All 2400 Square Foot Homes Are Not Equal, Per Buyers and Appraisers
Scott P. Rogers
So -- if your neighbor's 2400 SF, circa 2000, 4 BR, 2 BA home just sold for $300K...
Then it's probably reasonable to think that your 2400 SF, circa 2000, 4 BR, 2 BA home will also sell for $300K, right?
After all, you have made the same updates (systems and cosmetic) over time -- and you're on the same street!Well, maybe -- but maybe not!
Consider the possibility that....
- Your neighbor's home is a Colonial with 2400 SF split between the first floor (1200 SF) and the second floor (1200 SF) and is built on a crawlspace.
- Your home is a ranch style home with 1200 SF on the main level and 1200 SF finished in the basement.
These two homes will not be seen as having an equivalent value -- not by potential purchasers and not by an appraiser.
Above grade square footage has a higher value attached to it -- both specifically by appraisers, and generally by purchasers. Even if all of the other factors (condition, age, location, bedrooms, bathrooms) are the same between two houses, if one has a significant portion of the square footage in the basement then it will be seen as less valuable than the home that has all of its square footage above grade.
