Real estate is all about location, and that includes where a home is situated on the block. A corner lot is the perfect location for some buyers, but not for others. If you're thinking of investing in a corner property, here are some things to consider.
The advantages of a corner lot
Let's take a look at some of the reasons a corner property will attract potential buyers.
In highly developed neighborhoods, houses are built closely together. This means sunlight streams through the front and the back of the house, but it's blocked on the sides by neighboring houses. Not so with homes on a corner lot. The side of the house that does not face another home will also get to enjoy the sunlight, making for a brighter interior than that of neighboring houses.
Only one next-door neighbor
Speaking of neighbors, a corner lot will only have a neighbor on the right or left of the home on the street they face. This might not matter as much on blocks that have large lots with more distant next-door neighbors. But on streets in more densely populated areas, a corner lot offers a bit more breathing room on at least one side of the home.
Corner lots tend to be larger than the rest of the lots on the block. Unless the house is also larger than the rest on the block, you will have a more spacious yard.
The disadvantages of a corner lot
And here are some reasons buyers will prefer to look at comps farther down the block.
It's one thing to have nosy neighbors who can see into your home. But on a corner lot, everyone who walks or drives by might be able to see into the yard and the windows of the home. Some potential buyers will bristle at this while some will just budget for thicker curtains and a higher fence.
Living in a corner home means having two sidewalks to shovel in the wintertime. Plus, if your lot is indeed larger than the others down the street, that means there will be more yard work to do.
The house might be facing one street, but what about the driveway or garage? Depending on how the property is situated, the street you park your car on could be different from the one your entrance is on.
It might be nice not having a neighbor on both sides of your property, but those houses can serve to block out noise from the street and surrounding area. If you have a property on the corner of a busy thoroughfare, then you'll be treated to twice the noise.
Yes, car accidents can happen anytime, anywhere. But a house at the corner of a busy intersection is a prime location for a collision. To protect the home, you'll need a strong perimeter fence that can withstand the impact of a car crash.
The bottom line
A corner lot is by no means a deal breaker as an investment. But it is a matter of personal preference, and a house on the corner could give some buyers pause for a number of reasons. Still, if the house itself checks off all of their must-haves, then having to purchase a snowblower to deal with that extra stretch of sidewalk in winter might seem like a good compromise.