Whether you’re buying a home of your own or an investment property, a certain often-overlooked issue could give you serious buyer’s remorse. According to the U.S. News & World Report, the most-often cited cause for buyer’s remorse is the time of commute for the homeowner, and as more homebuyers realize how important it is to be in close proximity either to their work or to good transit options that will take them to work and avoid traffic, more and more sellers who are not in these locations are finding it hard to sell their properties.
This is a particular issue for homeowners and investors working in major metro areas of the country and in the surrounding suburbs. For example, in Atlanta, Georgia, a property may appear to be only 15 or 20 minutes from the downtown area because it is only 15 or 20 miles out, but during rush hour, that relatively short drive can balloon to one or even two hours on a bad day. “I always ask people how long they are willing to commute,” one agent said, noting the difference between how many miles and how many minutes.
Of course, a longer commute may be worth it to a homeowner looking for better schools, a more affordable home, or good public transit to work is an option. According to a recent survey from HNTB Corp, more than half of Americans will actually pay more for a home in good proximity to public transportation, be it bus or train. Nationally, homes near transit stops outperform other comparable homes in a metro area by more than 41 percent.
You can get buyer’s remorse from a commute even if you are not the one making it. Be sure to drive before you invest!
Point to Ponder:
Would you pay extra for a home near public transit?
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Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.