Basement Blues: Does It Count or Doesn't It?
So, you're eyeing a new pad in the concrete jungle that’s New York City. It’s got everything: a tiny kitchen, a bathroom you could fit a yoga mat in, and a walkout basement. You’re thinking, “Sweet! Extra space for my Peloton and my collection of taxidermied squirrels.” But hold your horses, buckaroo! Before you start planning your basement tiki bar, let's talk about whether that extra square footage is actually extra.
The Great Basement Debate
Now, you might be thinking, “A basement is a basement, right? It’s got floors, walls, and a ceiling. How hard can it be?” Well, my friend, the world of real estate is filled with more twists and turns than a Wes Anderson movie. When it comes to basements, and especially walkout basements, things can get a bit murky.
The Golden Rule: Generally speaking, if your basement is below grade (fancy talk for below ground level), it doesn’t count towards your square footage. It’s like that awkward cousin you only see at family reunions – related, but not really part of the main event.
But wait, there’s more! If your basement is a walkout basement, meaning it has exterior access, things get a little more complicated. Some appraisers might be willing to include a portion of it in the square footage, but don’t get your hopes up for counting the whole thing. It’s like trying to convince your boss that your dog is a legitimate co-worker – it might work sometimes, but don’t bet on it.
What Makes a Basement Count?
To increase your chances of that basement bliss being factored into your square footage, it needs to meet some specific criteria:
- Finished Space: It’s not just a concrete floor and exposed pipes. We’re talking walls, ceilings, flooring, and proper heating and cooling.
- Legal Height: You need to be able to stand up straight without doing a weird limbo dance. There are specific height requirements for habitable spaces.
- Natural Light: While not strictly necessary, natural light can significantly boost the value of your basement. Picture windows or even skylights can work wonders.
How to Determine Your Basement's Square Footage
If you're still unsure whether your walkout basement counts as square footage, here are some quick tips:
- How to find a qualified appraiser: Look for someone with experience in the local market.
- How to measure your basement accurately: Use a measuring tape and break down the space into smaller sections.
- How to interpret appraisal reports: Look for specific language about the basement and its inclusion in the square footage.
- How to negotiate with a seller: If the basement is important to you, be prepared to negotiate the price accordingly.
- How to maximize your basement space: Even if it doesn't count towards square footage, a finished basement can add value to your home.
Remember, the world of real estate can be a confusing place. So, do your homework, ask plenty of questions, and don’t be afraid to consult with a real estate professional. And if all else fails, just embrace the cozy, subterranean vibe of your walkout basement. After all, sometimes the best things in life are a little underground.