Whether you are buying or building a house, the most crucial decision to tackle is the house size or the lot size. It all comes down to a large home versus a large lot. Now, family preferences differ when deciding the size of the house or lot.
When exploring Summerland real estate, you need to factor in the evaluations separately to strengthen your decision. The simplest way to begin is by thinking that a large lot is suitable for those who prefer outdoor activities. On the other hand, a large house is the best choice for buyers who need to manage large families.
Lot size: what do you need to know?
As a general rule, large lots for sale in Summerland BC offer better rewards and returns than homes built on smaller lots:
- The location of the property determines whether you need to invest in a large lot. For instance, in some locations, a big yard in the front segment of the property is often preferred. However, in some other locations, the backyard of the house may also be a preferential option. Find out which location offers higher prices in your area. That way, you can decide whether to buy a large lot or a house.
- Traffic in a location is another factor that decides whether building a house on a large lot is a prized investment. For instance, if you are planning to buy a lot beside a busy highway, you need not have a big front yard compared to a serene residential lot.
- Buying a large lot for sale may also depend on things to do in Summerland if you are planning to buy one in this location in Okanagan Valley. Will adding more square footage to the lot add more value to your property? Apart from this, you need to study the drainage issues, zoning, easements, and sewage facilities before investing in lots for sale.
Large house size: Things to consider
One of the major advantages of buying a large house is that it will appreciate in value. However, families without kids are often apprehensive during real estate purchases. However, a two-bedroom house might seem to be the right solution for now, but the birth of a little one can change the framework of thoughts.
Apart from this, you may find a large house more flexible if you decide to stage a home office. Similarly, a large house is also an ideal choice if you have guests coming over to stay overnight frequently. Finally, a home with additional bedrooms, a large yard, and two or more bathrooms is likely to fetch a higher price.
What is your priority? A large lot or a house
When deciding between a large lot and a house, you need to sort the priorities. Here is how you must go about determining the right option:
- Find out which one is more affordable to you a large home or a lot? The amenities available in a pre-construction house and a lot may restrict the mortgage. So, beware of how much you will qualify for before you struggle to make the payments. As a buyer, you need to choose what matters to you in terms of finance and preference.
- The next you need to calculate when buying Summerland property for sale is the size of your family. Do you have a growing family or are you empty nesters? If you belong to the latter group, you are more likely to spend time indoors. But the members of a growing family will love to spend time outdoors. Although no one prefers to live in cramped spaces, the family requirements determine how good or bad it is to invest in a house.
- The commutation time is another aspect you need to factor in is all the members of a family go to work. However, this approach might not find value for retired families but accessibility to shopping areas certainly is.
With a large house, you will have plenty of entertainment options. Moreover, you can access more storage space and the opportunity to relax indoors. But, a large house demands more time for cleaning and comprehensive maintenance.
On the other hand, a large lot will offer more entertainment outdoors but landscape maintenance may emerge as a big headache. The key to maximise value from the investment is striking the right balance between the lot size and house size. Study the prevailing market trends and the location before you decide to move ahead with the purchase.