Location, location, location - it is the most important factor to consider when real estate is considered.
If you are thinking of buying a property on a busy Nanaimo road, there are a lot of advantages as well as disadvantages. Some people will see the house on a busy street as an opportunity to get into a neighbourhood and school district at a substantially discounted price. To others, it can be a hindrance and a complete deal-breaker.
The advantages of buying a property on a busy road include good access to transportation, more school and shopping choices. This is the place where all the activity is happening. Now, if you are among those who would never consider buying a home on a busy road, you are not alone. There are a lot of downsides like noise, pollution, lack of privacy, a small pool of available buyers thus less resale value. If you have small children, pets, or senior family members, be wary of buying a house on a busy street full of noise with many cars traveling down your road.
Let’s understand how things like busy roads can affect property value in Nanaimo. The land is a finite thing. Where you pick to live in a city or town will unquestionably affect how much you pay for your home. If you want to buy a house located on a major thoroughfare, you may get it for a lower price, but it will be more difficult to sell later. A lot's nearness to things like highways and busy streets may make it less desirable for resale. This will hold for houses that stand next to a commercial property, mall, gas station or churches which get an unusual amount of traffic and parked cars.
Homes in cities that have little room for expansion are costlier than those in cities that have plenty of space. If you're going to buy a house to sell it for profit, reconsider buying a house on a busy street. There generally is a reduced number of buyers looking to purchase homes on busy roads, which might cause you to sell for a lower price. If there had been more houses for sale in that current real estate market, a busy street could have affected the value even more. Let’s further understand the factors that cause the value on busy roads to be lower than the other areas. Buyers who pass on homes located on main roads generally have one of two concerns: the safety of their children, elders, pets or the constant noise generated by passing vehicles. Parking is usually prohibited on main roads during rush hour so if a home on one of these roads doesn’t have a garage or parking lot, the owners will have to constantly move their vehicle to avoid getting ticketed or towed.
No matter how bull the market conditions are, a property located on a busy road will almost always be valued lower than a comparable property on a quiet residential street. Even if you aren't an investor, the value of your home affects you as a homeowner.
The home buying process is confusing and there are a lot of important decisions, such as this one, to make. Connect with the expert Nanaimo real estate agents who will guide you through the homes for sale in Nanaimo and help you choose the location best suited for you. They will ensure you understand what it will be like to live in a home on a busy road and that you pay the right value for it.