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How to Find the Right Size Lot for Your New Home

It's no secret that lots are getting smaller. The current trend of building big on smaller lots is being seen across the country, and it has both pros and cons. There are still large lots to be found, however, if you know where to look, and if your dream is a two-story house in a beautiful suburban setting with gorgeous landscaping, it's achievable in places like Hanley Hall, our newest community.

Here's how to determine what the right size lot is for your family, and to choose the perfect lot for your new Knoxville home. 

Large Lots vs. Small(er) Lots

Choosing between a large property or a smaller lot depends, like everything else, on your family's needs, your home design, and your plans for the future. Some of the benefits of a large lot are more garden space, the opportunity to create a natural, park-like environment for kids and dogs to play and romp, which can save you many hours dog-walking. The extra area gives you a buffer between your family and the neighbors, and the opportunity to extend your living space if you need to. On the downside, large lots require more upkeep and work, especially if you want to preserve your curb appeal. They also cost more to water and maintain, which might not be a priority for you. 

Smaller properties offer advantages, too. Yes, you can have a two-story house on a small lot, and your comfort depends on your choice of home floor plans and other home design features. The most common benefits include:
  • Lower utility bills, because you'll use both less power and less water for landscaping and lawn management. 
  • Reduced landscaping needs means less time spent working in your garden, both planting and maintaining. 
  • Decreased carbon footprint because of the lower impact on the environment. 
According to research by Zillow, the average new home has grown in size by 24% since 2000, while the size of the lots has reduced by 10%. So it's no secret that it's happening, and it's an issue homebuyers need to consider carefully before making a choice. 

Planning Ahead

One of the ways you can ensure you make the right decision is to plan ahead, both for the short and the long term. In the short term, if you have a growing family and you love entertaining outdoors, then communities like Hanley Hall will give you the two-story house and lot size you're looking for. In the long term, if your children are teenagers and they're likely to be off to college soon, then chances are good you're going to want to travel more and see the world. The last thing you'll need at that point is a huge garden that needs to be maintained. 

Investment Value

In terms of investment, how much does your lot size affect the value of your home? According to an article in the Washington Post, potential buyers are more interested in viewing a home that looks good from the outside than one that doesn't. When it comes to resale time, however, a larger lot can add to the appraisal value, but what really counts is how much lots have sold for in the same neighborhood. 

If the area contains mainly small-to-average size lots, it's possible you won't get the return you expect on your larger lot simply because the home will be priced higher than market value. This shows there are multiple factors to take into account when you're choosing a lot for a new two-story house. 

Making it Work

The most important aspect of finding the right home for your family is to choose the best option from the available home floor plans, both for your needs and for the size of the lot you want. A spacious home on a smaller lot can work just as well if it's correctly planned, and you've customized it to your own requirements. Don't fall into the trap of thinking bigger is better! It doesn't apply to everything. 

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