It's time for standardization
As of April 1, 2022, The Federal National Mortgage Association (Fannie Mae) now requires that appraisals on certain properties must comply with a specific American National Standards Institute (ANSI) measuring standard. If you are an appraiser – or someone who works with appraisers – you need to understand what this change means and how you can ensure compliance.
Read more about the ANSI Measuring Standard.
Make Sure Your Home Appraisals Meet Fannie Mae’s New Measuring Standard
After creating a sketch with magicplan, you can specify the percentage of a gross living area (GLA) for each room included in your floor plan. Some room types (e.g. unfinished basement, garage, or stairway) are by default set to 0%, while some (e.g. bedroom, kitchen, and toilette) are set to 100%. All measurements can be manually adjusted to any number between 0 and 100%. Additionally, you can also set the wall thickness of both, interior and exterior walls per floor.
The statistics are then calculated as follows:
Gross Living Area = each Room * the percentage from “Living Area Calculation” setting
i.e. Gross Living Area = “Kitchen” * 100% + “Balcony” * 50%
To easily differentiate between the rooms with different gross living areas, you can assign different colors to your rooms depending on their GLA percentage. Read more about the difference between the GLA and Total Area.
