Is a corner lot worth more than an interior lot?
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 home on the corner to sell for a little bit less than the regular lot.
In my experience, I have yet to see a home on the corner sell for more than a similar interior lot save for when significant upgrades have been made. Apples-to-apples there is no disadvantage to an interior lot in terms of resale. Most buyers will consider a corner lot, somewhat inferior to an interior unit.
"But.... the builder said it 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. They're charging more because it costs them more.
These homes on the corner are more costly to build. You have two facades as opposed to one which means more brick and windows and more dollars to build as a result. When you consider that there will be one or more stop signs outside your house and you will hear more than your fair share of squeaky brakes and headlights shining in your house as people turn the corner paying more for house on a corner lot seems a bit silly to me.
Property Tax Considerations
When a home fronts on 2 streets that means more sidewalks and streets to maintained by your city. In many municipalities, that means you can expect to pay a bit more in property taxes.
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.
Some people will love the fact that homes built on a corner lot will have a different design than most homes in the neighbourhoods making them more unique. On my street for instance, the homes on the corner have a more open-concept floor plan than you'll find in most of the other homes in the area and they do quite well when they do sell. To each is own I guess. But as a rule, you should know going in that a corner lot is worth less than a comparable interior lot.
Do you think corner lots should be worth more or less than interior lots? Leave a comment below.