Pro and Cons of Living Near a Toll Road: Insights for Home Buyers

Deciding to live near a toll road can be a significant factor in your choice of a residence, impacting both quality of life and property value. This article delves into the benefits and drawbacks of choosing to live close to a toll road, providing valuable insights for home buyers considering this option.

Benefits of Living Near a Toll Road

Rapid Access to Major Cities and Business Centers

One of the most compelling reasons to live near a toll road is the convenience it offers. Whether you need easy access to business centers and major cities like Sydney or Washington D.C., a toll road can significantly reduce travel time. For instance, after the M5 motorway was extended to connect Sydney with the harbor bridge and north shore, home values in the Holsworthy area nearly doubled due to this improved connectivity.

Potential Increase in Property Valuation

Access to major transportation hubs can lead to an increase in home value. In the example from Holsworthy, NSW, Australia, the property value surged from approximately 150,000 to 250,000 after the motorway extension was completed. Similarly, in Northern Virginia near the Dulles Toll Road, property values have benefitted from the quick access to Washington D.C., enhancing the desirability of these neighborhoods.

Drawbacks of Living Near a Toll Road

Economic Burden of Tolls

Although the toll road offers many benefits, the monetary cost of using the road can accumulate significantly over time. If you commute five days a week, the daily tolls can add up to a hefty monthly expense. When considering the toll road benefits, buyers must also account for these recurring costs. Unfortunately, these expenses are not legally tax deductible.

Convenience and Mobility Drawbacks

In cases of unexpected accidents or traffic congestion, relying solely on a toll road can lead to significant disruptions. Unlike regular roads, toll roads may lack alternative routes, leaving drivers stuck with no options until traffic clears. This can be particularly problematic during emergencies or when larger accidents occur.

Impact on Property Value

While living near a toll road can enhance property value by offering quick access to major cities, it's also crucial to consider the potential long-term impacts on property values. In the case of a proposed second international airport in Holsworthy, there was a brief period when the property value increased sharply. However, the long-term impact is still uncertain, and future developments could influence property values in unpredictable ways.

Conclusion

The decision to live near a toll road is a multifaceted one, influenced by both immediate convenience and long-term economic considerations. Whether the toll road benefits outweigh the drawbacks depends on individual circumstances, including job requirements, long-term financial goals, and personal preferences.

Final Thought

No matter where you decide to live, the key is to carefully weigh the potential toll road benefits and drawbacks. By understanding the pros and cons, you can make a more informed decision that aligns with your lifestyle and financial situation.