Valuing Basement Square Footage in Comps

[Tina Wells]

Hey Folks!

Can you guys please offer me some expert guidance when it comes to evaluating finished basement square footage in my comp analysis in North Carolina? For example, I have a subject property that has 1682 SF on the main floor and 810 SF of finished basement (the majority of which is about 8 feet in height with the exception of some bulkheads to hide the mechanicals) and 271 of semi-finished basement that is a utility room basically (washer/dryer, freezer, hot water heater, furnace, some storage). How do I compare that to a comp that has 1840 SF on the main floor and 460 SF of finished basement space (and 1200 SF of unfinished space)? Both are walkout basements if that matters.

How do I value the basement square footage? Is the finished basement SF added to the main SF to get a total SF which I then use as I normally would to get a per SF price or do I value the basement and main floor differently? How do appraisers do it?

Any guidance is MUCH appreciated!

Tina