How Does Lot Selection Work?
You’ve spent a lot of time thinking about what you want your dream home to look like, but how much time have you spent thinking about the lot? When you build a home from scratch, you’re choosing a piece of land to build the home on as well, and the lot selection process can be a little confusing to first-timers.
We'll break down everything you need to know about the lot selection process below.
How Lot Choice Affects Your Home
Before we get into the nitty-gritty of lot selection, you need to understand why you might care about the lot more than you realized. Of course, there are things like the size and shape of the lot that have an obvious benefit. With a bigger backyard, for instance, your children or pets have more space to play.
However, the lot choice can also have some bearing on the exterior design of the home. Most communities have rules designed to prevent neighbouring homes from looking too similar. This means if you’re choosing a lot that’s next to a home that’s already been built, you may be limited in the colours or designs of the exterior. Additionally, corner lots tend to have more restrictions on them because two sides of the home are visible. You have to choose a home that meets any restrictions due to this.
If you care deeply about what the exterior of your home looks like, you’ll probably want to choose a lot earlier in a new development. If you don’t care, though, you can take some other factors into deeper consideration.
Think About Your Needs
What are you looking for in a lot? Some people really want that big yard, while others are happy to have something that’s smaller and more manageable. Where in the community would you prefer your home to be located? Families with young children might like a lot that’s close to the playground, but those who prefer a quieter atmosphere may prefer a location far from the playground. Some people want a lot that’s close to the community’s entrance (and thus slightly closer to the highways), while others want something that’s further into the community because there will be less traffic going by. Lots on a cul de sac are pie-shaped (with larger backyards), and these areas tend to be quiet. They’re a nice choice for those who might have kids riding bikes out front.
Look at the Available Lot Map
Once you’ve chosen a particular community and builder, you can take a closer look at available lots. If it’s a new community or a new section in an established community, you’ll have your pick. Communities that are close to completion will have fewer choices, but you won’t have to deal with construction noise for long.
Using your list of wants and needs, narrow down your selection to a few choices.
Find Out Which Lots Will Fit Your Home
Before you set your heart on a particular lot, you have to make sure that your home will fit on that lot. Certain types of homes are only available in certain parts of the community. For instance, you couldn’t build a front attached home on land designated for laned homes.
Additionally, there are regulations telling you how much space has to be on all sides of a home. Even if a home would technically fit on available land, you can’t build a home there if it takes up too much of the space on the lot. The builder will help you make sure that the home you want can be built on the land you want.
Ask About Lot Prices
When thinking about the price of their new home, many people forget to include the cost of the lot. Once you factor in this expense, the cost of your home could be out of your price range. In general, similarly sized lots will be the same price, but you may have to pay extra for premium lots: those that are larger, pie-shaped, have better views, or back up onto a natural preserve.
You’ll also find that lot prices in large desirable communities with more amenities are higher than lot prices in smaller communities without as many amenities. Affordability might be the deciding factor for you.
Select and Reserve Your Lot
After you select the lot you want and have confirmed that the lot can meet the needs of the home you want, you’ll have to reserve it. Most builders require you to pay a deposit to reserve a lot, and you’ll start the home purchasing process in at this point.
Lot selection is an important part of buying a new home. The best lots can go quickly, so it’s important to move fast when you know what you want. A good Sales Agent will help lead you through the process.
