Finished Attic Part Of Gla Appraisal

Similar to below grade rooms this space is given value in part of the appraisal other than gla.

Finished attic part of gla appraisal.

Included in the calculation would be only that floor area for which there is a vertical distance of 5 or more feet between floor and ceiling. The fannie mae selling guide does not specifically identify any requirements for inclusion of finished attic spaces or ceiling heights. I never almost never include the finished attic space in the gla. Above and below grade finished areas the above grade finished square footage of a house is the sum of finished areas on levels that are entirely above grade.

The shape and quality of finish is usually inferior to the first floors and fnma guidelines allows one to do it that way. There are several criteria that must be met in order for this area to be included. The rooms have their own heat and air covered by the same roof. The below grade finished square footage of a house is the sum of finished areas on levels that are wholly or partly below grade.

I m a home owner that recently had an appraisal done. Here s a picture to help you understand it. However renovated areas or additions may not be of gla due to the lack of a foundation. It states that there needs to be at least a minimum of 5 of ceiling height for the space to be counted as part of the gross living area gla.

The first criteria is that at least half of the finished square footage must be 7 feet where the ceiling slopes and those areas less than 5 feet are not counted in the finished area. Ansi is pretty clear that for a finished area to be included in total gla it must be connected to the main house by a continuous finished area such as hallways or staircases so keep this in mind when planning your next addition and you will get maximum value for your investment. If a room which meets guideline 5 and should be included in gla has a sloping ceiling the appraiser should consider the 5 foot height rule for calculating livable space. Gla is defined by the dictionary of real estate appraisal as the total area of finished above grade residential space.

Finished basements and attic areas are not generally included in gross living area. A requirement is that attic ceilings have a height of at least 5 feet. Calculated by measuring the outside perimeter of the structure and includes only finished habitable above grade living space. The erc guideline also states.

Gla and attic space though some homeowners don t use their attics as living space appraisers can factor these sections into gla. Fannie mae and ansi are both consistent with this definition.