Should you buy a home on a busy street?
Whether you’re buying a home or investing in property, location is important. Buying on a busy street seems like a bad idea to some people but, as with many things, it has good and bad aspects.
To help with your decision, let’s take a look at the advantages and disadvantages of buying a house on a busy street.
Advantages
1. Convenience
The primary advantage of investing in real estate on a busy street is convenience. Most busy roads are within walking distance of amenities like shops, entertainment hubs, restaurants, cafes and parks. There are more lifestyle facilities when living on a busy street.
2. Accessibility and Security
Apart from the amenities, you are more likely be near places of work and schools. Plus, getting around is often safer because busy streets tend to be well lit with lots of people around.
3. Transportation
It’s easier to commute when living on a busy street since bus stops, train stations and paths are located near main roads. This could mean your commute time is shorter and you’re able to save money on transport.
4. Cheaper homes
Buying a house on a busy street tends to be cheaper by 5% to 10% because most people prefer less traffic and noise. So you can save money compared to buying a house one street back.
Disadvantages
1. Noise Level
Living on a busy street means lots of traffic noise. There is also more noise from people, especially if you are near pubs and clubs. You might want to improve the insulation on your windows and doors to reduce the noise coming from outside.
2. Pollution
Exhaust from vehicles and other form of pollution will always be present on a busy street. This could be a big deal if you have respiratory problems.
3. Parking
Since it’s a busy street, it’s likely that your area will be jam packed with cars. If your home does not have off street parking, you might need to get rid of your vehicle.
4.Slow growth
Buying a house on a busy street may be cheaper but it may result in slower capital growth because most people don't want to live on a busy street.
Conclusion
Buying a house on a busy street is a personal choice. If you like an upbeat lifestyle then go for it. But if you find that noise and pollution are a big problem then living on a busy street may not be for you. Make sure you buy a home because you like it not just because it’s a cheaper option.
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About the article
As Australia's leading online lender, loans.com.au has been helping people into their dream homes and cars for more than 10 years. Our content is written and reviewed by experienced financial experts. The information we provide is general in nature and does not take into account your personal objectives or needs. If you'd like to chat to one of our lending specialists about a home or car loan, contact us on Live Chat or by calling 13 10 90.
