Estudio de la publicidad de Asics

The exterior description of the property usually includes discussion of the substructure (or foun-dation) and the superstructure.

a. Home Energy Rating System (HERS) b. Other third-party rating system 3. Ventilation

4. Exterior walls 5. Exterior doors

6. Windows, storm windows, and screens 7. Facade

8. Roof and drain system 9. Chimneys, stacks, and vents 10. Special features

C. Interior description

1. Interior walls, partitions, and doors 2. Division of space

a. Storage areas

b. Stairs, ramps, elevators, escalators, and hoists 3. Interior supports

a. Beams, columns, and trusses b. Flooring system (subflooring) c. Ceilings

4. Painting, decorating, and finishing a. Basements

b. Floor coverings

c. Walls, partitions, and ceilings d. Molding and baseboards e. Fireplaces

5. Protection against decay and insect damage 6. Miscellaneous and special features 7. Personal property c. Hot water system

2. Heating, ventilation, and air-conditioning systems a. Heating systems

1) Warm or hot air 2) Hot water 3) Steam 4) Electric

b. Air-conditioning and ventilation systems 3. Electrical systems

4. Miscellaneous equipment a. Fire protection

b. Elevators, escalators, and speed ramps c. Signals, alarms, and call systems d. Loading facilities

e. Attached equipment (process-related) Exhibit 13.1 Elements of a Building Description

118 The Student Handbook to THE APPRAISALOF REAL ESTATE, 14TH EDITION

Measuring Buildings Assessors, appraisers, and brokers all measure buildings so they

can describe the improvements to other real estate professionals, but they do not all use the same methods. While it is important for all real estate professionals to use the same terminology, it is even more important to maintain the consistency of the data within ap-praisals. If the assessors in the market area follow a different set of rules than appraisers and the assessor’s measurement of gross living area is the only source available for that data, you should adjust the assessor’s measurements to compensate for any differences from the calculations used by other appraisers in the market. In other words, be sure to always compare “apples to apples.” If the asses-sor’s numbers have to be adjusted, you must explain the rationale to avoid being accused of altering the facts to the client’s advantage.

Remember that if an appraisal reviewer reads the report with asses-sor’s numbers that have been adjusted, the reviewer may not know why that was done or may assume something nefarious. It is impor-tant to note any adjustments to ensure the reviewer understands.

The following measures are commonly used throughout the real estate industry:

s s s

Gross living area (GLA) is commonly used to describe the size of residential properties. This measurement is made by measuring the outside walls of the dwelling with a tape measure. GLA only includes the floors that are completely above the grade level of the site.

In most cases, any part of the floor area that is below grade is considered basement area. This rule causes much consternation among brokers, owners, and casual market observers because they want to consider finished basements in the above-grade area. In most markets, a finished basement costs less to build than above-grade living area; this doesn’t necessarily mean that a finished basement is worthless, just that it is not as valuable as the above-grade area. Some appraisers are pressured to make their reports conform to a set of standard guidelines and are reluctant to adjust an adequate amount for basements. As a result, they undervalue this feature to stay within perceived “guidelines.”

For example, an appraiser working for a residential lender adjusts more than 15% on a net basis or 25% on a gross (absolute numbers) basis. The appraiser is likely to be asked to explain why the adjustment is so large. An appraiser expecting a query for an adjustment of that size may erroneously underestimate the value of basements to avoid conflict with the lender’s guidelines.

Gross living area is always finished area and is heated and cooled in most markets. To be included in gross living area, finished living area must have a ceiling height of at least 7 feet except in the following areas:

s tions (with an absolute minimum of at least 6 feet 4 inches) s

s

At least one-half of the finished area in that room must have a verti-cal ceiling height of at least 7 feet, and no portion of the finished area that has a height of less than 5 feet may be included in this finished square footage. This exception applies to areas in which the ceiling slopes down to the floor. Only part of this area is usable and recognized by the market, so it must be treated differently.

Areas that cannot be included in GLA include the following:

s treads and landings proceeding to the floor below included in the finished area.)

s

s enclosed or suitable for year-round occupancy

Gross building area (GBA) is used in commercial, industrial, and multifamily properties. In most markets, GBA is the total building area including the walls, but the method used to calculate this amount can vary from market to market.

A common method of calculating gross building area in office buildings is to measure to the outside finished surface of the perma-nent outer building walls without any deductions. Unlike gross living area, which does not include below-grade living area, all enclosed floors of the building—including basements, mechanical equipment floors, penthouses, and the like—are included in the gross building area measurement of office buildings. Parking spaces and parking garages are generally excluded. Again, that does not mean parking areas have no value, simply that they are classified differently.

Gross leasable area (GLA) is used in shopping centers and in some markets for office buildings to measure the total floor area for which tenants pay rent. In some office buildings, GLA includes a pro rata share of common areas, which allows a landlord to lease the hallways and common areas when the building is leased to several tenants on the same floor. GLA can include basements and mez-zanines, and it is commonly measured from the center of interior partitioning to outside wall surfaces.

Context is usually sufficient to indicate whether the acronym GLA refers to gross living area or gross leasable area.

Building Description 119

Living Room Kitchen Laundry Bathroom

Closet

120 The Student Handbook to THE APPRAISALOF REAL ESTATE, 14TH EDITION

Substructure

The substructure is the part of the building that is below ground level and supports the remainder of the improvements above ground level. Weather and soil conditions in different geographical regions affect the type of substructure construc-tion. From an appraiser’s perspective, this part of the building is diffi cult to inspect because it is all underground. If the structure has a basement, the substructure may be visible from the interior.

The typical substructure of a building can be very different from one area of the country to another. It is common for buildings to have basements with concrete walls in some areas while monolithic slabs are much more com-mon in other areas. In some parts of the country, wood foundations are found, and still others may have houses built up on pedestals. Many founda-tion walls create a barrier from cold air to keep plumbing lines located below the fi rst fl oor from freezing. In other words, these buildings are not on pedestals because of their plumbing.

Superstructure

The superstructure is the part of the building that is above ground level, and it is the area of empha-sis in the building description of most appraisals.

Framing

Framing commonly refers to the structural por-tion of the building; it can be concrete block, brick, structural steel, wood frame, or some other material. Wood framing is the most popular con-struction method for houses, and steel beams are used in most nonresidential buildings. However, wood framing may not be practical in some areas because of termites. Local codes rather than own-er prefown-erences may regulate what can be built.

Insulation and Ventilation

Energy costs add signifi cantly to the cost of prop-erty ownership. Modern builders focus on mak-ing buildmak-ing improvements more energy-effi cient than they were in the past when energy costs were lower. Sealing up a building tightly promotes energy effi ciency, but it can create new challenges

A building’s substructure is visible during construction but hidden after construction is completed. The interior of a basement is usually the only portion visible to an appraiser on a site visit.

Building Description 121 such as ventilation problems, mold growth, and

rot of structural members. Adding insulation is usually a straightforward procedure, but it too can be problematic in certain types of construction.

Because many people visit commercial, industrial, and other types of buildings over the course of a day, good ventilation is important.

Hotel banquet and meeting rooms may accommo-date hundreds or even thousands of people in a single room, so air must be changed fairly briskly.

Most large meeting rooms have high ceilings to increase the air volume for that reason. Commer-cial buildings with completely closed air systems can have many serious problems including sick building syndrome and rot. Mold has also become a major issue in recent years. Correcting mold problems can be costly and complicated.

Exterior Walls and Doors

The high cost of energy has made well-insulated and draft-free doors and walls an important part of the energy equation. Air locks, which are two sets of doors, are commonly seen in commercial

buildings and some residential structures. Air locks are designed to limit the amount of cold air flowing into the building during the winter.

Revolving doors in commercial buildings serve the same purpose. In hurricane-prone areas, door standards include a minimum requirement for withstanding the impact of high winds.

Windows, Storm Windows, and Screens

Again, energy efficiency dictates that modern windows have two or three panes of glass and tight sealing mechanisms for opening and closing.

Some older structures can be made more ener-gy-efficient by adding exterior mounted storm windows over older single-pane glass. Windows are fixed in most nonresidential properties for security purposes and to prevent outside air from entering in cases such as an employee forgetting to close a window and leaving it open overnight.

Facade

A building’s facade is an external wall covering of construction material (e.g., brick, stone, vinyl) or Light-gauge steel framing is lighter and more dimensionally stable than wood framing, but it conducts more heat and requires more energy to manufacture. Prepunched holes allow piping, wiring, and bridging straps to pass through the framing members.

122 The Student Handbook to THE APPRAISALOF REAL ESTATE, 14TH EDITION

a veneer that is usually nonstructural. A decora-tive facade, such as synthetic stucco, is often used to update old buildings.

Roof and Drainage System

Most properties need a drainage plan to remove rainwater efficiently. It is an important part of an appraiser’s job to recognize a drainage problem relating to a building and, more importantly, a site.

Appraisers often find drainage problems next to a property’s foundation because the soil has settled in the area that was excavated to build the struc-ture. Drainage problems can cause or aggravate wet basements or crawl spaces and can be seen when the ground, driveway, or parking area tapers toward the structure rather than away from it.

An example of a designed drainage system is the roof on the structure itself. A residence with a steep roof pitch will have great drainage while a roof with a low pitch will drain more slowly. A steep roof is more expensive to build and has been recognized in most markets as a design attribute.

The weight of snow is a factor for all roof designs in many markets where snowfall is appreciable.

Roofing on nonresidential buildings var-ies from asphalt shingles to a slightly elevated mopped asphalt surface. Steel, aluminum, or other materials are used to cover roofs.

Chimneys, Stacks, and Vents

Many new homes have gas-fueled fireplaces with metal-lined flues instead of masonry chimneys.

Roof vents are required in most modern homes and buildings to allow the heat and humidity buildup to escape in attic areas. In some climates, attics have moisture problems so severe that they require power ventilation. Also, ventilation can be an issue for office buidlings because the population density can be significant in some intense uses.