Phase 1: the empty lot
It almost goes without saying that before the home construction process begins, you start with an empty lot. But don’t discount the importance of this phase.
An empty lot can give you a real feel for what your home and property are going to look like. What’s the size of the lot? What do the surrounding homes and the surrounding area look like? It’s also important to consider the size of your home and how well it’s going to fit on the lot. Will there be enough space for the yard or landscaping you envision? How close will your home be to your neighbors or to the street? Will you have the space for the garage? Chances are you’re planning to be living in your new home for years to come, so you want to be sure you’ve got enough elbow room and some flexibility.
The lot you choose to build on influences the price of your home
It’s important to note that when you’re buying a home, you’re paying for two items: the house of course, as well as the lot itself. Which of these two has more value depends on a few things:
When a plot of land is vacant, it’s considered “unimproved land”. The value will reflect the size of the lot as well as its location. For instance, where is your lot in relation to the developing neighborhood? Is it located further back where it is quieter with less traffic? Is it on a busy corner? Does the lot back up against green space or the fence of a neighbour? How does the size of the backyard compare to other houses in the neighbourhood? A smaller backyard area could mean a reduction in value, while other factors like the proximity to schools could make it more valuable to buyers.
New construction in the Comox Valley Ridge
When you buy a potential home that’s still in the empty lot phase you’re getting in on the ground floor. Right now, ground floor opportunities are available in the booming real estate market at the Comox Valley Ridge. With both ocean and mountain views from these lots, it’s no wonder so many new home buyers are considering The Ridge as the potential location of their new home. The Ridge has several residential communities already underway but there are still some empty lots to choose from. Whether you have a large family and need plenty of living space, or you’re retiring and just want to enjoy the quiet and the view, building lots at The Ridge are well worth investigating. Give Bill and Michele a call to see if one of these empty lots is the potential building site for your dream home.
