Investor · The Bronx, NY · Member since 2012 · 226 posts · 44 votes
Hi, I have a question about square footage of a property.
I'll use a potential deal I'd like to get under contract as an example for me questions. It's 1600 sq ft, 2 story SFR which also has an unfinished basement and unfinished attic. The basement is large enough to finish/convert into a small (maybe 1 bedroom) apt and has a separate entrance, though through the back of the house. The attic is big enough to convert into 2 mid sized rooms and possibly even with a 1/2 bath.
So, If I were to rehab the basement & attic, can I add the extra sq ft to the listing when I go to sell it?
If I convert basement into separate apt, with permits as required of course, does it matter that the entrance is at the back of the property and one would have to walk through an alley, about 4 ft wide, to get to the back?
another issue if you do in fact rehab the bsmt. Have a check valve installed in the sewer pipe, esp in NYC. Nothing worse than a backup through no fault of your own.
I am not certain as I am not a code guy but I do believe for a basement you have to have two forms of egress and the hot water and heaters ( assume in basement) must be in a separate room and must be surrounded by fire retardant material. That is what I remember from when I was in RI. Now NYC I do believe that it is possible that ALL basement, cellar aparments are illegal. Someone please correct me ?
Different areas of the country maybe different, but where I am above ground finished living space is worth more than below ground space and usually a listing will specify above ground finished footage. As far as converting the basement into an apartment, at least here a second escape route would be required. This may or may not hurt the integrity of the basement walls (ie I am assuming they are water tight now, but putting in windows adequate for someone to escape in case of fire may result in water leakage).
@Pete Nater The biggest issue is going to be the size of the windows and their height off the floor. You need to be able for a fireman to enter the unit with an air tank on his/her back. That's kind of the standard that I was told. Do a web search for egress windows so you'll understand what you'll need to have. There are many basement units in NYC. Many are grandfathered in however if you're going to put a new one in it must meet current code.
The simplest thing to do is call the town or city you're purchasing in and ask them. First check if its zoned so you can do it. If it is then ask what you need to do to make it legal.
& here at least the bsmt egress window has to be a slider.
We are also getting nailed on new rehabs for upper window 'slider egress' so your attic rehab may present some interesting logistics regarding bldg codes.
another issue if you do in fact rehab the bsmt. Have a check valve installed in the sewer pipe, esp in NYC. Nothing worse than a backup through no fault of your own.
Since everyone is addressing the basement (and yes the area will sell for less per square foot than above grade and actually is not considered above grade square footage unless 3 of the 4 walls are exposed), I will talk about the attic.
Attic square footage is calculated not from the outside walls but from the spot where the ceiling is 5' from the floor.
Another consideration is that you should have a ratio of 1 bathroom for every 2 bedrooms in order to get the best market value.
Basement footage is typically valued at something like 10% of the value of ground floor footage. Upper floors more like 40%. Take those numbers with a grain of salt. Speak with an appraiser to get an idea of values in your area. MLS listings here typically list the ground floor footage as the primary number and break out basement and upper stories separately. But, no, if you add 500 ft. in the basement and 500 ft. in the attic you could not just claim 2600 sq.ft. You might get away with saying 2600 ft. finished. Just depends on how things are handled in your area.
According to IRC 2006 (the one used around here and that I have handy) egress windows must have a 5.7 sq.ft. clear opening, minimum opening width of 20", minimum opening height of 24" and maximum sill height of 44" (R310.1). Sliders aren't required, but are often the easiest way to meet this code.
For sloped ceilings (e.g., in the attic), 50% of the required floor area must be at least 7' and no portion can be under 5' (R305.1).