How Access to Roads & Transit Affects Property Values
When looking for a new home, one of the most important factors to consider is your commute. How long will it take you to get to work? What are the traffic conditions like on your route? And what transportation options are available near your new home?
Here we'll explore how commute times and transportation options affect your home purchase. We'll also share some tips for narrowing down your search based on commuter concerns. So whether you're on the verge of closing on a home for sale or just starting to think about it, gaining familiarity with how driving and commutes can affect home prices is a must.
Public Transportation is Important to Consider When Buying a Home
Public transportation is becoming an increasingly popular way to get around, and for good reason. Creating an energy-efficient home is a top priority for many buyers. Those same people also want an energy-efficient commute. Not only does it help reduce traffic congestion, help the environment, and save money on gas, but it also helps reduce parking issues in more populated areas. In general, homes closer to public transportation tend to be more expensive than those farther away.
Keep in mind that public transportation can be unpleasant for some people. Buses and trains can be crowded, uncomfortable, or noisy. Consider your comfort levels when researching a neighbourhood.
How Walkability and Bike Routes Impact Home Value
While most people still value convenience and easy access to transportation, many home buyers prioritize healthy living options over everything else. This is especially true in urban areas, where walkable neighbourhoods make it easier to get by without a vehicle. Homes located near bike paths and trails may also command a higher premium than those that don't.
While walkable neighbourhoods have many benefits, they also have a few downsides: they tend to be more expensive and can also be noisy. Some people may not feel safe walking or biking to all their destinations. If you walk or bike to work, you might need to shower or change once you get there—and every day, you'll have to consider the potential for lousy weather.
Access to Primary and Secondary Roads Can Raise a Home's Price
A home with easy access to primary and secondary roads may also have a heftier price tag. Primary and secondary roads affect both commute times and transportation options. These roads offer a direct route to major highways, saving time on your commute. They also provide easy access to public transportation, which can be helpful if you don't have a car. Consider access to primary and secondary roads if you're looking for a home close to community amenities.
One potential downside to living near primary and secondary roads is the noise. These roads can be loud, especially during rush hour. Traffic congestion can also be a problem, making it difficult to find parking.
A Shorter Commute May Mean a More Expensive Home
In general, the longer the commute, the lower the home price. This is because a significant number of people are willing to pay more for homes that are closer to their workplaces. And since most people don't want to spend hours in traffic daily, they're willing to accept smaller homes or less desirable neighbourhoods if it means a shorter commute.
There is no one ideal commute. It depends on your individual needs and preferences. Some people prefer a shorter commute, while others are willing to sacrifice time to live in a more desirable neighbourhood; either way, commute times impact most Canadians. Ultimately, it's up to you to decide what's important to you and find a home that fits your needs.
Consider All Transportation Options When Buying Your Home
When purchasing a home, it's essential to consider all the different factors that will impact your quality of life. Commute time is one such factor, and its effect on home prices can be significant. Nearby roads and local transit options are also primary considerations when commuting and purchasing a home. By understanding how these transportation options affect home prices, you can make a more informed decision about the type of home that's right for you. Being comfortable with your commute time in advance is a great way to bolster an easy move into your new home.