Appraiser Reality Series Part IV Lets Talk Square Footage Shall We?
By Mary Thompson, Lake Lanier Appraiser in North Georgia
(Lanier Appraisal Service)
Square footage. Should be a pretty simple concept right? Well not really. I spend a good deal of time explaining to Realtors and to Borrowers/Homeowners how Appraisers DIFFER from Realtors when it comes to Square footage. When Appraisers measure homes they determine GLA (gross living area) and Below Grade or (below ground) square footage and they are calculated at different per square footage rates. IF you have a 2,000 Square foot ranch on a full finished basement with 3 beds 2 full baths on each level....Realtors will market this as a 4,000 SF home with 6 beds and 4 full baths. Appraisers will appraise this home as a 3 bed 2 bath with 2,000 SF of GLA and another 2,000 SF of heated space in the basement/terrace level. I can't tell you how many times I get a call from the owner or Real...
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