Once you make the decision to have a new home built, it can be very easy to get carried away with the home style, square footage, features, and finishes you’d love to have. While you probably have a good idea of how these factors can influence the overall cost of your home, don’t forget to consider the cost of the lot itself.
Understanding the factors that influence a lot’s price can help you save money and choose the perfect location for your dream home.
One of the most important factors is also the most obvious: the size of the lot you choose will have a major impact on its price. While you may not be very concerned about having a large lot, it’s an important consideration when building a new home as you may need room to accommodate a large garage or outdoor living space. If you prefer to expand your home vertically with a smaller yard and less outdoor upkeep, you can save money and maintenance with a smaller lot.
Shape and Position
Lots can come in a variety of sizes and positions, even in a single development. Even if two lots are the same size, you may prefer a square-shaped or wide lot rather than a narrow lot which can limit the style and size of your home. For this reason, wide lots usually have a premium over narrow lots of the same size. Lots on the corner or a cul-de-sac also tend to come at a premium because they are pie-shaped and larger. Some people appreciate the space and privacy of a corner lot, others prefer an interior or cul-de-sac space to avoid being on a street corner.
Many homeowners don’t consider their lot orientation until they move in, but builders know the importance of how a lot is oriented. Proper orientation allows you to take advantage of a solar powered home. Southern exposure in rooms that are used most often will bring in plenty of natural light and help keep your home warm in the winter. If you want to enjoy plenty of natural light or use solar panels, north-south orientation should be an important consideration.
Living in the heart of Winnipeg can be a little more expensive, but choosing a lot near certain amenities can also increase land prices farther out from the city centre. But this doesn’t mean you have to sacrifice in the best amenities – lots in Winnipeg’s newest neighbourhoods offer quick access to shopping, schools, and dining, yet tend to cost less than lots in the suburbs in the inner city. You can enjoy all the same great amenities at a more affordable price.
Lot size, shape, and amenities are important, but nearby property values will dramatically impact the cost of a lot. Lots in almost completed developments usually cost more than lots in brand new communities.
If you want to build a luxury home in a prestigious community in Winnipeg, you should be prepared to pay a markup for the land. If you want a better deal, you may want to consider a new development. While the community will be under construction for a few years and you may need to wait for some amenities in the area, you can enjoy lower lot prices, more options and increased value on your home.
Other Factors to Consider
While the above factors tend to play the biggest role in the price of a lot, there may be other factors to consider that can increase your total home cost. With a pie-shaped lot, it’s not just the cost of land to consider; with a home set back from the street comes a longer and more expensive driveway. A larger lot can also come with higher landscaping costs. If your lot is elevated, it can affect the location of your driveway and how many stairs you will need to climb.
Choosing the ideal lot for your new home can seem a bit overwhelming but it helps to consider your priorities. Do you value having plenty of land and privacy? Would you prefer a smaller yard to take care of? How do you envision using your outdoor space? What style of home are you looking for? Before you make your decision, remember a reputable Winnipeg builder can help you understand the property you are considering and choose a lot perfectly suited to building the home of your dreams.