Does a Home's Access to Transit & Major Roads Affect Its Value?
Potential home buyers tend to be mindful of location, mainly if they are still working or rely on public transportation. Some buyers want quiet, while others might not mind the nearby highway or transit system's noise. The following information explores how transit options and access to major roads might affect home value while discussing the mindset of potential buyers.
Public Transportation Options Matter
Buyers who rely on public transportation or convenient airport access are typically willing to pay more for a home with these options nearby. Banking on multiple transit options when someone moves to a new home can be a gamble, but finding the options nearby is eased with a simple search on Google Maps or other online resources. Most major cities offer options that might include:
- Bus lines
- Light rail
- Taxi or cab
A simple address search on mapping sites allows users to view schedules, routes, and locations with ease. While most moderately sized communities offer some form of public transportation, smaller ones might not. This information matters to some buyers, so sellers should keep it in mind.
The Value of Convenient Travel Via Nearby Roadways
There is a significant difference between living in a rural community, a big city, and the suburbs. While options for transit and access to major thoroughfares might be no issue in larger areas and neighborhoods, having easy highway access to get to and from destinations can be pivotal for some.
Some potential buyers might not appreciate major freeways' constant traffic, while others will like having a convenient access point. Such considerations can become a negotiating point between buyers and sellers.
The Importance of Commute Times
While some don't mind commuting in bumper-to-bumper traffic or long highway commutes, it may be a more significant factor to others. While nearby roadways can be convenient, using them might involve increasing costs related to issues such as:
- Vehicle maintenance
- Auto insurance
- Fuel expenses
- Time lost during the commute
Naturally, those just trying to get around town daily might factor in these concepts. However, there are also buyers accustomed to longer commutes and prepared to spend more time on the road and auto maintenance and fuel costs.
Does excessive road traffic distract you from what's important? While some buyers aren't concerned or have been accustomed to street noise, many prefer quiet. Depending on the person, this could affect overall desirability and pricing levels. Buyers should consult with a professional real estate agent to learn how to determine a neighborhood's noise level before signing a contract. In addition to considering the inhabitants' comfort, buyers should think about how any excessive noise might affect animal inhabitants.
Considering Buying or Selling a Home?
Reach out to a real estate expert nearby or one close to the ultimate destination to discuss transit options in addition to what you truly want and need in a home. These professionals know the local area, average commute times, and are familiar with what buyers and sellers need to reach their goals.