Some home buyers consider purchasing a home that is less expensive but farther away from work. In particular, people who work in an urban area sometimes consider living outside the city, where housing costs a little less.
Is that a good option? It depends, to some extent, on the cost of commuting.
People often underestimate commuting expenses when they consider buying in a particular neighbourhood. Knowing these costs is important if you want to make a smart, informed decision.
For example, there are many expenses associated with a 45-minute commute to work: gas, wear and tear on the vehicle, insurance, parking, etc. There’s also value to the lost time – almost seven hours a week spent in the car.
If you find a home that you love, and have considered the commuting time and expenses, you might find that it makes sense to purchase a home in the suburbs. Lots of people commute and find ways to make the experience pleasant.
As with all aspects of a home purchase, having all the information is key. So, make sure you know the true cost of commuting so you can make the right decision for you and your family.
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