How is square footage determined?
Appraiser: It is the exterior dimensions of the house – width x length. The correct way to measure a house is to measure the four sides, on the outside. Below grade (meaning the basement) is evaluated differently than above grade, and should not be included in the total square footage. Seller: I know that a basement is considered to be below-grade, and its square footage is considered different from above-grade. But what about a walk-out basement? Does this still count as “below grade”? Appraiser: Yes. If any portion of it is below-grade, the square footage is considered below grade. Seller: How about the garage? Is this included in the above-grade square footage? Appraiser: No. A garage is not included in the square footage. In an appraisal, there is a separate line item that takes the size of the garage,or lack of it, into account Buyer: The seller of the property I want to buy recently had a professional appraisal done. Why does the mortgage lender need to do another one (at my expe
