Does bigger property = more value to a home

If so how much? What is more valuable more sq footage of living space or more total sq footage because of property?

Re: Does bigger property = more value to a home

I depends on the area. A bigger lot will bring more value but not that much in comparission but it depends on what it is. 1 acre of 1.25 acre is the same in a slopped yard. But 1.5 flat acre will be more $$$.

We don't find that much difference in our search between 1 acre of slopped yard and 1/2 flat useable acre.

I think a bigger square footage is also similar. There is not that much difference between 1500 sq ft vs 1800 sq ft. But there is a difference between 1800 sq ft and 3000 sq ft.

I think you get more for your $$$ with a bigger house vs a bigger lot. While land is valuable on LI, it has less value than a house on it.

Re: Does bigger property = more value to a home

There are too many variables to answer this like the county or town, home condition and amenities, countless others. You can have an acre of land with a run-down cottage on it and it would be worth a lot less than a diamond condition home on a 60x100' lot.

Re: Does bigger property = more value to a home

Re: Does bigger property = more value to a home

I think it depends on the buyer. We have a .5 acre lot and smaller house, but it was something that we liked, other people may not want to do the maintenance involved with it.

Re: Does bigger property = more value to a home

Message edited 8/5/2011 11:45:25 AM.

Re: Does bigger property = more value to a home

Re: Does bigger property = more value to a home

I think you need to have some sort of property.

In my neighborhood there is a house for sale, great inside but zero backyard. its only big enough for a small patio. the house is sitting and others that are in worse shape with yards are selling. Its a shame because if this house was on a different lot it would have sold in days and propbably for more money,

Re: Does bigger property = more value to a home

Depends where. In my part of Queens large lots are very rare bc most have been sold and split into two lots so if you have a large/double lot you are talking million plus regardless of what type of home is on it.

Re: Does bigger property = more value to a home

I agree that there are so many factors that it's hard to make a black and white statement about what has more value.

When I price a home (or make recommendations about pricing), I am looking at location of the home, property size, house size, layout, condition/updates, features and benefits, and it's hard to weigh out which factors matter more or less.

Obviously, having an oversized lot does increase value, and having a smaller than average lot decreases value. And remember, you can always add onto a house, build up, dormer, etc, but you can never increase your lot size. So that's a consideration!

If two houses that are otherwise comparable are on two different sized lots, the one on the larger lot would be worth more. But other than that, I would need to know specifics about the two houses being compared to see what the fair market value -- which is subjective anyway -- would be.

As a realtor, I always tell people, there is no exact science when it comes to pricing a home. The bottom line is that a house is worth what a buyer is willing to pay; other than that, we can look at recent sales and make educated comparisons and predictions, but that's about it!