Homeowners might assume that the larger the lot size, the more the buyer will pay for it. However, bigger isn’t always better when it comes to property value.
If you want a good idea of what the market is willing to pay, research other houses with larger lots and then compare them to smaller houses in the same neighborhood. There might be a significant difference in prices depending on the lot size in some cases, but in other, the difference might not be a lot. This is because your home value doesn’t simply depend on the lot size; there are a lot of other things that factor in.
Let’s take a look at some of them:
Location of the extra space
If the extra 4000 sq. ft. is in the front of your house, the extra space may not be of too much value; buyers mostly prefer extra square footage in the backyard.
Location of the lot
Location is one of the main driving factors when it comes to real estate value. Buyers will pay more for properties that are in desirable areas. For instance, a house located on steep land may sell for less compared to a smaller house on a flat top. Same is the case for a property on a busy street as opposed to a quiet neighborhood. The three primary indicators that factor in are:
· Employment opportunities in the vicinity
· Proximity to recreational centers and shopping malls
· The quality of schools in the neighborhood
Additionally, the location’s proximity to public transit, highways and utility lines all impact the home’s overall value.
Utility of the lot
Your home’s usable space plays a significant role in determining its value. Attics, garage spaces or unfinished basements aren’t usually considered as usable square footage. For instance, a 2,000 sq. ft. home with a 700 sq. ft. garage gives only 1,300 sq. ft. of living space.
Moreover, bathrooms and bedrooms are valued more by buyers and appraisers. So the more baths and beds your home has to offer, the more it’ll be worth—in fact, they can increase your property value by 20%.
Are you looking to sell your or list your property at a great value? Get in touch with our real estate agent New Cumberland, PA at Smith Top Team .
Our experts use award-winning market strategies to help you sell my house in New Cumberland PA for the most money within the best time frame; After all, we have over 40 years of experience in the business!
Contact us now for all your real estate needs.