Gross Building Area

The gross building area

• is the total finished area including any interior common areas, such as stairways and hallways of the improvements based on exterior measurements;

• is the most common comparison for two- to four-unit properties;

• must be consistently developed for the subject property and all comparables used in the appraisal;

• must include all finished above-grade and below-grade living areas, counting all interior common areas such as stairways, hallways, storage rooms; and

• cannot count exterior common areas, such as open stairways.

Homium will accept the use of other comparisons for two- to four-unit properties, such as the total above-grade and below-grade areas discussed in Gross Living Area, provided the appraiser

• explains the reasons they did not use a gross building area comparison, and

• clearly describes the comparisons that were made.