Should You Buy The Corner Lot?

Real estate can be unpredictable. Learn tips and tricks you can use to keep your finances in check throughout the buying or selling process.

Should You Buy The Corner Lot?

17 August 2017
 Categories: Real Estate, Blog

To some home buyers, corner lots are like the corner piece of cake -- better than the rest with some extra frosting! But while many find corner lots desirable, you should take some time to consider whether a corner lot really is the best for you before making an offer. There are upsides and downsides to owning the piece of land on the corner. Here's a look.

Pro: Your lot is likely larger.

Most often, corner lots are more spacious than the rest of the lots on the street. This can come in handy if you have kids or pets and really want more space for them to play. You may also want to use the extra space for gardening or to build a top-notch grilling area.

Pro: Corner lots offer more privacy.

Corner lots typically have less frontage, but more back property. Plus, you may only have a neighbor on one side of you, which further increases your privacy. If you are raising a family and don't want all of the neighbors observing your every parenting move, then a corner lot can be excellent. It's also a good choice for single homeowners who feel more comfortable without others being able to look into their space.

Pro: Circular driveways are possible.

The larger lot may allow you to install a circular driveway, which makes turning around a lot easier. You could even install a larger parking area, which may come in handy if you have an RV or other larger vehicle to park.

Con: You'll have to do more lawn care.

A larger lot also means more landscaping. If you are the type that loves to be outside mowing the lawn and raking leaves, this may not be a con. However, if you're on a tight schedule, the landscaping might start to feel like a burden -- and hiring a landscaper may cost more, too.

Con: When assessments and fees are by the square foot, you'll pay more.

If the local authorities base billing for sewer maintenance or sidewalk repairs on the square footage than a homeowner owns, then your bills will likely be higher than the neighbors' since you have the larger corner lot. This can add up over time, even if it's a few dollars here and there.

Look into how sewage and other repairs are billed in your area, and consider whether you're willing to do more landscaping. If these don't seem like burdens, then the corner lot is probably perfect for you and you should consider taking the property for sale!

About Me
Talking About Real Estate Finances

Welcome to my website about real estate finances. My name is Reina. I would like to talk to you all about the financial aspect of buying, selling and renting real estate. I will share tips and tricks you can use to keep your finances in check, even when the market feels unstable or you have to dip into your savings for yet another repair. I will also discuss the pros and cons of hiring a property management company to assist you in the renting process. I hope you will follow along and learn all you can about managing your real estate finances. Thanks for visiting.