Homebuyers

Would You Live Near a Cemetery, Airport, or Highway to Score a Deal on a Home?

These days, it seems like everyone is looking for a deal, whether that be cheaper groceries or saving money on buying a home.  

Homes with lower price tags are often in less desirable locations that many homebuyers would quickly write off. These could be properties near spooky cemeteries, stark industrial sites, or loud airports.

“In this market, ‘good deals’ often come from homes that others overlook,” said real estate salesperson Daniel Smith of Smith Realty Team in Denville, N.J. “A property that needs light updates or is slightly off the main commuter corridor can become a smart investment with the right improvements.”

While a home located right near a highway or airport may not be what you imagined when buying a home, these locations may turn out to be convenient. And purchasing a property near one of these locations may allow you to stretch your budget.

So, where may buyers be able to get a home at a discount?

1. Homes near cemeteries are often discounted

While buying a home near rows of tombstones might seem scary at first, it may be a smart investment. Plus, cemeteries are often peaceful, offering a well-maintained green space with flowers and plants.

And homes near cemeteries are often more affordable. These residences often cost 12% less than comparable properties in other areas, according to Realtor.com.

There are more than 144,000 graveyards and cemeteries across the contiguous U.S., according to data visualization expert Joshua Stevens.

2. Should you buy a home near a school?

Living near a school can be convenient if you have children who can walk to and from class. It can also be a noisy nightmare involving backed-up traffic around drop-off and pick-up times. Or maybe both.

However, if you’re in a highly rated school district, you may be able to get a higher price if you decide to sell.

3. Industrial areas offer discounts as well as risks

Living in an industrial area can be noisy if there is heavy machinery around. These areas also aren’t always as pretty as those leafy, suburban blocks or charming Main Streets. There are also potential health risks, depending on what sorts of businesses operate in the area.

Property values within a one-mile radius of industrial facilities that heavily pollute are typically 10% to 15% less than those in other areas, according to the Journal of Environmental Economics and Management.

However, these areas are often near main roads and highways. That can make these convenient locations, especially if you’re in an area that’s predominantly warehouses and small businesses.

4. Buying near a highway may be cheaper and convenient

Don’t automatically turn up your nose at the thought of living off a highway or other major roadway. Yes, it may be noisier, and you should also look into any air quality concerns.

But buying a home near a highway may also be the ultimate life hack, especially if you drive often in your personal or professional life.

Homes directly adjacent to highways generally sell for 4% less than homes that weren’t on the busy roadways, according to a 2015 study of Florida neighborhoods in the Journal of Sustainable Real Estate.

In addition to a good deal, you can expect easy access to convenience stores, hospitals, shopping plazas, and emergency services.

5. Airports

Being close to an airport can be noisy. However, it makes it easier to catch a flight if you’re a frequent traveler.

Even if you don’t fly often, you may enjoy quick access to job opportunities in aviation and hospitality, as well as amenities like restaurants, hotels, and shopping centers.

That may be worth the planes flying overhead.