Bedroom in basement - Realtor and Appraiser perspective for Comps

[Amit G.]

Hello BP'ers,  A quick question for you all geniuses - Is the bedroom in a walkout basement (below grade of course) with egress (conforming requirements) and and a closet, considered while determining comps?  I probably know that Realtors see it as a legal bedroom and will advertise as such, but will an appraiser consider it while pulling comps of the property?

[Heather Skowronsky]

@Amit G. I am 100% on board with @Chris Mason - you will not see the basement bedroom counted in the gross living area on the appraisal because they only count above grade rooms.  However, they will (should) compare it to other homes that also have a bedroom in the basement.  Same goes for bathrooms in the basement.  

I have actually had a listing that was a 3 level townhome - you walk in on the lowest/3rd level.  There was a full bedroom and bathroom on that level (main level).  Then you walk up to the 2nd level where the kitchen and living rooms were.  Then the 3rd level had 2 more bedrooms.  No part of this home was below grade - it was built on a concrete slab - 100% above grade.  When the appraiser did the appraisal, they would not count the bedroom on the main level!  I was shocked.  Their reasoning was "it's below the kitchen so it doesn't count."  I have spoken to several appraisers since and their opinions on that are all different.  

For as many regulations as the real estate industry has, the appraisal is one thing that seems to have been under regulated.  I guess because it is just an opinion of value.  Either way, it's very frustrating.