Real Estate Lot Types
So you’re in the market for a new home, and you’re debating amongst a variety of different options. Aside from pricing and aesthetics, make sure you consider physical characteristics such as the type of lot the subject property sits on.
There are a variety of different real estate lot types, and it’s important to identify and understand the pros and cons of each before purchasing a piece of property.
Interior Lot
The interior lot is the most common lot type because it “fronts” on only one street. It lies between homes on the left and right side, facing the street with a yard behind the house. This lot represents your basic, standard lot.
Corner Lot
A corner lot is just how it sounds, a piece of property that lies on the corner of two intersecting streets, causing frontage on two sides of the home. Corner lots allow easier access to the rear of the home, as well as the option for two separate entrances to the home. For this reason they often draw a premium over standard lots, though this varies depending on other factors such as size, location, and use of lot.
Commercial property on corner lots is typically always sold at a premium because of the increased visibility and the potential for easier access to and from the building.
Flag Lot
A flag lot is a more uncommon real estate design, though it is seen in many neighborhoods nationwide. A flag lot is basically a recessed interior lot, with an extended driveway, that sits above the homes to the left and right.
The pros of a flag lot are privacy, with the cons being a long driveway (bad for snow) and decreased visibility to the public.
Cul-de-Sac Lot (pictured above)
A cul-de-sac lot is a lot sitting in a cul-de-sac, or a dead-end street with a curved turnaround. The lots lose some of the front yard because of the curved frontage, but enjoy larger backyards, less traffic, and more privacy.
Cul-de-sacs are typically favored because of the perceived safety of the street for children and the larger backyards.
Key Lot
A key lot is fairly uncommon and exists when a lot has several other homes backing onto the side of the home. If you were to walk along the side of a key lot you’d be able to see two or three of the neighbors’ backyards. In addition, another home may sit directly behind the backyard of a key lot as well, giving it a landlocked feel.
This lot type is seen as a negative because of the decreased privacy and likely reduced visibility.
T-Intersection Lot
A T-intersection lot sits at the end of a T-intersection, if you are facing the “T”. The increased exposure to traffic makes these lots less desirable for children and more susceptible to speeding vehicles and bright headlights.
They can however sell for a premium if the property is commercial or the owner is looking for increased visibility.