When Nashville homebuyers look to buy a new home, they generally have an idea of how much land (or yard) they want to go with it. In this manner, most Nashville homebuyers have a basic understanding about lot size. Still, the specifics of this common real estate term often confuses many homesellers, especially when thinking about home pricing. Here’s a closer look at lot size.
What is lot size?
Lot size refers to the amount of land for sale, plus any existing structures already built on it. Since most homebuyers are looking for homes and not lots, they don’t always look closely at the lot size until later. However, most homebuyers have an initial sense of lot size since you can obviously look at a home and see if it has a large yard or sits close to a neighboring house. A homebuyer’s preference will then come into play: do they want a large yard or prefer a smaller lot size?
How lot size affets the value of a home
Having the largest lot in a neighborhood may not mean your home is the most valuable. Location and function will still outweigh the lot size. For example, a large lot close to a busy street will not be as desirable as a smaller, more private lot in the back of the neighborhood. While having a 4 acre lot may sound like a dream come true for some Nashville homebuyers, it may just sound like a lot of work to others.
Many families will still appreciate a nice sized lot that has a usable back or front yard as these are great for kids and pets, and bring an element of curb appeal to homes.
The shrinking lot size
There was a time when most lots in Nashville came with large acres of land. During the 1950’s, as neighborhood developments starting popping up, the lot sizes began shrinking while houses started growing. The most recent trend is for even smaller lot sizes in more urban areas. With less yard to maintain and more emphasis on community, homeowners are willing to give up land to accomodate modern lifestyles.
While you may not know exactly what size lot you are looking for, chances are you know how close you prefer to be to your neighbors and how much yard space you desire. If you’d like to work with experienced Nashville REALTORS to help you find the perfect lot and home, give us a call today!
Or start by browsing the current Nashville MLS listings here and let us know what you’d like to see!