is there any benefit of buying home with large lot if big portion of that lot is not usable for the home itself?

Question

I am looking for home to move into. I see that the big number associated with "lot" can be very misleading. For example, for the same size of home (let's say 2000 sqft), let's say there is a home with 10000 sqft lot and there is home with 7000 sqft lot. But, if the 10000 sqft lot includes street in front of the home, some public area outside of our fense, some land in mountain next to our prospective future home, what good does that big lot do for me, beside just costing more (since bigger lot is more expensive) for to buy that home and costing more for property tax?

If the home with 7000 sqft lot includes only front yard, back yard within the fence, i can end up with bigger back yard and front yard than the home with 10000 sqft lot. Some may say i can sell that home with bigger lot with higher price later. But, since big portion of the lot is useless, i don't think people will pay more for the "big lot". Is there any advantage of paying more to buy home with bigger lot when big portion is that lot is useless? thanks.

realtor.sailor · Answer

If both homes are in the same subdivision then either both lots include the street or they don't.  Can't have on with and the other without.

curtisports2 · Answer

Bigger lots do NOT 'cost more for taxes'.  Taxes are based on assessed value of the entire property, land and attached structures.  Houses on postage stamp lots in parts of California sell in the millions and an old farmhouse on ten acres can sell for $50k someplace real estate is cheap  (there are economic factors involved that make land cheap or expensive).

The only advantage to buying houses on larger lots than you reasonably can use for a yard is if the extra land you don't need will be large enough to meet all of the local zoning requirements for splitting off a separate building lot. 3,000 square feet of total space including 'dead space' like you are talking about will not throw off a separate building lot, so no point in paying extra.

Landlord365 · Answer

Only advantage I see is more space between you & the neighbor.

Anonymous · Answer

Well, the main advantage of the property being yours is that no one else can build on it or park an ugly old school bus on it or a kennel of barking dogs on it.

The difference between a 7000 sq foot lot and a 10,000 sq foot lot isn't that much, really.   I have several acres so to me, both those lots are small.

jimanddottaylor · Answer

The 10000 sq ft can not include the public street or the public area outside your fence.  It may include your private property that lies outside the fence, but that area would be yours to use and enjoy.  The mountainous area is yours to use as you can.  If it was a valley right there, it also would be yours to use as you could.
      Some people believe that  big lot has more status.
      Some would claim that a big lot provides more privacy by keeping the neighbors further away.

is there any benefit of buying home with large lot if big portion of that lot is not usable for the home itself?

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