About Cobb County, GA

Room count and room designation is as confusing a topic as calculating living area. Both play such a vital role and yet both remain a continuous source of confusion. Agents often work listings to make them as attractive as possible to a potential buyer – which is what they should do. However, there’s a fine line between exploiting the gray area and misleading buyers. The comments below are based upon my appraisal experience and they are reasonable to use when evaluating a home. Most homes will be evaluated by appraisers as part of the closing package; all parties should be familiar with how they will consider the property.

What is a Bedroom? That's Up to You...Sorta

What constitutes a bedroom? Among other things that depends on the age of the home, location of the home, and how comparable homes like it are viewed. There are neighborhoods in Marietta, Atlanta, Kennesaw and other parts of Metro Atlanta that are comprised of homes built prior to the 1940’s. These homes often have bedrooms with no closets – old central heating systems often lacked ducts in each room. Rather than take space with closets that would lack air circulation, clothes were often stored in armoires, cedar closets, or some similar manner. As a small child, we lived in a “railroad” apartment in Brooklyn, NY. There were no doors; you entered in the small kitchen and walked through two “bedrooms” back to the living room. Talk about functional obsolescence….but that floor plan was (and still is) common in that market. Applying current standards to these older homes is impractical as consumer demands have changed. This is a perfect example of why it’s critical to use accurate comparables.

It is reasonable to expect the following in “modern” bedrooms:

· a closet
· a window
· a ceiling height of 7’ or more
· a dedicated, securable entry with no “thru” traffic
· area enough to accommodate a small bedroom set

This list isn’t exclusive; common sense will come into play. One big variable in the Atlanta real estate market is “bonus” rooms being called bedrooms. Typically located over the garage, these rooms can work as bedrooms, offices, play rooms, media rooms….use depends on your needs.

And What About Those Other Areas...and Basements?

What constitutes a dining room? Common practice (and common sense) is to call it a dining room if it is a definable space suitable for formal dining. In my view, this is a walled room that is adjacent to or near the kitchen, with defined entry and exits. A dining area is typically off the kitchen and is a space suitable for informal meals. This area is open to the kitchen and the traffic flows unobstructed.

What constitutes a finished terrace? This is a bit of a word play as in the Atlanta market this is usually a finished basement. In most parts of Metro Atlanta, we have the luxury of rolling terrain that affords us the ability to have partially above grade basements. Natural daylight, exterior entry doors, high ceilings….these things combine to make finishing the area very worthwhile. But – DO NOT EXPECT THIS AREA TO BE REFLECTED IN THE LIVING AREA OF THE HOME. It’s common for agents to include finished basement rooms in the overall room count. This area must be heated and cooled by a permanent source and must be “finished” in a manner minimally consistent with area norms. Finished surfaces on the walls, ceilings and floors – permanently heated and cooled are usually minimal standards. Many agents and owners also include this area in the square footage of the home. This is inaccurate; if an agent does that they are either misleading the client or they are ignorant of industry requirements.

Does finished basement area “count”; does it add value; is it included in the appraisal? Yes, yes and yes. ANY finished area that is less than FULLY ABOVE GRADE is considered finished basement. Appraisers will use comps with similar finishing and the area will be reflected outside of the gross living area in the basement section. Adjustments for size, quality, condition, etc will be made to the comps based upon comparison with the subject. This can get dicey with finished basements, but consider the challenges of appraising some mountain or lake homes where the majority of the living space is technically below grade…

Bathrooms, Tub, Shower Stalls and Stand Up Urinals...

So is a bathroom with a shower stall a full bath? Again, look at it through an appraiser’s eyes as they will have a role in the transaction. In my experience a full bathroom is any with a tub/shower combo, a separate tub and shower, or a shower stall. Bathrooms with only tubs and no shower are tricky; current standards would consider that functional obsolescence but those are seen in older homes and even some "retro" remodels. Powder rooms or half baths are typically a toilet and sink. But what about a bathroom with a stand up urinal? Yup - saw two in the last six months...how sexist.

If it Works, It's Fine

Keep in mind that a buyer’s requirements for a home supersede an agent’s description. That bonus room might serve as a bedroom, a bedroom as an office, or the dining room as a play room. Sellers need to see their home through the eyes of the market. If that loft is open to the family room then call it a loft, the room in the back of the basement with no windows and no closet might not be a bedroom even if it’s used it that way. Don’t get dramatic about what a room is or isn’t called – all that matters is what works for the family occupying the home.

Looking for a great St. Patrick’s Day Festival next Saturday? No excuses on why we shouldn’t see you at the Smyrna Market Village this year. So get out of the house, put on a little green and come celebrate. The St. Patrick’s Day Festival is Saturday, March 17, 2012 from 2-11pm. Don’t miss out on one of Atlanta’s biggest and growing St. Patrick’s Day festivals.

The festival is a celebration of Irish heritage enjoyed by over 2,000 people in previous years.

Atkins Park Tavern and Zucca Pizzeria are the hosts for this great Smyrna Market Village event and is always well planned and offers food, fun, and music for the entire family.

The festival begins at 2pm and runs until 11pm on March 17th. Irish music, traditional foods, vendor novelties, contests, and other live entertainment make this an ideal event for your family on St. Patrick’s Day.

The festival typically kicks off with Smyrna’s mayor, Max Bacon, dyeing the Smyrna Market Village fountain green to fit in with the festivities. The event has been popular with Smyrna Vinings residents of all ages, so don’t miss out. It’s certainly an event the whole family can enjoy.

Highlights include:

• Saturday, March 17, 2012 – 2pm – 11pm
• Traditional Irish Festival
• Carnival Style-Rides
• Annual Dyeing of the Fountain with Smyrna Mayor Max Bacon
• Live Music Andrew Black and Pine City, Patrick Scott and Homefront
• Redhead Contest
• March Madness- watch all the games at Atkins Park
• Photographers
• Great food available from Atkins Park and Zucca Pizzeria

A portion of the proceeds will benefit Mustard Seed Communities.

The event will be held at the Smyrna Market Village which is located at 2840 Atlanta Road, Smyrna, GA 30080 (Directions).

Admission is $5 in advance and $15 at the door. So plan ahead and get your Smyrna St. Patrick’s Day Festival tickets here.

Mortgage interest rates were unchanged last week.

What to Expect:

The big event of the week will be Friday’s Jobs Report. Employment numbers have been showing improvement for several months in a row. Will the trend continue? If so, home loan interest rates could move upward.

European economic concerns continue to be headline news at the beginning of this week. The 17 nation European economy shrank in the 4th quarter of 2011 and China just revised its future growth estimates lower. While Greece appears to have captured its debt bailout, many are stating that the Country will still default on its debt. These issues may help mortgage rates improve at the beginning of the week.

Breg-ometer:

Next 30 Days: Lock loans in – too much uncertainty

Next 30+ Days: Neutral – Appears rates will continue to bounce within the same range we have seen the past month.

Courtesy of:

Bob Bregitzer
Southeast Mortgage

Click here to start your Smyrna Vinings home search.

Be sure to check out the Smyrna Business Association's next Alive After Five networking event. This will be held at South City Kitchen Vinings in Ivy Walk.

This networking event will be held on Thursday, March 15th, 2012 from 5:30-7:30 pm.

Enjoy an evening of networking with industry professionals in a comfortable, upscale and entertaining atmosphere.

Appetizers + Drinks + Door Prizes

Don’t miss out on this fun event!

Admission is free.

Location:

South City Kitchen, 1675 Cumberland Parkway (Ivy Walk Place, Smyrna, GA 30080. Their phone number is 770-435-0070.

Be sure to bring plenty of business cards.

Visit SmyrnaVinings.com for all the latest news and events.