I got my offer accepted on a house by the I-5 in Seattle. I can't hear the freeway noise inside the house but the fact that I got it under list price in this market makes me worried that it might not sell in future if there's no sellers market. It's in center of Seattle city. Should I back out of the deal?
Seattle, WA 路 Member since 2017 路 19 posts 路 12 votes
4y
In Seattle, freeway noise can be just part of life. With traffic fairly horrendous for commuting, if you are near a freeway exit, the location could actually be a very good thing as a rental. It might make it a little harder to sell down the line, so it depends on your goals in buying the property. Will you be flexible in choosing when it's time to sell, or do you have a specific timeline? Does the house already have noise-blocking improvements like windows? That could help with resale when that time comes, or for maintaining good tenants.
@Dave for the neighborhood, yes. But I'm not sure if rental demand will also be lower due to the Interstate noise. Seller says it was renting for X price which would cover the new mortgage but I haven't seen any reports. I can try and ask them. Thanks for your response.
@Brie Thanks for your response. I sent you a connection request and added the address in the invite message. Would appreciate any inputs to help me make a decision. Thank you 馃檹
Specialist 路 Philadelphia, PA 路 Member since 2018 路 26 posts 路 26 votes
5y
@Manju Nat @Manju Nat it comes down to the local market and your investment strategy. I do believe there are certain demographics that go for properties for their proximity to major roads and highways.
I鈥檓 currently looking at property with the highway sound barrier wall at the end of the property line. I鈥檝e driven pass it at different times of the day throughout the week to gauge traffic and noise level. Besides the physical appearance, there wasn鈥檛 much difference.
It's prime for people who use the highway daily for their commute which in Philly could include Jersey or Delaware, quick access to a highway and/or bridge is ideal. I was one of those people. Think in terms of how apartment complexes are marketed to renters vs. SFH. It could also work well for STR.
If you factor in improvements that mitigate the downsides of a property near highways and freeways into your rehab equation there could be a win. A proven cash flowing property isn鈥檛 hard to sell to another investor. Also possible to sell to would-be home buyers who value accessibility.
Rental Property Investor 路 Sioux Falls, SD 路 Member since 2015 路 9k+ posts 路 18k+ votes
5y
@Manju Nat the most important factor in buying real estate is location. I would rather overpay in a good location than underpay in a bad location.
I have no details on your location and specifics of the deal, so I am not giving you specific advice. Center of the city probably means close to everything, so that could be good. Noise is subjective, one person may not care, another may go crazy listening to it.
@Leonard The noise wasn't too bad during the daytime but when I went in then night I could hear it inside the house due to more interstate traffic, which is what got me worried
Seattle, WA 路 Member since 2017 路 19 posts 路 12 votes
4y
In Seattle, freeway noise can be just part of life. With traffic fairly horrendous for commuting, if you are near a freeway exit, the location could actually be a very good thing as a rental. It might make it a little harder to sell down the line, so it depends on your goals in buying the property. Will you be flexible in choosing when it's time to sell, or do you have a specific timeline? Does the house already have noise-blocking improvements like windows? That could help with resale when that time comes, or for maintaining good tenants.