How Drive Times and Transit Affects Home Buying
There is often more to choosing the perfect home than the way the home looks and its pricing. Eventually, homeowners will need to leave the home to go to work, school, shopping, dining, and for entertainment. This is why many buyers strongly consider how they will get to their destination, and most importantly, how long it will take.
A number of buyers research commute times, public transportation options, and even other factors such as noise levels. Learn more about each of these considerations below.
How Important Is Public Transportation Access in Determining Home Value?
The short answer is it depends on how important public transportation access is to the buyer. Residents who fully or partially depend on alternative transportation besides a personal vehicle are likely to pay more for a home with ample transit options. Fortunately, the majority of major towns and cities in Canada have several options for public transportation.
However, some buyers have no interest in Canada's public transportation system and will wholly rely on autos, bikes, or walking to get where they need to be. In this case, value won't likely be affected.
Does Road Access Affect Home Value?
Road access is important regardless of home location, but rural buyers are likely to have one or two main roadways to travel in order to access other major roads. However, these owners have opted to live in a rural area for a reason, so value typically won't be affected by minimal road access in these situations. That being said, other buyers are usually willing to pay more for a home that makes commuting simpler and faster.
For Commuters, Access Can Be Pivotal
Commute times in Canada can make or break a home sale, because not many people want to spend hours in traffic or have to take a half dozen access roads to get to a major thoroughfare. Traffic can be heavy in some cities, but may not be much of an issue in others. If commuting is going to be a challenge for buyers in a certain area, the value of a home will be lessened in their eyes, but it might not make a difference to those who work locally.
Noise Levels From Transit & Roadways
Homes situated near transit stations or their pathways could be rather noisy at certain times of the day, as can major roadways. Some buyers are paying attention to these potential issues and may actually drive by homes under consideration during various hours to experience noise levels.
Noise levels can affect the overall value of a home for many buyers. Additionally, some buyers might want to avoid the potential dangers of living near heavily trafficked roadways for reasons such as pets or children in the home.
Need Advice Concerning Your Home's Value?
The best way to learn more about the value of your home overall is to contact a local real estate professional. These experts can advise buyers and sellers in aspects of the process and offer true estimations of what a home is worth.