When looking for a home, many buyers set out to find the perfect home on the perfect lot, but as you might imagine it doesn’t always work out like that. Oftentimes 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 comes first and the lot while important is a farther 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. Also homes with a view typically appreciate faster and sell quicker than comparable homes without.
For many homebuyers, this decision comes down to cost. Are these benefits worth the additional cost? For example, let’s say a home that backs up to a preserve would cost you an 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.
Common types of home sites:
Cul-de-sac: These are situated at 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 the 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. Some of these are inverted pie shaped lots which often have larger 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; mountains, the ocean, a lake, river, a pond, or one that backup to preserve. Almost anything is better than a view of the neighbors. Future buyers will appreciate this added benefit as they always have. The added monthly cost should be minimal and will pay you back dividends when it comes time to sell.
If you would like assistance evaluating the cost and benefits of prospective home sites, please contact us.