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 area. 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.
If you have any questions about buying a home on the Big Island of Hawaii, contact Todd Barrett today.