Maybe thats how it is with appraisers, but in just every day conversation you talk about finished square feet, because people spend a lot of time in their basements if it's finished. I could tell you I have a 1700 square foot ranch if only including above grade, but in reality it's over 3000 finished square feet with a family room and 3 bedrooms downstairs. Which one paints a more accurate picture of my living situation?
Most common use of appraisals are for lending, estates, and situations like divorces. In Iowa, appraisers, agents and assessors are supposed to all use above grade. I can not speak for out of state agents or assessors.
It may change by county, but they list finished basement area on the assessor page in Polk County. Pretty sure appraisals are done by banks usually for financing purposes, and I've never had one done so I can't say for sure on that. It's weird that @BCClone thinks that's the only standard that should apply in all areas of real-estate, but that's his perogative I guess.
You can call it however you like. My last question is, when you build a house, what do you tell the builder? Every one I've built or helped with has been above grade and with or without basement and then if we are going to finish the basement or not.
If you go home shopping you will see them list the square footage of the home in the title and usually that only includes above grade, but in the property description they always list finish square footage if the basement is finished. Of course they would, because they want to sell the home and that info is important to a lot of people.
It's really ******* cold, and it's not changing until next week at the earliest.
60% chance of snow for Thursday
You'd think with politicians in the area all of the hot air would warm things up.
