The sound of traffic can be a comforting sound to some, and the bane of city life to others. Along with the rush of cars whizzing by may come possible honking and squealing, but the drone of traffic might bring a sense of connection. A highway brings pros and cons to every neighborhood or real estate property, and while some may think it seems like a horrible thing, it can also make the house more appealing to certain home buyers.
In case you’re worried about a new highway plan, or thinking about investing in real estate near highway, here are some things to consider.
Pros of nearby roadways:
- Accessibility. Highways make it easy to get wherever you need to go, without the hassle of figuring out random streets and complicated routes to your destination. Some studies show that home value increases drastically after a highway is added, especially when it’s connected to a bigger city’s road system. It makes getting back to town a lot easier!
- Business potential. For people searching for professional real estate property, a highway can mean more traffic and more exposure for their business. This also makes it easier for the big city to stretch its reach, and many businesses that can’t invest in inner-city real estate property usually aim for the next best thing, which is roadside-property.
- Future development. A highway usually marks the rising trend of neighborhood developments, new city fixtures, extra stores and shops, and an encroaching suburban lifestyle. While for some, this is an exciting future, for those who invested in a quiet location, this can be a negative side effect.
Cons of nearby roadways:
- Noise. Probably the most obvious downside to living near a busy road is the noise. While for some it’s just another part of life, it can be a serious problem for others. Depending on your home buyers, you may see the property become harder to sell.
- Landlocked issues. While highways make it easier for people to get back into the city, they can also complicate existing routes to many houses. If there’s no proper way to get back to a house, this makes it hard for people to find alternative ways back to their homes. If you can, try researching extra roads in the nearby area, and inform buyers of the additional routes available to them.
- Less safety. The iconic—and terrifying—scene in Stephen King’s ‘Pet Semetary’ did highways no favors when it came to parental approval. For many families with children or pets, highways are a serious no-go when it comes to buying a home. The risks and danger are a bit too much, and most families prefer the safety of more solitary streets.
Highways either bring a large amount of development and improvement to developing real estate or they can severely damage them, so it’s important to research the placement of your home before you buy or sell it. Whether it’s extremely close or relatively far away, a highway impacts the surrounding area drastically, so be sure to prepare yourself for all the possibilities!