When you purchase you Memphis lot there are things to consider before taking that big step of building. Is there enough space, what will the resale be, and is it in a good area?
Lot Size Can Increase the Property’s Value?
If you have a large lot does that mean the house will be worth more? Maybe, maybe not. There are certain factors that will determine how much the lot is worth. Zoning laws will determine what kind of home that can be put on the lot. Most land already has a home built on the lot, if that home has an 8,000 sq ft lot, and the house next door has a 10,000 sq ft lot a buyer will most likely go for the home with the larger lot.
Lot Size is Dependent on Where You Choose to Build
When a builder comes into an area to stake out land they usually pick out an area with a lot of land, and offer different styles of homes to build on different size lots. This is how home builders make their profit depending on the lot size, and the style of home that is on the lot. If you buy land that is not developed yet, not in a subdivision you can sit on that land, and let the surrounding areas develop, and either sell the land, or build on that land, not having to compromise your space.
Lot Size Often Determines How Much House You Can Build
As previously discussed the larger the lot that the home is built on will determine how much interest you will have in the home. If you have a smaller lot, with a smaller home that may turn away some potential buyers, then again, some people don’t want a large home. If you have a larger lot, some people will look at that thinking there is room to grow. Also, consider where the lot is, is it in an area that will work for your life style. Close to schools, activities, or in a safe neighborhood.
Lot Size Helps You Layout Your House
Lot size can determine what kind of a home can be built there. If you have your heart set on that ranch style home with a 3-car garage, but can’t afford to lose any space that dream will be just that a dream, the size of the lot will determine if you can have that house. The lot size will also determine if it is a better idea to build up with a 2 or 3 story house, rather than out.
If you have more questions, and need a custom contractor to build the home of your dreams on your lot contact M.H Akers Custom Homes today.