Appraisers will be required to use the Square Footage-Method for Calculating: ANSI® Z765-2021 (American National Standards Institute®)
Measuring Standard for measuring, calculating, and reporting gross living area (GLA) and non-GLA areas of subject properties for appraisals
requiring interior and exterior inspections with effective dates of April 1, 2022 or later on loans sold to Fannie Mae
Here are some items for appraisers to consider when using the
• Measurements are taken to the nearest inch or tenth of a foot, and
the final square footage is reported to the nearest whole square foot.
• Staircases are included in the GLA of the floor from which they descend.
• Basement is any space that is partially or completely below grade.
• The GLA calculation does not include openings to the floor below,
e.g., two-story foyers.
• Finished areas must have a ceiling height of at least 7’. In a room
with a sloping ceiling, at least 50% of the finished square footage
of the room must have a ceiling height of at least 7’ and no portion
of the finished area that has a ceiling height of less than 5’ can be
included in the GLA.
• If a house has a finished area that does not have a ceiling height
of 7’ for 50% of the finished area, e.g., some cape cods, in
conformance with the ANSI Standard, the appraiser may put this
area on a separate line in the Sales Comparison Grid with the
appropriate market adjustment. The report will be ANSI-compliant
and also acknowledge the contributing value of the non-GLA
read more at: https://singlefamily.fanniemae.com/media/30266/display
If you make extensive energy-conservation and other green improvements to your home, will they earn you a premium price for the entire house when you go to sell?
For years, the easy answer has been, oh yeah, absolutely: Green is good, everybody knows that saving energy is a no-brainer, and buyers will pay more to get it. There’s research to back that up. A study of California sales found that green-certified homes sold for between 2.1 percent and 5.3 percent more than similar homes with minimal or no green features. A 2015 study of renovated homes in Washington D.C. concluded the average price premium was around 3.46 percent. A study last year in Texas found that green-certified homes sold for 8 percent more than comparable properties.
If you are in the San Diego area contact the appraisers at www.scappraisals.com ; they are forerunners in green properties appraisals.
Home builders have told researchers that two-thirds of their customers say they’re willing to pay higher prices for homes with significant green features, such as energy-efficient appliances, heavy-duty insulation, water conservation, healthy indoor air quality and others.
So is that it? Going green always nets you more green — case closed? Not so fast. Two recent studies by appraisers with long experience valuing green homes suggest the answer is more nuanced. Some of the researchers’ findings in brief: Though generally it’s true that green improvements will earn you at least a little higher price, the size of the premium may depend on external factors you hadn’t thought about:
- Does the Realtor you picked to list your home know enough about green improvements to market them effectively? Is the agent competent to market what you’ve got to sell?
- Does the agent have any formal training in this area, evidenced by a green designation in her or his own listing presentation or advertising?
- Does the listing for your home in the local Multiple Listing Service (MLS) contain crucial information about your green improvements, such as a “green addendum” that details the special features that make it energy-efficient?
- Does the local MLS have “green fields” that allow listing brokers to fill in the blanks with appropriate detail so that other agents — the ones who are going to find your buyers — know what your house really offers in terms of green improvements?
- Do Realtors in the area know much or anything about rating systems such as HERS, LEED, ENERGY STAR or others? Do they know where to turn locally to obtain a rating? (HERS stands for Home Energy Rating System; LEED is a globally recognized rating system for residential and commercial green real estate; ENERGY STAR is a federally developed rating for appliances, building materials, entire houses and commercial property.)
If none of these key factors is working for you, your green features may be impressive, but may not earn you much of a premium. Worst case, they might even get you nothing.
rear more at: https://www.miamiherald.com/news/business/real-estate-news/article220044410.html
Disclaimer: for information and entertainment purposes only
After finishing second behind Los Angeles for three consecutive years, San Diego came in first place in the nation as the city with the most installed solar power.
Solar power increased 60 percent in San Diego in 2016, reaching 303 megawatts of installed photo-voltaic capacity, finishing 36 megawatts ahead of Los Angeles and almost 60 percent higher than Honolulu and San Jose, which finished third and fourth.
In the previous report, San Diego racked up enough installed capacity to power 47,000 homes. In the latest rankings, released Tuesday, the number grew to nearly 76,000 homes
Read more at: http://www.sandiegouniontribune.com/business/energy-green/sd-fi-solar-report-20170403-story.html