Finished Attic Part Of Gla Appraisal

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.

Finished attic part of gla appraisal.

Gla and attic space though some homeowners don t use their attics as living space appraisers can factor these sections into gla. A requirement is that attic ceilings have a height of at least 5 feet. The erc guideline also states. Gla is defined by the dictionary of real estate appraisal as the total area of finished above grade residential space.

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. The below grade finished square footage of a house is the sum of finished areas on levels that are wholly or partly below grade. 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. I m a home owner that recently had an appraisal done.

Here s a picture to help you understand it. Calculated by measuring the outside perimeter of the structure and includes only finished habitable above grade living space. The rooms have their own heat and air covered by the same roof. 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.

I have a single story house it has 5 bedrooms 4 bath 3 rooms and 2 baths are separated by a breezeway the appraiser said the 3 rooms are not part of the gla. However renovated areas or additions may not be of gla due to the lack of a foundation. The fannie mae selling guide does not specifically identify any requirements for inclusion of finished attic spaces or ceiling heights. Finished basements and attic areas are not generally included in gross living area.

In the diagram above only the area that has a the ceiling height of 5 feet would be counted as living area. 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. Similar to below grade rooms this space is given value in part of the appraisal other than gla. I never almost never include the finished attic space in the gla.

There are several criteria that must be met in order for this area to be included. The shape and quality of finish is usually inferior to the first floors and fnma guidelines allows one to do it that way.