How Lot Outlook is important in Real Estate?

Lot outlook is the orientation and topography of the lot and how it presents itself when you approach the property. We will discuss various elements that you should be mindful to make a very informed decision on your purchase, 

Orientation of the Lot – The orientation or the direction of the lot has a direct bearing on the natural light flowing into the property. The east and west-facing homes which have relatively more natural light flowing into the property. This is because windows are generally more towards the front/rear of the property, which translates to more sunlight. There are some cultural preferences as well. If one is going as per Feng Shui or Vastu Shastra as per Asian and south-Asian traditions. For example, in Vastu Shastra, the home-facing preference is North, North-east or East facing; as per Feng Shui, the most auspicious direction is South facing, orientation of homes is a very subjective thing and changes from family to family. 

Lot on a Collector or Arterial Rd – There are internal roads and then there are busy arterial roads where transit is available. The thoroughfare is more, and the traffic is constantly moving. It is wise to avoid lots on a busy thoroughfare as it would always be a botheration to drive the car in and out of the driveway. Also, the traffic would come with some noise once doors are opened, apart from the fact that the front yard will not be very private for such lots. There is another safety factor for families with small kids, as the busy area makes it less safe for small kids to play outside. 
The ideal scenario is that the lot is on an internal road, with a short walk so that you can come to the arterial road or collector road when required. You still have access to the transit. However, you are avoiding the traffic and noise which comes with that. 

Lot on a T junction – These are the lots which are facing the T junction, the general perception is that the oncoming traffic is not considered a good thing for overall safety. The headlights of the oncoming traffic would impact the usability of the living room in the front of the property. It again would be a subjective thing, as it also means that it would have a view of clear sky and the approach would be open in front of such lots, which might be a good thing for a consumer if they prefer so. 

Interior Lots – Interior lots are the most regular lots in Real Estate, and these are the lots with houses built on either side and, most of the times, on the rear unless it is a premium ravine backing lot. For the most part, in Real Estate, you will find these interior lots.



Corner Lots – Corner lots generally are wider than the regular interior lots. This is because extra curve in the lot adds to the frontage of the same. The corner lot homes will have more windows as it is open from two sides minimum, and due to extra windows will have more light in the house. This also means that heating and cooling costs would be relatively more in a corner lot home due to extra windows. With the latest tripLe pane energy efficient windows, this might be less of an issue. Corner lots offer extra yard space on the side, so they would require more maintenance than regular lots. It would work well for you if you are into landscaping and maintaining flower beds. Builders mostly charge a premium for the corner lots due to the wider size of the lot and extra space in front and back.

Conventionally, corner lots are considered not that great for residential real estate, mainly because it hampers privacy from two sides, especially if the lot is located on a busier corner. On the other hand, in a regular lot, it is only exposed from the front, making it more private. On the other hand, in Commercial Real Estate, the corner lot is considered a sure positive, as it provides exposure and marketing opportunities to the business from two sides. 

Ravine Lots – The lots which are featuring ravine green space or ponds etc in the back are called ravine lots and are, for the most part, considered premium lots. The builders would charge an extra premium for such lots as they are very quiet, offer nature views and are private in the back. In addition, in homes built on such lots, you can afford to leave blinds open at night when lights are on, which would not be the case with homes backing to other houses, and the reason these lots attract a premium. Generally, the ravine featuring lots are built on a grade or a slope, which also creates an opportunity for constructing a walk-out basement or a look-out basement, making them more usable for an end-consumer.

Park Fronting/Backing Lots – Such lots would be traditionally considered good due to the maintained park in the front or back of the home, providing clear nature views. However, some extra noise would also be a downside during the summer months. Everything has an upside and a downside. This one, again, is very subjective and changes from person to person what they value and like most. It’s a personal choice. 

Cul-de-sac Lots – Cul-de-sac is a French term that means ‘bottom of the sack’. You can visualize it as a dead-end street with a semi-circular end, allowing you to turn back. The significant advantage of living in a cul-de-sac is that it has minimal traffic and no thorough traffic. Only people you are living there, or visitors, will come to these. This makes it congestion-free and improves safety appeal for families with young kids. The downside of such lots is that the town, for snow cleaning etc, would first focus on regular fare roads to relax the traffic and then, towards the last, would come to cul-de-sacs. 

Key Lots – These are the first internal lot to the reverse of rear corner lot, such key lots will have multiple lot backyards exposed to them on one side. Because of the multiple rear yards facing one side of the key lot, its privacy is not at best. However, just because they are in a critical position, down the line, they can be a good asset as a developer would need a key lot to make a more oversized lot for development.

Lot backing or fronting onto a Commercial Plaza – Such residential lots backing or fronting onto a commercial plazas should be avoided. It would be again based on what kind of retail business is on the plaza. And what is the traffic in the plaza. If the plaza is with restaurants, grocery store, or high-traffic activities. For the most part these lots should be avoided and the fundamental you should hold is for buying a property, you should try to have similar properties around; so if you are purchasing a residential dwelling, your best bet is to have residential around. 


Wish you all the very best! Reach out to our dedicated team at Elixir for any queries you have in Real Estate and we will do our best to help.


Mudit Mehta 
Broker of Record
ELIXIR REAL ESTATE INC.
Off: 416-816-6001 | info@elixirrealestate.ca

 

 

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