Selling Guide

Published April 07, 2021

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What is included in the gross building area?

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.

Fannie Mae 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 he or she did not use a gross building area comparison, and
  • clearly describes the comparisons that were made.

For additional information, see B4-1.3-05, Improvements Section of the Appraisal Report.

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