When selecting a new home, the location is often the foremost factor in the decision-making process. However, a critical aspect frequently overlooked by many is the cost of commuting. The daily journey to and from work can accumulate to more than an hour, translating to approximately 11 days each year spent commuting. This time and cost can significantly increase for some individuals.
The financial implications of commuting are substantial. Opting for public transportation can lead to expenses around $1,500 annually, while driving, especially on toll roads, can escalate costs beyond $5,000. Therefore, the choice of suburb is pivotal. Merely moving a few suburbs away can dramatically alter your commute times and result in substantial savings.
It’s important to recognize that a seemingly cheaper house in one suburb might ultimately prove costlier due to increased commuting expenses. Thus, when evaluating the total cost of a new home, it’s essential to incorporate the long-term financial impact of commuting. This comprehensive approach ensures a more informed and economically savvy decision, balancing the initial savings on property costs against the recurring expenses of your daily travel.
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