How to Appraise a House with a Walk-Out Basement

Specify the measurements of the walk-out basement in square footage.

Describe the walk-out basement and specify its current use. Explain whether it is finished or unfinished space and whether it has potential use for family purposes or as a home office.

Specify if the comparable homes in the appraisal report have a walk-out basement.

Explain in detail what makes the walk-out basement a distinctive feature on the property. State whether many homes in the area have a walk-out basement.

Calculate the value of the walk-out basement by the comparison approach. Include this as part of the report.

Calculate the value of the walk-out basement by the cost and replacement value approach. Include this in the report. The cost approach of arriving at a value estimates the expenses of constructing the walk-out basement.

Include a picture, and a floor plan or layout sketch of the walk-out basement in the appraisal report.

Compare the value of the subject home to homes with and without the walk-out basement.

State the dollar value that the walk-out basement adds to the subject property in the appraisal report summary.