How much discount would you expect for a house on a very busy main road? (agent, sale)
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I was looking at two identical houses to buy. Both were about the same price. One was on a very busy road that had hundreds of cars and trucks drive by every hour. The other was four blocks away on a dead end street with only 8 houses with basically no traffic.
Why would anyone buy a house on a loud busy street when the exact same house is available 4 blocks away on a very quiet dead end street? Should there be a price difference? How much? Would you buy a house on a VERY busy street?
I wouldn't but there are reasons that some people would. After all, the seller and all of the neighbors had reasons for buying their homes. To answer your question, you can't put a "discount" on the house value just because it is on a busy road. For some, it may be an advantage for which they'd pay more. In any case, your agent needs to do some research to see if there is a tangible price difference for these property locations. Ultimately, it will come down to what you and the seller can agree upon.
People buy houses on busy roads because they are typically priced more aggressively and are more affordable.
If money wasn't an issue, I'd always go with the house on a cul de sac because it's safer, quieter, and easier to resell.
The only reason I could see to be on a busy street would be to have some kind of "commercial" establishment in my home like a tax service, hair stylist etc.
The only reason I could see to be on a busy street would be to have some kind of "commercial" establishment in my home like a tax service, hair stylist etc.
Another reason: you might have a business closeby and would like to walk to work. Or, it might be closer to a highway and that is important to you. Or, it could have a huge back yard. Many reasons.
I was looking at two identical houses to buy. Both were about the same price.
That's odd. All things being equal (though they never really are)...
the main road house will usually be less ($120-128 vs $150, $180-192 vs $225, etc)
Quote:
Why would anyone buy a house on a loud busy street when the exact same house
is available 4 blocks away on a very quiet dead end street?
To save a few dollars, to be closer to the bus stop....
That's odd. All things being equal (though they never really are)...
the main road house will usually be less ($120-128 vs $150, $180-192 vs $225, etc)
Logic would dictate that in order to attract a buyer the house on the busy street should be priced lower than the house on the side street. Experience has taught me not all people are logical. One of these homes or perhaps both are likely over priced. This of course is assuming all other things are equal (i.e. GLA, lot size, condition, etc).
Generally, or logically, the only reason someone might consider buying a purely residential property on a very busy road is because of the price difference compared to otherwise comparable houses in better locations. IMO, a lower purchase price should not be that compelling since when you go to sell, fewer people will be interested in purchasing it--which will result in a lower sale price and/or greater difficulty in selling it. So why put up with living there?
Of course, there are always exceptions based upon the particular house and location. But I surely wouldn't buy a house on a busy road.
Last edited by jackmichigan; 11-12-2012 at 12:05 PM..
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