My square footage of my home has increased. What do I have to do to change prior square footage?

We finished our basement as additional living space. It can be used as a family room/office/bedroom.
(0) | asked by: Kim Wasserman | share | 1 month ago | Report
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answer by Elisa Lewis-Jester    |   Contact Me
Any addition rooms you add to your home is a value to the purchaser and can help your home sell faster and for the highest possible price. Buyers are always looking for homes with finished basements. Congratulation on upgrading your home for a better change in the market to get the highest and best price on the market.
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answer by Solomon Greene    |   Contact Me
Congratulations on finishing your basement. The total square footage of your home has not changed if any part of the basement that you finished is earthen (beneath ground level). The work you've done may still translate into more property value if similar homes with finished basements have recently sold for higher selling prices.
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The square footage hasn't changed - you've just finished more of it. Enjoy it. Appraisers and lenders value square footage below grade (basements) differently - even when finished. If and when you are ready to sell, you might want to pay for a prelisting appraisal, b/c you will need an appraisal to be able to list that extra room as marketable square footage. If you currently are paying mortgage insurance and you want to use the improvements to drop the PMI, call the lender and discuss with them. they will do an appraisal. this appraisal can also be used to verify square footage when you are ready to sell.
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answer by Ed McKeown    |   Visit My Website   |   Contact Me
Did you acquire permits before you had the additional space added? If so the assessors office should have made the adjustments. If not it may be a challenge without repercussions or tax liability.
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