What qualifies as a 'finished basement'?
What to look for in a finished basement
- Sufficient lighting. One important element of a finished basement is proper lighting. ...
- Wall duplex electrical outlets. Cline said wall duplex electric outlets—which allow you to plug two devices into each outlet—are another component of a finished basement.
- Heating. “Heating is essential,” Cline said. ...
- Waterproofing. ...
- Radon mitigation. ...
How to finish a basement on a budget?
- Cleaning the space
- Removing and treating for mold and mildew
- Waterproofing
- Installing or adding a back-up sump pump
- Installing a dehumidifier
How to make basement apartments not feel like basements?
Quality Air Control
- Dehumidifier. DeHumidifiers are a great way to take away moisture from the air, depending on what you need. ...
- Oil Diffusers. Another great way to control the air flow in your basement apartment is to invest in a great oil diffuser.
- Air Filters. ...
Will a finished basement add value to a home?
Unlike commercial real estate, homes are generally not priced strictly on square footage. So whether a basement is included in square footage or not, a nicely finished basement generally adds to the value of a home, says Carrie Abfall, a real estate agent with Re/Max Real Estate Professionals in Columbus, IN.
Does finished basement count as square footage?
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.
Why are finished basements not included in square footage?
Basements and usable square footage 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.
Does livable square footage include basement?
A Standard Answer: Basements should NOT be included in square footage according to Fannie Mae and ANSI guidelines. In short, if the area is below ground level, it doesn't count as living space. This does not mean a basement cannot contribute to the value though.
What is considered living space in an appraisal?
The key word is "living." When calculating GLA, each space must be considered a living area. This definition includes bedrooms, bathrooms, kitchens, dining rooms and living rooms, per guidelines laid out by the American National Standard Institute (ANSI).
Do basements count as a story?
Typically a basement is not considered a story. Although, if more than half of the basement is above ground or curb level, appraisers in some areas may count this as a story. Additionally, in a home built into a hill with a walkout basement, the basement may be considered a story.
What defines 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.
What is considered livable square footage?
When house plan sellers refer to Total Living square feet, they are referring to the “living area” of the home. This can be thought of as the area that will be heated or cooled. It is called the living area because this is where you spend your time. An attic, while a useful storage area, is not living space.
Does floor space include basement?
You're sure any potential buyer would agree that it looks great, and is definitely livable space. But, your real estate professional is correct, the square footage of your basement cannot be included in the size of your home for listing purposes.
How is living space calculated?
Measure the length and width, in feet, of each room. Then, multiply the length by the width to calculate that room's square footage. For example: If a bedroom is 12 feet by 20 feet, it is 240 square feet (12 x 20 = 240). For each room, write the total square footage in the corresponding space on your sketch.
What defines a living space?
Living Space means the climate controlled area within a Dwelling used for living, sleeping, eating or cooking purposes and excluding such areas as closets, garages, attics, and utility spaces.
What is a living space?
As a result, the living space actually includes only those rooms that serve for living, living and residence in the house or apartment. Typical rooms included in the living space are living rooms, bedrooms, children's rooms, an office or a study in the apartment, bathroom, separate toilet, kitchen and dining room.
Does garage count as living space?
Because garages, porches, decks, etc. are not considered living area and should never be listed as such.
What is an Unfinished Basement?
An unfinished basement is a below or partially below-grade basement that does not have finished walls, ceilings, or floors. It also does not have utilities such as plumbing, electrical, or HVAC. A basement with some, but not all, of these finishing details is still considered unfinished.
What Is Considered a Finished Basement?
A finished basement has finished floors, ceilings, and walls. All electrical, plumbing and HVAC is hooked up according to code, just as your floor above. There must be proper egress – interior stairs and windows in bedrooms. All rooms – with some exceptions for the utility room – must be finished in this manner to have a fully finished basement.
Does Finished Basement Increase Property Tax?
While it depends on the municipality, a finished living space will increase the value of your house. Once your county or municipality increases the value of your home, then your property taxes increase. Anytime you take out permits to finish a space, it will affect the valuation of your home – usually for the greater.
Does a Finished Basement Add Value?
A finished basement adds just under 70% of the value spent on a finished basement. If you’ve spent $40,000 to finish your basement, you can expect an increase in home value of $25,000 when it comes time to sell the house, according to real estate agents and other experts.
What Is a Partially Finished Basement (Semi-Finished)?
A partially finished basement has finished and unfinished areas. For instance, many people will have a fully finished living area and maybe a bedroom or half bathroom in their basement. These areas will have fully finished walls, floors, and ceilings with all utilities done correctly. They’ll also have appropriate lighting and egress.
Finished vs. Unfinished Basement: Which Is Better?
A fully finished living space is desirable for most homeowners. Why? It increases the value of your home and the liveable space of your home. Yes, it requires a financial commitment to finish a basement, but it is worth the cost for most people. Don’t forget the efficiency savings that come with insulating and finishing your basement space, too.
What constitutes 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 do you know if a basement is finished?
A great way to determine if a basement is a finished basement is whether or not it’s heated and cooled with the same system as the rest of the house . If the basement uses a window AC unit or a swamp cooler to cool it down and a wall heater to warm it up, then it’s not finished.
What is needed to finish a basement?
In order for a basement to be considered finished, it must have a permanently installed heating and cooling unit with a continuous power source (such as an HVAC system, electricity, natural gas, a permanently installed propane tank, or heating oil).
Is a loft considered a living area?
Finished spaces only accessed by ladders, such as lofts, are also not considered living areas. Most houses have interior stairs, but in older homes it’s common that the basement is accessed through a basement level door.
Is a painted concrete floor finished?
The floors must be completely covered with an installed cover. Exposed or painted concrete or plywood is not considered a finished floor. Another indicator would be the walls and ceiling. If the walls are just painted concrete and there’s no drywall, it’s unfinished.
Does the value of a house increase when the basement is finished?
This is a question that comes up for a lot of people due to the fact that the property value of a house increases significantly when the basement is finished. There are many homeowners that have a semi-finished area in their basement that’s used as a bedroom, recreation room, or another amenity. Because the room is being used as a livable space, ...
What are the requirements for a basement?
ANSI voluntary standard Z765-1996 states that a finished U.S. home basement: 1 Has a permanently installed heat source that has a continuous power source 2 Has an installed floor covering that completely covers the floor space 3 Has a minimum ceiling height of seven feet 4 Has at least six feet, four inches of clearance under air ducts, beams, or other obstruction 5 Is contiguous to the other living space 6 Is directly accessible from the other living space by permanent stairs or by another way that does not involve the use of a ladder.
What is a walk out basement?
Walk-out basement – This one has a full-size door or sliding door that leads to a ground-level backyard or patio. Walk-out basements allow a lot of natural light to come in. This is the most popular basement type and the one that will have the most promise of offering countable square footage. You can also check out my full article on walk-out basements here for more info.
Why Is It Important To Know If The Basement Is Finished?
Before we get into what constitutes a finished basement for tax purposes, let’s cover why it’s important. Knowing whether your basement is finished is crucial because it can significantly increase your home’s property value.
What Is A Finished Basement?
For a basement to be finished, it must be complete and very similar to the upstairs living area. This includes having an electrical system, heat and air conditioning, and finished floors. In addition, a finished basement must have an accessible stairway or other entrance. Level ceilings and finished walls are required as well.
What Is An Unfinished Basement?
Unfinished basements frequently have exposed beams and pipes as well as concrete walls and floors. A common feature in an unfinished basement is a water heater. Usually, with finished basements, the water heater is kept in the garage instead.
How To Determine Whether A Basement Is Finished
Here are a few questions you can ask to figure out whether your basement is considered finished.
Benefits Of Finishing Your Basement
Finishing your basement comes with many advantages. You’re increasing your living space and can even rent out your basement for additional income. The property value of your home will increase. You’ll also be less at risk for issues like water damage and mold in the basement.
Will Property Taxes Increase If You Finish The Basement?
Many homeowners decide to finish their basements for the convenience and added living space. But another great benefit of finishing your basement is that this home renovation can significantly increase your house’s property value.
How Do You Determine The Value Of Your House?
Determining the value of your house isn’t something you can do yourself. Instead, a county assessor will need to go through your house and follow the state’s guidelines to calculate its value. In most cases, the value of your home is based on the market price or fair market value.
What is a standard lot basement?
A standard lot basement is underground, with concrete basement walls and no natural light other than small window wells near the ceiling.
What is a garden level basement?
A middle ground between a standard lot basement and a walk-out basement, a garden-level lot basement is partially above ground and partially below ground, due to a somewhat sloping lot. A garden-level lot basement may have a combination of full-size windows and small window wells, but it’s not likely to have a door to the backyard.
What do appraisers do with basements?
When appraising a home with a basement, skilled appraisers will only compare homes that have similar amounts of above-grade living area.
What is a walk out basement?
Generally the most attractive to buyers because of the amount of natural light, a walk-out basement has a full-size door (often a slider) that leads to outdoor space, like a backyard or patio.
What is above grade basement?
First, to understand how appraisers calculate value when it comes to basements, you’ll need to know three key terms: Above-grade: Above-grade refers to a room or living area that is not in the basement. It’s located above ground level.
What are buyers looking for in a basement?
Generally speaking, buyers are looking for open floor plans. One challenge people face when finishing basements is working around load-bearing walls and systems like the water heater, electrical box and furnace, which are often housed there. Before you get too far into your planning, talk to your contractor about what’s feasible in your specific space.
How high above ground is a standard lot basement?
A standard lot basement usually pushes the main level a few feet above ground, so there might be a couple of steps to get down from the main floor into the backyard. Given the lack of natural light, a standard lot basement is less attractive to buyers at resale.
When will finished basement be included in square footage?
Is Finished Basement Space Included in Square Footage? June 20, 2021. September 30, 2020 by Jose Perez. You have spent significant money to finish your basement finally, and naturally, you expect that space to be included in the square footage when you sell the house. Most people assume that finished basement space is included in square footage.
What is the overall expectation of a finished basement?
In layman’s terms, the overall expectation is that a finished basement should have comparable features and standards to the rest of the house. In addition to mechanical, plumbing, and electrical requirements, the ICC also has general building requirements. These are some of the most important:
What is needed for a finished basement?
A finished basement needs to have direct access to the main level of the house through a stairway. This has to be a permanent stair, not just a ladder. The stairway needs to meet certain requirements, including having an artificial light source to illuminate the landings and treads.
How high should a basement ceiling be?
Ceiling Heights. To be considered a finished basement, the ceiling height can’t be less than 7 feet. If you have a bathroom or laundry rooms within the basement, they can’t be less than 6 feet 8 inches. So, before you start getting excited about your finished basement, make sure it is high enough.
Is central AC in basement permanent?
It’s not necessarily that it needs to be the same as what you have in your home. But what you install in the basement needs to be permanent.
Do basements have emergency escapes?
That is, if your basement contains one or more sleeping rooms, each sleeping room must have an emergency escape and rescue opening . These emergency openings could be a door or a window but must open directly into a public way, or to a yard or court that opens to a public way.
Is basement space included in square footage?
Most people assume that finished basement space is included in square footage. I hate to tell you that you may be in for a surprise. In general, with some rare exceptions, if your basement is located below ground level, it should not be included in the square foot age of your house. In some states, you can include your finished basement in ...
