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What percentage discount should a house have if it's on a "Mile" road - not a highway, but still a significant major road in the area, say 2 lanes each way with a turning lane in the middle.
Assume the exact same house can be located: (A) on the Mile road or (B) on a quiet subdivision street.
Percentage wise, how much less would you value the house on the Mile road?
What if the road is still a mile road, but now it's just one lane each direction? (It's still a significant road, but not a main artery.)
The house I am talking about is a 'mile' toad but one of those popular mile (2nd popular) mile that seem to connect everyone. 2 lane each way with a short turn lane. I put an offer in thats 20K below asking price. This is based on my realtor suggestion. If I get it at the price I put in, I think its worth it and most people will consider living for that price. If I don't, oh well
How do you define a highway? It's one of the major arteries connecting downtown to the semi-expressway on the east side of town. During rush hour it is a major route and one of the first to be plowed during snow storms. Houses directly along it cannot have driveways connected to it, but must enter it at major intersections.
The house I am talking about is a 'mile' toad but one of those popular mile (2nd popular) mile that seem to connect everyone. 2 lane each way with a short turn lane. I put an offer in thats 20K below asking price. This is based on my realtor suggestion. If I get it at the price I put in, I think its worth it and most people will consider living for that price. If I don't, oh well
We bought a house on a main road in our small town. The high school and elementary school are nearby as is the train station (NEC-service to NYC). We do get some serious traffic in the morning, school starts at 7:30am and many commuters catch trains to NYC in the AM.
In order to mitigate this situation we fenced in the yard, paved a K-turn in the driveway (for heading out) and planted a bunch of trees and shrubs to soften the morning traffic noise.
We are putting the house on the market soon and will factor its location into the price.
The home's value will always reflect the fact that the house is on a busy street. It can be a great deal if it is really important to you to get into a certain town, and this is the only way you can do it.
We just seriously considered buying a house on a busy road, but it had a driveway wide enough for us to turn around and always face forward while leaving the house (without having to back in on this busy street, which to me, is still an issue.) Also, the house had a very large set-back from the road - it was very far back from the road. It also had a short fence in the front yard -- not tall enough to block out the road but enough to be a small barrier should the dog get out or something. The other key thing for us was that there was a sidewalk in front of the house, so we could absolutely still walk around the neighborhood.
If you don't love the town and already know that you do not plan on living there for more than a few years, I don't think it's worth the risk. You're going to want an easy resale. As others have mentioned, if this house was the plan for the next 20+ years, and you really wanted it for the good school system and other town amenities, and there were things that mitigated the fact that you were on the busy road, then I'd do it.
I would not do it...I once lived on a main road and I could tell you what time of the morning it was just by the sound of the traffic going by not to mention the fire truck with sirens blaring at all hours of the night rushing by.
When I was in my 20s I lived on a main drag that was mostly commercial. My end was a little more residential - that said there was an automotive garage next to me, and the 3 family house on the other side had a radiator repair place in the back yard and an insurance agent on the first floor. Across the street was my favorite camera store.
I found that when I was home on nights and weekends, it was quiet as could be. No little kids running around and screaming, very little traffic as all the businesses were closed.
As someone already mentioned - BACK into your driveway if it's not big enough to turn around in. Backing out into any street is dangerous. When I lived on this street I often had to turn right out of the driveway even though work was left - it was just too difficult to go across all the traffic. Quick ride around the block and I was on my way.
I have never had any desire to hang out in my front yard no matter where I lived. I don't see the appeal in it, though I do often see people sitting in lawn chairs in their garages watching the world go by. I prefer my back yard no matter what.
The house I am talking about is a 'mile' toad but one of those popular mile (2nd popular) mile that seem to connect everyone. 2 lane each way with a short turn lane. I put an offer in thats 20K below asking price. This is based on my realtor suggestion. If I get it at the price I put in, I think its worth it and most people will consider living for that price. If I don't, oh well
I love toads....that is a BIG toad.
LOL...I'm not trying to make fun, and yes I really do love toads.
Anyway, hopefully the sellers will at least counter your offer. Sometimes a good deal really is a good deal. Good luck!!
Location: The Northeast - hoping one day the Northwest!
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My first choice - would be no. However, for a first home and it had pretty much everything else I wanted at a good price... then I would.
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