Buying House On Main Road And Resale Value For Homeowners
This Article Is About Buying House On Main Road And Resale Value For Homeowners
Buying House On Main Road can have a negative impact on resale value. There are many homes that are built on main busy roads throughout the United States. Oftentimes, there are homebuyers who do not mind Buying House On Main Road. However, before Purchasing House On Main Road, buyers should know the impact and negative. affects buying such a home may have as homeowners. Another factor home buyers need to think about is the impact on purchasing a home near a main road. In this article, we will discuss and cover Buying House On Main Road And Resale Value For Homeowners.
Housing Statistics In Buying House On Main Road
Most homeowners do not want to live on a busy main road. Many real estate experts state that over 60% of buyers are not interested in Buying House On Main Road. This holds true no matter how great of value the home is. Two main reason Purchasing House On Main Road is not attractive for home buyers is due to safety for children and pets and loud noise. Many home buyers, especially first time home buyers, should consider the negative effects and impact homes on main roads may have prior to pulling the trigger in buying that home.
Benefits Of Buying House On Main Road
There are folks who do not mind living on a busy street. Those who want convenience of main roads so they can get to their destinations quicker. Home buyers without children and/or pets. Homeowners who do not mind the action of seeing vehicles drive by. Or those who want to see pedestrians walk on sidewalks with their children and/or pets. There is public transportation access on most busy roads. Bus stops are common on busy main roads in metropolitan areas. Public transportation is becoming more and more popular throughout the United States. Main roads are normally better lit and have much more activity than secluded areas. This may mean better security for homeowners. Easier access to get to major expressways and main roads for shopping, work, or running errands. Main roads with sidewalks will enable people to take walks for shopping, work, or exercise.
Priority On Snow Plowing And Street Maintenance
Main roads have priority on street maintenance by city/county governments due to heavy traffic. Homes in sub-divisions, cul-de-sacs, and side streets often get less priority for maintenance. Snow plowing, cleaning, broken light bulbs, and repairs of pot holes are done faster by government agencies on main roads.
Home Values On Homes On Main Roads
Home values on busy main roads are substantially lower than comparable homes in lower traffic side streets and/or sub-divisions. How much lower is it? That depends on how busy the main road is. There is a home that backs into Interstate I-294 near O’Hare International Airport. This home had four price reductions and has been on the market for 3 years. Nobody want to have their backyard facing one of the busiest highways in Chicago.
Negative Factors In Buying House On Main Road
Most real estate professionals will agree there is more negative factors than positive in Buying House On Main Road. It is important for home buyers to take this into consideration when shopping for homes. One of the biggest negative factors Buying House On Main Road is the noise. Especially during rush hour traffic. Getting out and in to the driveway may take more time than normal. The highest grade of home insulation is overcome by street traffic noise on busy roadways. Need to consider how noise will affect homeowners.
Privacy Factors When Buying House On Main Road
Privacy is another issue. Since home is facing busy roads, many passerby will see your home They can see lights on and/or off. If you and/or family members are on the front yard, they will be able to see you. Lack of privacy is another setback in Buying House On Main Road. It may cause un-needed stress to homeowners. Due to busy traffic, pollution on homes situated on busy roads may experience exhaust, dust, and other pollution that may affect health and dust on windows. Folks who have respiratory issues and are sensitive to air quality should refrain from Buying House On Main Road.
Parking Considerations When Buying House On Main Road
Depending on how the home is situated, parking may be a problem. If the home has a large driveway, then there are no issues. Most homes in sub-divisions have ample parking where guests can park on side streets. This may not be the case on homes facing busy main roads. There is a much smaller pool of buyers who will purchase a home facing busy main roads.
Resale Impact When Buying House On Main Road
Resale value will be affected. How much? This depends on the market. Expect a longer listing time when selling. Expect to give a hefty discount to buyers. It takes that special home buyer to purchase homes in busy main roads. Buying a house is not like buying a car. Most homeowners live in their homes for longer than 5 years. Some live in their homes for decades. Homebuyers need to weigh the pros and cons when Buying A Home On A Busy Main Road. Viewers with more questions can contact us for more information on this topic and/or other real estate topics at 262-716-8151 or text us for faster response. Or email us at [email protected] Gustan Cho Associates is a national mortgage company licensed in multiple states with no lender overlays on government and conventional loans. Gustan Cho Associates has dozens of relationships with non-QM wholesale lenders. Whatever non-QM loan programs is out in the market, you can rest assured Gustan Cho Associates has them.