Is A Corner Lot Worth More?

By deangibbons | Market News

Aug 30
Is a corner lot worth more than an interior lot?

This is a question I get asked A LOT.  Like most things in real estate, the answer is, "It depends."  

It's rare when you can get a direct comparable when looking at a home on a corner lot versus one on an interior lot.  They're usually quite different.

The layout of the house on the corner will almost certainly be different from neighbouring houses.  The size of the back yard will be different among other things that will make it difficult to make a direct comparison.  

That being said, the consensus among Appraisers is this;  if you have two identical properties with the same lot dimensions and similar structures with comparable build quality, you can expect the corner lot to sell for a little bit less than the regular lot.

What the hell?  The builder said the corner lot was a "Premium Lot!"

I know they said this.  They want to recoup some of the extra cost associated with building a house on a corner lot.  

A lot of times the home on a corner lot is a little more costly to build.  You likely have two facades as opposed to one on a normal house which means more brick and windows which equals more dollars.  

Add to that the fact that the design of the corner house may be more costly to build and you'll see why builder's call corner lots "premium lots." 

While many people love the idea of having a corner lot, the majority of people prefer to have an interior lot instead.  The most common reasons gripes people have about corner lots are:  double the traffic, less privacy, smaller back yard, higher property taxes (in some municipalities).

Do you think corner lots should be worth more or less than interior lots?  Leave a comment.

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