VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 5 — Room Additions and Car Storage Conversions

va-m26-7-ch11-t05

VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 5 — Room Additions and Car Storage Conversions.

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VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 5 — Room Additions and Car Storage Conversions

Effective 2019-02-22 · publisher's stamp for this provision

Topic 5. Room Additions and Car Storage Conversions Change Date: February 22, 2019 This Chapter has been revised in its entirety. a. GLA Considerations Room additions and enclosures of garages and carports into the living area should be included in the GLA if the added space is: accessible from the interior of the main dwelling in a functional manner, has a permanent and sufficient heat source, and is similar in design, quality of construction and appeal to the main dwelling. b. Non-GLA Areas Valued Separately Added space that does not meet the criteria listed above must be valued separately from the GLA on the market data grid. The appraiser must consider the effect on marketability of an inferior addition or conversion when arriving at the line item adjustment for the added space. When selecting and analyzing comparable sales, the appraiser should consider the differences in quality and utility of room additions and converted spaces when compared with originally constructed space.

Source: VA Lenders Handbook (VA Pamphlet 26-7), Chapter 11, Topic 5 — Room Additions and Car Storage Conversions · source URL · snapshot 88df7c186d706e99

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