Extra space hacking

[Nicholas Shepherd]

Hello,

My fiancée and I just purchased our first home. The home we purchased sits on a .4 acre lot that was legally divided into two lots by the previous owner. I’m looking to get some advice on just what to do with the extra lot. The options we have thought of are,

-Let someone park an RV/Tiny home on the concrete pad that is located on the lot

-sell the lot to a developer/contractor

-build on the lot and sell the property.

-keep the land as a yard, and enjoy it.

We are worried that selling half of the property will lower the value of the existing home. Any thoughts or suggestions on what to do with our extra space?