The Benefits and Compromises of Living Near Transport Hubs
“The seeds of civilization are in every culture, but it is city life that brings them to fruition.” -Susanne Katherina Langer.
Choosing a new home and moving into a new neighborhood can be an exciting time.
This is especially true if you move somewhere drastically different from where you currently live. However, it can also be true that this move might be quite stressful considering that you will be compelled to move into a new environment that you are not used to. One such relocation would be moving from some of the rural areas in the Philippines to a house and lot in San Pablo. For homeowners and families used to the rural setting, this relocation can be quite the shift. That said, if you have been thinking of moving to a big city, you need to ensure that it is precisely what you want.
There are a myriad of excellent reasons why one would wish to relocate to the city, be it to develop a career, pursue a better job, look for better schools, or even start a family. However, you should not let the prospect of cosmopolitan living cloud your judgment. While it certainly affords you easy accessibility and convenience, life in metropolitan cities is far from perfect.
It comes with a higher cost, and at times, it is not something a few homeowners are likely willing to compromise on. Apart from that, you also need to consider the big crowds, noise pollution, and apparent Lack of parking spaces in some urban settings. However, this is not to say that there is no appeal to metropolitan living. No doubt, the allure is there, and plenty of good opportunities are waiting for you. However, while those are worth exploring, this article aims to cover one of the biggest draws in living in metropolitan areas: living near transport hubs. Indeed, the city is teeming with transport hubs insomuch that commuting pretty much anywhere is possible.
Below we are going to explore the benefits and compromises of living near transport hubs. In this way, you can make a well-informed decision about your property purchase or investment.
BUYING PROPERTIES NEAR TRANSPORT HUBS AS AN INVESTMENT
Some individuals choose to purchase properties for investment properties. When this occurs, they would expect it to turn over a nice profit one day—either from renting it out or selling it off. However, even if you buy a home where you intend to stay in the future, it would be prudent to ensure that it is the kind of property that stands to improve in terms of desirability and value.
As said above, choosing a property in the city or near transportation systems is an excellent way to be on the right track to ensure you get the most out of your investment. So, if you are in the market for a new property purchase, it may bode well to consider one located in the city and near transport hubs.
If this is something that you have been contemplating, below are just some of the advantages and disadvantages of investing in properties near transport hubs. In this way, you can make a better-informed decision.
ADVANTAGES OF LIVING NEAR TRAIN STATIONS
a.) Value Appreciation
Undoubtedly, properties located near transportation hubs highlight convenience and accessibility. As a result, these properties tend to see a rapid appreciation in value. These are also properties that tend to retain their value better than those less ideally placed.
In fact, it has been shown that these properties can potentially see an increase in value of 10% to 20% on rough average compared to those properties situated in more remote areas.
b.) Highly convenient
As said above, properties located near transport hubs put much emphasis on accessibility and convenience. Needless to say, people who are in the market for a place to live will typically prioritize accessibility and convenience over any other factor.
It is also worth noting that transport hubs typically see a massive amount of foot traffic daily. As a result, plenty of stations will be featuring stores and even a few mini-marts where nearby residents can get their essentials.
c.) Popular among renters
Considering that property developments located near transport hubs capitalize on accessibility and convenience, it is inevitable that they have a higher demand—especially among working-class people who commute or take public transport to and from work.
To potential renters, any property within walking or a reasonable distance from transport hubs is a plus point. As an investor, this can be seen as a huge advantage as you will always have a steady supply of tenants.
d.) Better rental rates
You can offer competitive rates to potential tenants as your property is located in a highly in-demand area. If you are a good landlord who regularly takes care of your properties and if you treat your tenants well, you will find that your rental property will be able to command a higher rent.
In fact, it has been shown that high-rise residential projects near transport hubs such as train stations tend to benefit the most, according to the National Property Information Center (NAPIC). According to their data, these properties can see an average rental gain anywhere between 1.2% to 6.6%.
DISADVANTAGES OF LIVING NEAR TRAIN STATIONS
a.) Peak-hour traffic
Undoubtedly, transportation hubs can get quite packed with both vehicles and people during peak hours as many individuals. As a result, the peace of the surrounding area tends to be disrupted—particularly for those who use the property for their stay.
b.) Noise pollution
Transport hubs have varying schedules, but a good majority of them may start operating as early as 6AM and will continue to do so until 11PM every single day. If you are living within proximity to the transport hub, this can be quite a nuisance, especially if you are a light sleeper. Moreover, if you wish to relax and unwind after work, then you are going to live with and get used to the sound of honking cars, screeching brakes, and maybe, regular announcements.
c.) Undesirable views
Convenience is one thing, but if you have bought a unit that is facing the station, you will quickly see how much of an eyesore it is. Just imagine having to see so much concrete and steel instead of verdant greens, flora, and fauna. To many homeowners, this is not relaxing at all, and the Lack of a good view can be quite jarring.
This is even worse if the property you own has a single floor or if you own a unit on the lower floors because there will always be a steady stream of people, which will contribute to the Lack of privacy.
d.) Lack of safety
If you invest in a unit for your own stay that sits atop a transport hub or is at least nearby, the Lack of safety may be a cause for concern. This is because you will see so many strangers in the vicinity, which may be a bit worrisome if you frequently return late at night.
Thieves tend to lurk in areas with high foot traffic, such as transport hubs, as they have plenty of people to target.
DO THE PROS OUTWEIGH THE CONS?
With all that said above, you must be asking yourself: Do the advantages outweigh the disadvantages? At the end of the day, it is your decision. That said, you need to take a closer look at the property and see if it has plenty of factors that will likely benefit you and your loved ones in the long run.
While it is imperative to consider accessibility and convenience when it comes to choosing residential properties, there are other things to consider as well, such as whether the developer you have chosen is a reputable one or not. Keep in mind that the best names in the real estate industry strictly adhere to building guidelines and mandates. Apart from that, these professionals already possess extensive experience in delivering quality projects. As a result, you will have peace of mind knowing that your home can be your and your loved ones’ safe sanctuary.
Another thing to consider is how much the property costs. Again, the price tag is something you have to consider. Ask yourself whether it falls within your budget, as you would not want to purchase a home that ticks all the boxes only to find out that you can barely afford it once the monthly payments start coming in.
Lastly, doing your own research is paramount. As with any property investment or purchase, it is imperative to do a lot of in-depth research and compare similar properties. It also helps if you ask the right and necessary questions. In this way, you can be confident that you are well informed about your purchase.
After all, this is a decision that can potentially benefit you and your family for years to come. That said, it is best to exercise caution and proceed with your endeavor as responsibly as possible.