November 28, 2014

Buying a home without a garage/driveway? Consider this…

If you’re looking to save some money by avoiding the purchase of a vehicle, you might be interested in buying a home without a garage or driveway. Great thinking, if you plan to live in a metropolis with lots of public transportation at your doorstep. If you’re not sure whether to buy a home with or without a garage or driveway, here are three considerations to keep in mind.

How will you get from A to B?
This might seem obvious, but if you won’t have a vehicle, how will you get around? It can cost a small fortune to take cabs everywhere, so that’s not necessarily a good plan – unless of course you have a small fortune. Since the plan is to save money by not having a car, make sure your local transit system has adequate transportation to your job, the grocery store, and anywhere else you’ll be going on a regular basis.
Where will visitors park?
Just because you don’t have a vehicle, doesn’t mean visitors won’t be arriving that way. Think about who will be visiting—family, friends, others? If at all possible, try to choose a home that won’t have visitors parking 12 blocks away. Think about night-time safety, bad weather and those who may be disabled. Before you buy, ask about nearby parking options.
What about resale of your home?
This is a biggie. Look around the neighbourhood. Do most of the homes in the area have garages and/or driveways? If so, you might have a tougher time selling your house later since many home buyers enjoy the convenience and storage space of a garage.

Choosing to buy a home without a garage or driveway is your prerogative. Do whatever makes sense for you and your situation. Thinking beyond your needs today, remember to consider these factors when looking for your hew home.

Check out more great home buying tips here!