.3% | $22,000 |
| 2. Finish a Basement | 6.6% | $22,000 |
| 3. Add up to a 3rd Bedroom | 6.2% | $20,000 |
| 4. Add a Full Bathroom | 5.7% | $18,000 |
Does adding a bathroom in the basement add value?
Adding a basement bathroom can increase your home’s resale value by 10%-20%. It also can turn a wasted space into an enjoyable addition to your home. The average basement bathroom will cost $3,000-$25,000, depending on the existing plumbing and condition of your basement.
Can a bathroom be installed in a basement?
If you have chosen to add a basement bathroom, that’s great. A bathroom in your basement is useful if you have guests over a lot or if you have a rental unit. Also great if your family spends a lot of time in the basement. A bathroom remodel is also a smart investment to increase the value of your home.
What is included in livable square footage?
This includes bedrooms (and closets), bathrooms, hallways, kitchen, and living areas, as well as enclosed patios, and finished attics. Unfinished areas, screened or open patios, vaulted rooms, and airspaces are not factored into a home’s square footage.
Are stairs counted in square footage?
Stairs: Runs/treads and landings both count in square footage totals. They are measured as a part of the floor “from which they descend,” so are generally counted twice in a typical two-story home with a basement.
Do closets count towards square footage?
Stairways and closets will usually be included in the square footage length. When it comes to porches and other outdoor spaces, they’re usually only included if they use the same heating system as the rest of the house.