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FHA.com Appraisal Guidelines 1)Are Finished ...

FHA.com Appraisal Guidelines 1)Are Finished Basements considered in Living Area and Square Footage of the Home- (3) Level Split Homes w/Lower Level,which is below grade is counted as Square Footage and living Area

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A finished basement is not included in the Living Area of the home but a finished basement is given a value and other comparables that have unfinished basements are given a raise in value for not having one so it makes it worth more than the actual Sale price.  Split level homes can be included i the GLA (Gross Living Area) and if they are ALL split Level homes used in the report have to be treated the same way. Split levels that do include the basement are considered to be on a slab and have no basement. it a win win or no win no win situation... But it all dependes on the way the basement is. A walk-out basement can be partial finished and given more value than a regular basement.  This should ALL be explined in the Addendum of the Appraisal Report.   LS

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