It’s been a while (!) since our inaugural post, but it’s time for
another installment of Ask an Agent where you have the opportunity to
ask an actual real estate agent questions about buying and selling.
Our gal of expertise is Avryll McNair of Bosley Real Estate Ltd., Brokerage.
She’s been selling and buying condos and houses in Toronto for over five
years. She has a background in home furnishing and lifestyle (she
helped design the Ikea store in Etobicoke). That means she can
help buyers see beyond the smoke and mirrors of staging but conversely
knows how to make a home look its best for sellers.
This question comes from Catherine who asks: How important is the size of a lot when buying a house?
Avryll: Lot width is generally more desirable than length; it provides more street frontage (or more water frontage for cottages). However, a large lot may not necessarily translate into higher value or desirability. What you can do with the property is more important than actual size. A large lot with a setback allowance, right of way or encroachment may be limited in its use. A smaller lot free from encumbrances may offer more flexibility for future improvements such as fencing of the perimeter, installing a pool or expanding the house. Lot size relative to the house, also known as lot density or lot coverage, is significant for renovators who might be planning an addition or expansion. Individual municipalities have restrictions for zoning and building permits that relate to lot density. If you are purchasing a home with the intention of renovating, you may want to investigate the regulations in your local area prior to firming up any purchase. Lastly, it is important to remember that property taxes are directly related to lot size; the larger the lot, the higher the taxes!
Do you have a burning question about real estate for our Ask an Agent feature? Please post them below and we’ll send them to our resident agent.
Related: Ask an Agent: How Old is Too Old When Buying a Condo?