Does a finished basem*nt count as square footage in Illinois?
Completed areas below grade, such as finished basem*nts, are not included in the gross living area.
In order for a basem*nt to be considered finished, it must have a permanently installed heating and cooling unit with a continuous power source (such as an HVAC system, electricity, natural gas, a permanently installed propane tank, or heating oil).
A room does not have to have a minimum square foot qualification. Basem*nt bedrooms (50% below adjacent grade level) may be counted in total room count but may NOT be included in total bedrooms count. Any room which meets ALL of these criteria may be counted in the room count regardless of grade level.
Does a basem*nt count toward overall square footage? As a general rule of thumb, a finished basem*nt typically doesn't count toward the overall square footage, especially if the basem*nt is completely below grade—a term that means under ground level.
While a finished basem*nt is considered living space where your property value is concerned, it's only in rare instances that this living space is counted towards the square footage. Even if your basem*nt is not an exception to the rule, a finished basem*nt is an asset to your property value.
The entire level must be above grade in order for that space to factor in to the official square footage. This almost always means that if any portion of the basem*nt is below grade, the entire level will typically be excluded from the calculation of the home's square footage.
If you finish your basem*nt without getting a permit, your house may fail future inspections. The permitting process ensures the job gets done properly, so you also run the risk of completing work done to code. This could result in a fine or the removal of any finishing work you've already completed.
What is considered a finished basem*nt? Well, it has a completed level, and HVAC system, electricity, finished floors, an accessible entrance or stairway, level ceilings, and finished walls. If it is a bedroom, it has a closet and a window.
If there is more than one sleeping room in a basem*nt, a means of egress is required in each sleeping room. It must provide an unobstructed opening with a minimum area of 5.7 sq. ft.
In the United States, on average, finishing a basem*nt will give you a return of 70 to 75% of your investment. For example, if you spent $1,000 on improvements, it would increase the value of the property by about $700. If you spent $10,000 on improvements, it would increase the value of the property by about $7,000.
Can you sleep in a finished basem*nt?
People sleeping in basem*nts can become trapped from smoke, fumes, flame, etc. and firefighters are put in danger trying to rescue them. It's just not safe. You may not need one but if you do please don't sleep in the basem*nt until you add the egress window which allows you to climb out.
Garage space is not included in square footage, and many standards do not count basem*nts (even if they're finished) in overall square footage. Either way, make sure to measure the basem*nt's square footage for your records — you can still include it in any future property listings.
Any space that has walls, flooring, ceiling and heat would count as finished square footage. So, it's likely that stairwells, closets, walk-in pantries and other areas you might be questioning would contribute to the square footage count of a home.
AC Size Estimate Based On Room Size
Take the total amount of square feet in your home. Make sure to EXCLUDE the square footage of your attic/basem*nt/garage, unless you are using any of them as living spaces.
Some appraisers will measure square footage with a good old measuring tape, albeit a large one. Others come equipped with those new state-of-the-art laser devices. I have been present when an appraiser will just eyeball a difficult-to-measure space or even do the wide-arm measurement.
To find square feet, multiply the length measurement in feet by the width measurement in feet. This yields a product called the area, which is expressed in square feet (or square inches if you are calculating a much smaller space, such as a dollhouse).
When house plan sellers refer to Total Living square feet, they are referring to the “living area” of the home. This can be thought of as the area that will be heated or cooled. It is called the living area because this is where you spend your time. An attic, while a useful storage area, is not living space.
Finishing your basem*nt will increase the value of your home by 70 percent of the remodeling costs, according to Remodeling Magazine. But that doesn't mean your property taxes will go up by that amount. In fact, it doesn't mean they will go up at all.
As a general rule of thumb, listing agents and appraisers don't count a finished basem*nt toward the overall square footage, especially if the basem*nt is completely below grade—a term that means below ground level. Whether an appraiser includes basem*nt living space ultimately depends on which state you live in.
Garage space is not included in square footage, and many standards do not count basem*nts (even if they're finished) in overall square footage.
How do you calculate square footage of a basem*nt?
The appraised value of finished basem*nt space is generally 50% to 60% of the value of the main level square footage. To maximize the cost/value ratio, the market experts recommend keeping the basem*nt budget below 10% of the existing home's value. Staying between 5-10% is a good plan.
