This is a question that I get to answer all the time. The answer always depends on the individual preference. However here are a few things to keep in mind in regards to both.
- You own it, it is yours to do with as you please.
- More space for your outdoor equipment such as trampolines, slides, play equipment and gardens.
- Larger lots sell for more usually (both when you buy and sell)
- More to maintain and keep up... more yard work.
- More space between you and your neighbors.
Next to park but smaller lots
- Minimal yard maintenance.
- Equipment that is maintained by someone else.
- Room for larger activities such as frisbee etc.
- Usually accompanied with association dues.
- You are limited on what you can do with it.
There are other benefits but this gives a good idea of their differences.
I hope this helps in some way. Every buyer has different wants and needs. Ultimately there is more value in owning more land but some prefer the ease of smaller lots.
Your question is a very subjective one, so I am not certain that there is a "right" answer. Many buyers prefer smaller low maintenance yards because they are too busy, or they prefer to devote their free time to activities other than gardening or yard maintenance. However there are also those that prefer to have larger yards for privacy issues, a desire to garden, pets etc. If you wanted the park option instead of a yard I would suggest being in close proximity to the park rather than directly across the street due to issues of noise and after dark activities, which can be issues with buyers when it comes to re-sale.
Are you purchasing as an investment or something to live in?
If an investment, then I would agree with most everyone who has responded. Yards (square footage) add to the value of a lot)
If something for yourself then....What do you prefer?
Purchase the property that you most want to work with. Something that will give you joy. Purchasing a home over a condo will increase in value at a greater rate anyway and keep in mind, there is always a buyer for the type of home you have. Just make sure it is in the right price range!
Generally, and all else being equal, houses that sit on a larger than average lot in the same neighborhood will be valued higher. But it would be difficult to compare a like house with a large lot to a house that is on a popular park like Green Lake. I agree with some of the other respondents' comments that it is essentially a personal preference more than an financial consideration.
From a value standpoint, yard trumps park nearby. Some yard and a park is best. NO yard and a park only works for a view house.
First ask yourself, 'Do you like to garden, mow, weed, fertilize, seed, etc." If not, you may want to settle for a smaller plot of land or go with the home across from the park.
The question about the park is, "Are there specific hours it is open to the public, will there be kids hanging out after hours, will it attract trouble, do you mind having a lot of strangers hanging out across the street from your house, will you use the park yourself."
If the answer to the majority of those questions is no, again you may want to go with a smaller plot of land or buy the home with the large yard. It comes down to which you enjoy more, yardwork, or people?