Which Lot Should I Choose?

When looking for a home many buyers set out to the perfect home on the perfect lot, but as you might imagine it doesn’t always work out like that. Often times buyers fall in love with a home and compromise on the home site. This is quite understandable as for most prospective homeowners the home itself is first and the lot while important is a few down on the list.

Even if a view or premium home site is not at the top of your list, you should still consider it in your selection process. While the benefits are often aesthetic, they are tangible as well. Studies have shown people who live in a home with a view are generally happier and are less stressed. Home with a view also typically appreciate faster and sell quicker than comparable home without.

For many homebuyers, this decision comes down are these benefits worth the additional cost? For example, let’s say a home that backs up to a preserve would cost you additional $10,000. Although it might sound like too much, at 4% on a 30 term that is only $48 a month. Similarly, a stunning vista that is $25,000 more actually only cost an additional $119 a month.

Aside from that you have a few options.

Cul-de-sac: These are situated as the end of the street so they usually have less traffic and no through traffic. Also many of these lots are pie shaped.

Corner: These usually come with more land, a side entry, and are great for showing off your curb appeal. Obviously, you may have more traffic.

Interior: These are simply lots between the corner and cul-de-sac lots. Often many of the better views are on the interior lots. This is typically due to lay of the land and because developers want to maximize profits by having more than just a few premium lots at the ends of the streets.

In the curb: These are homes on the bend of a curb. They can be great lots but you need to pay attention to traffic flow. You don’t want to always be nervous pulling out of your driveway. So are inverted pie shaped lots which often make for sizeable backyards.

Funky: These might seem like a deal, but they are usually discounted for a reason. They have an irregular shape, a view of the side of the neighbor’s house, are steep, or something else undesirable. Be very wary of these because when it comes time to sell, it might take a special buyer and/or a special price to sell one of these.

If you can afford it and it is not overvalued, most experts would agree it is a good idea to purchase a premium home site. It can be a view of anything a mountains, the ocean, a lake, river, a pond, or one that back up to preserve. Almost anything is better than a view of your neighbor.

Future buyers will appreciate this added benefit as they always have. On a payment, the added cost will likely be minimal, and pay you back dividends when it comes time to sell. If you would like to set up a search for a homes with a specific type of home site contact me.