Square Footage

Fannie Mae guidelines define the square footage of any home as that area which is "above grade," as in  above ground level. This means that if you have a 1500 square foot ranch with a finished basement, then your square footage is ...1500 square feet. If you refer to your home as a 3000 square foot home because you put up knotty pine panelling and carpets downstairs, you are lying about your square footage. Why? Because, that's why. Basement square footage is not considered living space, especially when there is no separate egress for fires. For the record, this is a 3000 square foot house:

 

As you can see, it has a full 1500 square foot walkout basement that spans the entire footprint of the house, making the usable square footage closer to 4500 square feet. But the owners are too smart to claim it has 4500 square feet, because then people would unfavorably compare it with this one:

This is over 5000 square feet, not including the basement, which, when I first saw it, gave me vertigo.

This house below is a 1500 square foot ranch with a finished basement whose owners think they are clever, but only succeed in antagonizing people who seek 3000 legitimate square feet:

Most people can tell the difference. Moral of the story: don't lie about your property, because when people (especially the ones who can afford 3000 square feet) actually see it, they'll know. And they'll probably be annoyed.

Comments

[Rena']

I have a question. My husband and I live in a tri level and we have had 4 apprasials to our property over the 12 years that we have owned it. It has always been appraised at 1350 square feet gross living area. This would include the lower level that is semi below grade that is our kitchen, dining area, laundry room and bonus room with walk out back door. (We live in the state of Michigan, I am sure that makes a difference in laws and regulations). Just recently we had an apprasial done and this person has us at 785 square feet and only gives us credit for the lower level being "finished"! How is this possible? This has cost us alot of money in the value of our home and now we are below what we owe! Is this person correct or is there some exceptions to the Fannie Mae regulations for calculating square footage on a tri level w/o basement.

Thank you in advance for your help in the matter.