The Value of a Good Lot

When people talk about a home's value, the conversation usually starts with the house.

How many bedrooms?

How many bathrooms?

How updated is the kitchen?

Those things matter.

But in many established neighbourhoods, the lot deserves just as much attention.

You Can't Change Where the Lot Is

You can renovate a house.

You can change the layout.

You can update almost every finish.

You can't move the property to a different street.

You can't make the lot wider.

And you can't recreate the relationship it has with the homes, trees, parks, and streets around it.

That permanence is part of what gives a good lot its value.

Size Is Only Part of It

A larger lot isn't automatically a better lot.

Shape matters.

Orientation matters.

Privacy matters.

So does what surrounds it.

A smaller lot in an exceptional location can sometimes be more appealing than a larger lot that doesn't offer the same experience.

What Can You Do With It?

This is one of the questions I think about when evaluating a property.

Not just what the lot is today, but what it could allow someone to do over time.

Maybe there's room for a better outdoor space.

Maybe the yard works particularly well for a family.

Maybe the property offers options for future renovation or redevelopment.

Those possibilities can influence how buyers see the property.

The Street and Lot Work Together

A great lot on a street that doesn't appeal to a particular buyer may not command the same attention.

But when the lot, street, and surrounding neighbourhood all work together, the property can become much more compelling.

That's when location starts doing some of the selling for you.

Land Is the Part You Can't Replace

Finishes can be changed.

Paint can be changed.

Kitchens can be changed.

The land stays.

That's one reason I pay close attention to the lot when looking at properties in established neighbourhoods.

Sometimes the most important part of the home isn't the part inside the walls.