Is this a basement?

From time to time we’ll present a situation we’ve come across and post it here on our blog.  We think this will help you in your own endeavors along with showing you the care, detail, and accuracy we strive for here at Aspen

 A couple of weeks ago Andrew, one of our fine appraisers was doing divorce appraisal on a new construction when he surprised to find that the new townhouse had no basement.  He noticed a crawlspace and for “kicks” he decided to take a closer look.  

To enter the space you crawl down a ladder through a crawlspace entry in the floor.  When Andrew made his way into the space he discovered that the ceiling was just over 7ft high.  He figured that this area might have a similar appeal to a basement and perhaps the ladder could be replaced by stairs later down the road.  He reached out to our Chief Appraiser, Matt Frentheway, and inquired if he should report this space as a basement and adjust an amount for functional obsolescence.   What do you think?  Can this space be considered a basement?

We are so happy to have Matt heading the Aspen team.  Because of his extensive experience in the appraisal industry, he really knows his stuff!  Matt stated in plain terms that this area cannot be considered a basement at this point simply due to the low ceilings and lack of stairs.  

Were you right? While yes, this crawlspace might still bring a basement appeal to a potential buyer, as an appraiser we wouldn’t be able to report this as a actual basement.

Have you come across something out there but your unsure of how to report it? Share what you’ve found in the comments below!

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