Location, Location, Location
Probably still the most important aspect of any real estate. The cost of a ½ acre lot can vary from $10,000 to $1,000,000 depending on its location. Even within the same neighborhood, the value of the lots can vary by 100%.
* Water front lots cost more
* Mountain views cost more
* Treed lots cost more than no trees
* Golf course lots cost more
Keep in mind, even though these types of lots cost more, they also may have a higher, better resale value in the future since they are more desirable by the general public.
Preparing a site for construction can have a big impact on the cost of a home. Building on a flat lot will usually cost less. If you have to haul in lots of dirt, do a lot of grading, clear trees, or have large rocks blasted through then site preparations can become more expensive.
Size of the Lot
A two-story home can be built on a smaller lot because it has a smaller footprint size compared to a one-story home that has the same square footage. Because of this you may be able to save money on the size of the lot needed for your home.