Pros and Cons of Buying a House on a Corner Lot in 2023
Are you considering a home on a corner lot? While corner lots can provide unique benefits, they may also come with certain drawbacks. Here are some pros and cons to weigh as you make your decision.
Depending on how you look at it, corner lots provide both more and less privacy. With only one neighboring property, you'll have fewer adjacent homes and may enjoy a greater sense of openness and privacy compared to houses on regular lots. Depending on the neighborhood you choose, your corner lot may mean significant pedestrian traffic that will contribute to less privacy.
Corner lots often provide more street frontage and visibility, allowing for greater curb appeal and the opportunity to showcase landscaping and architectural features. This can make your property stand out and potentially increase its value. It can also provide extra security, as persons looking for an easy target for home theft will likely opt out of a property with so much visibility.
Corner lots often benefit from better natural light and ventilation. With windows on two sides of the house, you can enjoy more sunlight throughout the day, which can enhance the overall ambiance of your home. The open space on two sides of the home can also mean better breezes and views.
Traffic and Noise
Depending on the corner your home is on, you may experience increased traffic and road noise. Being situated on a corner means your property will have exposure to two streets, which can lead to more passing vehicles and associated noise levels. If road noise is a top concern, choose only a corner lot in quiet residential areas.
Corner lots typically have more exterior areas to maintain, including additional sidewalk frontage, landscaping, and fencing. This may result in higher maintenance costs and more time spent on upkeep compared to properties on regular lots. The added visibility may also present more pressure to keep up with landscaping on the side yard.
Because of their desirability and the way corner lots tend to be larger than others, it is common to see a higher price tag. This is both a pro and a con, as it means a larger initial investment but also likely will translate into building equity more quickly. Corner lots tend to be easy to sell, and hold their value well in all types of markets.
If you are looking at a home on a corner lot that you plan to renovate, you will benefit from the added flexibility this lot orientation provides. Depending on city and neighborhood restrictions, you may even be able to change where the main entrance, driveway, and garage are located, switching to a different street.
This style of lot will accommodate creative home renovations with more space and options for your plans.
In Norfolk, you will find corner lots that are located in urban settings, riverfront neighborhoods, and residential settings. We can help you determine which is the right choice for your unique needs and budget. To find a home that is the right fit for you in Norfolk, contact us any time. We are ready to help.