Lot Orientation – How It Affects Real Estate Value
Many factors go into determining a home’s value. Location is one of the biggest of those factors since a more desirable neighbourhood means a higher value. The condition of the home is also a consideration, as is whether the design is useful and has eye appeal. Another factor, and one that tends to fluctuate the most, is the real estate market itself. A slow market means homes usually don’t sell as quickly as you may like, and may go for a lower price. On the other hand, a hot market may mean you will get multiple bids on your property and you may sell for more than your asking price. Proper marketing and staging of your home also helps to make you home more desirable.
Yet it largely does come down to location, not only the physical address or the neighbourhood, but the shape of the lot and how it is oriented. Let’s look at pie shaped lots as an example. If the tip of the pie is in the backyard, you have less private space and most likely less space between your home and the next. This also means the large end of the pie-piece is in the front. If you live in an area where you are required to keep you sidewalk clear of snow this means there’s more of that snow for you to shovel. This type of lot is not as desirable as when that pie-piece is reversed, with most of the lot being your backyard.
As far as orientation, homes with backyards that face west, southwest or south tend to be more valuable because of increased sun exposure. If your property is next to an open green space, that can be good or bad. You may end with more privacy, which means the lot is more expensive, or you may end up having to put up a specific type of fence between your lot and that space, making it into a potential high-traffic footpath. Since these types of lots tend to be more expensive, better check into the neighbourhood rules before you buy.
If you are looking into a corner lot, consider the neighbourhood and its rules before you commit. If you live in a snowy part of the country and you are required to keep your sidewalk clear, that’s twice the shoveling. If your neighbourhood has the shoveling contracted out and the corner is quiet, the extra space might be welcome. Think twice if there’s lots of street traffic. Other considerations are lots that are near power lines or set on slopes. Some neighbourhoods may also have unusually strict covenant regulations.