there's a corner lot that's for sale for more than a year now in our neighborhood..houses are actually being built around it. but this particular land just won't sell, and we're considering in buying it. the price in unbeatable for that location..can't help but think that something's wrong with a corner lot that people don't seem to like it.
2007-09-29 20:35:34 · 6 answers · asked by Godsent 1 in Home & Garden ➔ Decorating & Remodeling
in real estate three thing you must keep in mind:
1. location
2. location
3. location
so obviously there is something wrong with that location.
find out from a realtor how much the other lots sold for. then you know if this lot is a real bargain or not.
answer the following:
is there heavy traffic on either street at this corner?
will one of the streets get more traffic in the near future due to city planning?
are cars likely to drive into this lot in a minor accident?
will car head lights hit a home's location on this lot at night?
are there rundown homes or trailers next door to this lot on either street?
is there non-residential development next to the lot or on the other side of the street?
does water channel/pool into this lot when it rains?
is there a criminal history with this lot?
will there be a utility post or other eye sore near the lot?
are all the utilities available on the lot? if the lot needs a septic tank or well how much does that cost?
if you answer YES to any of the questions then there are some issues with the location/lot. some you may not care about but when it comes time to sell your home, the potential buyers will skip your house for the same reasons as they are skipping the lot right now.
Come up with other potential problems, my list is not by any means complete.
Talk to several realtors (including the the seller's realtor) in that area and ask them about the lot. They have to disclose negatives if they know about any. Finding an honest realtor is like trying to find an honest laywer. Try to find an experienced "buyer's realtor" to deal with
2007-09-29 20:57:34 · answer #1 · answered by realme 5 · 0⤊ 0⤋
is this corner lot on a busy intersection, or at a quiet inside residential neighborhood? Some home buyers may consider not too safe if they have small children, others like corner lots because corner lot is usually larger than other residential lot, you can always build a RV access on the sideyard. If this lot is close to a neighboring school, there may have a lot of traffic.
2007-09-30 04:59:34 · answer #2 · answered by BC 1 · 0⤊ 0⤋
I built a house on a corner lot, no problems. The other answerers here bring up a lot of good questions though as to why it may not be the best place to build.
2007-09-30 16:02:24 · answer #3 · answered by Tim E 5 · 0⤊ 0⤋
You will probably be paying taxes for both streets. Corner lots also are a "cut across" for kids and lazy people. I live on a corner lot but it is in a rural area. Even so, at night the lights of cars turning flash through my windows.
2007-09-30 09:14:28 · answer #4 · answered by sensible_man 7 · 0⤊ 0⤋
possible that the taxes, in our state if you live on a corner lot you are being taxed for repair to two streets, two sidewalks ,etc just a thought
2007-09-30 08:02:13 · answer #5 · answered by missourian 3 · 1⤊ 0⤋
The only person you should be asking is a reputable real estate person, not Yahoo
2007-09-30 16:05:51 · answer #6 · answered by saaanen 7 · 0⤊ 0⤋