Home Value and Lot Orientation
How are home values determined? One is by location, the more desirable, the higher the value. Next is the property itself. What is the condition? Is the design useful, pleasing to the eye? Then we look at the state of the real estate market and whether homes are selling briskly or sitting for months on end. The marketing and pricing of your home also help determine value, since doing both correctly increases the salability of your home.
Keeping all these things in mind, it is still location that mostly drives the price of a property up or down. Location includes not only the physical address, but the shape and how the individual lot is oriented. For example, a pie-shaped lot, especially if the larger end of the pie makes up the backyard, is more valuable. These lots are typically larger and there is more open space between you and the house next door. If you live in a snowy part of the country, the small end of the pie is the part you’ll have to worry about shoveling. Lots with the pointy end of the pie in the back are not as valuable, since you’ll have a smaller backyard.
Looking at orientation, homes that have backyards facing west, south or southwest are more valuable because you get more sun exposure. A lot that is next to open green space have more privacy and is usually more expensive. If you are considering such a lot, take a look at the area’s covenant laws. In some cases you might have to put up a chain link fence. Usually that means a lot of foot traffic next to your property.
Corner lots can go either way. Lots on busy intersections are not as desirable. That’s a lot more sidewalk to shovel in the snow-belt. But some communities have the city taking care of the shoveling. If that’s the case and the corner is quiet you might enjoy the extra space. Other issues that can affect value are lots placed on deep or shallow slopes, near power lines, or in neighbourhoods with ultra strict covenant rules.