Buying a Home next to an office – Here are few pros and cons

With so many residential projects coming next to office space, many home buyers are found altering between high hopes and cautioned with yet another baffling choice. Finding a home that suits all your requirements can be challenging and time consuming, fortunately, there are always few direct cues which are worth considering. In this article I’ll help you identify those key factors, and make sure you are well informed to make a safe and legitimate home purchase.

Affordability

Neighbourhoods near offices tend to have a higher cost of living, largely because of the close proximity, and many properties are rented to office goers. Many home buyers are willing to pay a premium to live near the office and consider the property appreciation which is significant for someone looking to sell the property sometime in the future. Having said that, properties near offices (In most cases) are priced little bit on the higher side when compared to properties in different neighbourhood.

Surge in Traffic

Let’s be honest. Traffic is part of our everyday life. Whether you like it or not, you got to deal with the peak hour traffic, and stepping out of your home could sometime be challenging during those peak hours. Peak hour traffic potentially lowers the air quality and generates a lot of noise. The traffic congestion on an average fairly stretches till 500mts and it’s a tale of home owners living in close proximity to the office.

Nearby Eateries

Although you may not get to eat in one of the iconic eateries, it’s true that home owner particularly enjoy the wide variety of dining options when they live closer to the office. Most of these eating outlets are opened till late hours and finding something to eat is always easy.

Temporary Neighbours

Since most of the homes closer to offices are rented out for office goers, it is particularly true that you get to see new neighbours every season. The most part of your home experience will remain seeing multiple neighbours of diverse culture, living closer to office is great option for homebuyers who prefer interacting with different neighbours every year.

Walk to Office

Living in close proximity to office increases your savings, yes, you can walk to office and avoid leaving early to office. Not to mention the savings of not having to fuel your car every month. Even better, you don’t have to wake up early to get to office on time.

Hard to sell

It’s obvious, a property closer to office can increase the home’s value, unfortunately it’s also harder to sell such properties. Living near office is a good thing for many people, but others would rather live-in areas that have balanced connectivity to all parts of the urban set up. Since job hopping is a new trend that has caught up with the new work force, properties with close proximity to office, soon loose their ability to sell to a potential pool of home buyers.

You Just have to set your priorities Right

A property near office purely depends on individual homebuyer. It is important to weigh the pros and cons before making home purchase in close proximity to office.

Lastly, I hope this article was helpful in providing some insights in property buying decisions. Be sure to do your research before you take any financial decisions.

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