How Important is Transportation in a Home Purchase?
When it comes to purchasing a property, the old adage of ‘location, location, location’ tends to ring true. From walkability to neighbourhood scores (and more), the location of a home or property is everything.
Except for transportation.
For many homebuyers, transportation and transport routes are key to the hidden value in a property. After all, many people commute, need access to public transit, or require close access to highways. It’s no wonder, then, that most prospective buyers will ask their Realtors about the proximity of these access routes in relation to any given property.
When looking at properties for purchase, there are a few key things to consider when it comes to the importance of transportation in home buying!
Think about your commute
If you’ve ever had to commute to work within the GTA, you know how stressful and annoying morning (and evening) traffic can be. Congested highways, early morning drivers, coffee-deprived employees, all make for a perfectly unpleasant commute to work. One way to cut down on commute time is to be close to highway accesses or, if you take public transit to work, close to transit stops/pickup areas. That’s why many homeowners want to know if the property they’re interested in has transit access - no one likes a lengthy commute!
Consider what would attract a tenant
Let’s say you’re purchasing an income property that you’ll rent out to tenants or short-term vacation rentals (like Airbnb, for example). Transportation is a significant factor for anyone looking to rent property - short or long term - within major cities. Your tenants or guests would likely be looking for easy, close access to public transit or highways, which makes transportation an even more significant factor when looking at properties you may potentially rent out.
What’s the lifestyle?
Your lifestyle can greatly dictate whether transportation plays an important role in your home purchasing decisions. After all, when people choose a home or property, they inadvertently also choose a lifestyle. So, if transportation is a large part of your everyday lifestyle (such as commuting to work, road trips, needing public transit, etc), you should factor in a property’s proximity to transit or its transportation friendliness.
How convenient is it?
Beyond commuting and transiting, you may also ask yourself how transportation friendly a property is when it comes to local amenities and organizations. If you have young children, for instance, being closer to a school as opposed to having a lengthy morning drive everyday to drop them off would make your routine more convenient. The same can be said for access to things like grocery stores, hospitals, cafes and restaurants, etc. If you have to commute not just to work, but to a go to a grocery store, then the property’s location may not be suitable for you.
So, should you consider transportation as a factor in home buying?
If in doubt, always ask your Realtor about the neighbourhood score for the property you’re interested in. This information could help you better determine the walkability and transportation friendliness of the home itself. It’s also important to take into account your needs and lifestyle!