Home values are determined by five main things. First is the location, is it desirable? Next is the home itself, the design and condition. After that it is the market conditions, whether homes are selling at the moment or not. Your pricing strategy will play a big part in the salability of your home, as will the marketing methods. But of all these, it is location that is the major factor, not only as far as the neighborhood, city and province, but in the shape and orientation of the lot itself.
The shape of a lot can determine the price. Pie lots, particularly those with the big end of the pie being the backyard, can command more cash. The lots are usually larger, there is more space between your home and your neighbors, and if you are in a snow-belt, there is less sidewalk to be shoveled during the winter. Reverse pie lots are not as desirable, since most of your acreage will be in the front of your home.
How your lot is oriented could affect price. The most desirable lots have backyards that face west, south or in between. The sun will be shining on your back yard longer. Lots that are adjacent to open green space are often more expensive. They offer more privacy and the illusion of being more secluded. But be sure you check out covenant laws before you make your choice. If the laws state you have to put up a chain link fence, and that open green space sees a lot of traffic, there goes your privacy.
Corner lots could be a plus or a minus. If that lot is on a busy street, that’s a minus. There is also more sidewalk to shovel and maintain. But if your city takes care of the sidewalk, and the street is quiet, that corner lot could be a big plus. Other items that can affect the value of your home are overly restrictive covenants, lots on shallow or deep slopes and the nearness of large power lines.
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