When you build a new home there must be a lot for construction. That’s basic. How much does the lot cost? I’ve heard buyers say their lot was included with the purchase of their home. Nope. Not true. Never, ever. The cost may be minimal, but there is a cost. Why would you pay more – or less – for a specific lot?
!) The View – Water, city, mountain, park, golf course – these are a few examples of lot views that would command a premium price. Is there a landfill, factory, or what would be considered a nuisance across the street? No premium!
2) Traffic – A busy road behind or in front of your lot would decrease the value of your property. The lot is cheaper. Homes are usually more difficult to sell when built on a busy thoroughfare. Sometimes builders offset the location by increasing the lot size as well as setting a lower price.
3) Proximity – Is your site near the park or pool? The value of a lot so located depends upon your preferences. Many people don’t want to live next to high traffic areas and a pool in summer is definitely high traffic in Texas. Others are thrilled with the convenience. Personal preference plays an important role in the home buying process. In a neighborhood, proximity to the pool or park may or may not be considered valuable. Depends on the neighborhood involved. Just remember the same feature you fall in love with may not be desirable to others when you put your home on the market in a few years. Continue reading Why Pay More For a Premium Lot?