Home Value and Lot Orientation: Know the Factors
There are a large host of factors that determine what a house is worth. Location, as many agents will tell you, is one of these primary factors. Having a corner lot in a nice neighborhood is good for the value of a property and condition is also a primary consideration. If the design of your home is useful and appealing, that is another factor in your favour.
You must also realize that the overall real estate market fluctuates and has an effect on the value of your home. If the overall market is slow, it means your home may very well not sell as soon as you wish. Or it may go for a lower price than what you are asking. On the other hand, a real estate market that is red hot means you may get multiple bids on your property and may be able to get more than your asking price.
The biggest factor in how fast your home sells and how much you get for it— boils down the location. It is not just location, but the shape of the lot your home sits on and the orientation. If for example, you have a pie-shaped lot, and the tip of the pie is located in the back yard, that means there is less private space and less space between your home and your neighbors.
It also means that largest piece of the pie lies in your front yard. If you live in an area that receives a significant amount of snowfall and you are required by a homeowner's association to keep sidewalks clear in front of your home, which means a lot of work. That may not appeal to many older buyers who have plenty of cash to invest in a new home. A pie where the majority of it is on your backyard is much more desirable.
Orientation is also another factor that determines value. Homes that have backyards that face to the south, southwest, or west are in general more valuable than others because they catch more of the sun. If your property is next to some open green space that could either work for or against you. It can mean that you can offer more privacy to potential buyers and that in turn means in general a more valuable lot. It can also mean that a specific type of fence will need to be erected between your lot and the open space, making it into a footpath that can draw more traffic.
If you have a corner lot, your potential buyers will need to consider the neighborhood and any rules that exist before they make a commitment to purchase your property. If your property is in a part of the country that receives a large annual amount of snowfall and the homeowner is required to keep sidewalks clear, that is not desirable as it requires a lot of work.
Heavy street traffic in front of the home is also something that will make a buyer think twice. Other things buyers will take into consideration are if the property is close to power lines or it is located on a sloping hill. There also may be a homeowner's association that has very strict covenant regulations and that is another consideration.