The Advantages & Disadvantages of Buying a House on a Big Lot

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Houses surrounded by wide-open spaces have a certain appeal for homebuyers, whether just outside the city or in more rural areas. Buying a home on a large lot may seem like a no-brainer given the adage “bigger is better.” However, there are a few advantages and disadvantages to consider before making your next move. 

Lucky for you, our team has decades of experience helping clients find their dream homes of all shapes and sizes across the Greater Victoria area and beyond. We’re no strangers to navigating the market for the most exclusive, desirable options for homes with large grounds. So think of us as your go-to guides for buying property on a big lot, and use this blog as your roadmap. 

Increased property value

Let’s start with the good stuff! Homes built on large areas of land tend to have higher property values. Therefore, with the right amount of care and attention, you will likely receive a solid return on your investment if you choose to sell your home in the future. 

Owning real estate with a high property value is about more than giving you a status symbol in your community; it also provides a lucrative opportunity to diversify your investment portfolio to facilitate economic growth.  

Potential disadvantages? A higher property value correlates with a higher price tag – which means your budget will have to accommodate increases across the board to cover property taxes, utilities, furnishing, landscaping, and maintenance fees. 

Enhanced privacy

Since you can’t put a price on the peace of mind that comes with having a safe, intimate space to call home, let’s look beyond finances for a moment. Owning property on an extensive lot allows you and your family to escape the chaos of the outside world by cultivating a private retreat outside the public eye. Buying a more secluded house on a substantial lot could also decrease your risk of encountering the nuisance of noisy or nosy neighbours. 

Potential disadvantages? Depending on your social needs and preferences, you may find the lack of community a struggle – especially if you’re accustomed to life within bustling urban centres or close-knit residential suburbs. 

Expansion space 

Need a home that can accommodate your growing family? Investing in a large-lot property with plenty of space for future expansion is the strategic move for you! If you like the idea of adding a pool, building a guest house, or renovating some other extension, having a home on a big lot certainly provides the space to do so! 

Potential disadvantages? Although homeowners with property on a sizable lot tend to have greater flexibility for renovations, there are still permits, permissions, and processes to follow in compliance with local zoning laws. Be sure to do your research beforehand to ensure that you have the freedom to execute your vision for expanding your home. 

Like any real estate investment, buying a house on a large land area has its own set of advantages and disadvantages. For the most part, however, homeowners agree that if you can accommodate the higher maintenance needs and budget of property on a big lot, the benefits far outweigh the investment risks. 

So if you’re ready to go big AND go home, contact a Garman Group REALTOR® to explore your options for buying a property on a big lot.