Finished Attic Part Of Gla Appraisal

The exterior is completely finished.

Finished attic part of gla appraisal.

The fannie mae selling guide does not specifically identify any requirements for inclusion of finished attic spaces or ceiling heights. I wouldn t put a water bed up there. I don t see how a finished attic can be included in gla unless there are permits. The interior needs insulation sheet rock tape and textured also needs flooring.

Gla and attic space though some homeowners don t use their attics as living space appraisers can factor these sections into gla. The erc guideline also states. 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. Enforcement varies but codes typically say that at least half of a finished attic must be at least 7 feet high and that this area must be a minimum of 7 feet wide and 70 square feet.

A finished basement is not measured as part of gla because it is below the property s grade level. Definitely a nice feature but not gla. Second it may cause the total gla to exceed the amount of living space allowed by that city for that lot size. Calculated by measuring the outside perimeter of the structure and includes only finished habitable above grade living space.

Finished basements and attic areas are not generally included in gross living area. Follow the rule of 7s. Every attic is different but a few established norms and practices will guide your renovation. The fourth story when present is a mezzanine or loft area that years ago would have been considered about the same as a finished attic.

This is a huge difference that i learned the hard way. A requirement is that attic ceilings have a height of at least 5 feet. Gla is defined by the dictionary of real estate appraisal as the total area of finished above grade residential space. First it wasn t engineered to carry the load that a normal living space floor carries.

I have an unfinished space above my garage that i always thought was an attic. Finished attic space with a minimum of 5 foot walls and heat is calculated for gla. I never had a problem subject to quality addressing these honestly and accurately as below the line basement in the old days other areas that may be at same value. Part 2 of my story please understand the difference between a unfinished attic finished attic and half story.

A contractor or a local building.