Below are the guidelines used in determining the estimated square footage for a property.
Square Footage - calcutated using exterior dimenisons of the finished portion(s) of the home.
Finished - has permanently installed heating, with finished walls, floor and ceiling of materials generally accepted for interior construction.
Above Grade - Space on any level of a dwelling that has no earth adjacent to any exterior wall on that level.
Below Grade - Space on any level of a dwelling that has earth adjacent to any exterior wall on that level.
The following is taken from Fannie Mae and is used by appraisers:
For units in condominium projects, the appraiser should use interior perimeter unit dimensions to calculate the gross living area. In all other instances, the appraiser should use the exterior building dimensions per floor to calculate the above-grade gross living area of a property.
Only finished above-grade areas should be used - garages and basements (including those that are partially above-grade) should not be included. We consider a level to be below-grade if any portion of it is below-grade, regardless of the quality of its "finish" or the window area of any room. Therefore, a walk-out basement with finished rooms would not be included in the above-grade square footage.
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