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Mortgage Advisor & Director
Buying a house near a petrol station
If you're interested in buying a property near a petrol station, you might be wondering about the benefits and downsides, or if lenders would even consider mortgages for properties near petrol stations.
Here we'll look at these issues and explain whether it's a good idea in the first place.
Yes, there are downsides. However, there are actually many advantages to buying property near a petrol station. Homes near petrol station sites are generally cheaper than the average for the area, which means you could get a decent price.
You'll have easy access to fuel for your car should it ever run low, and within walking distance of a convenience store to grab a snack or other items if you need them.
It's also possible that they could become obsolete in the future as we shift to electric and biogas vehicles that need charging stations instead of petrol pumps. This means there may be fewer refuelling sites around in the future.
Since petrol stations tend to be located on a main road rather than in residential areas, you'll likely be close to major transport routes, which can cut down on the time and expense of your commute.
Can I get a mortgage for a house near a petrol station?
A house is an important investment, so it's critical that you do your research before deciding exactly what you want to buy.
As for whether or not your lender will finance your mortgage in such an area: that depends. Several factors come into play when determining your eligibility for a mortgage, and the location is one of them. To have the best chance of finding the right lender, we recommend engaging an experienced mortgage broker - like our experts at Teito!
Points to consider when buying property next to a petrol station
There is a risk of air pollution, possible ground pollution or soil contamination from spills, fumes, highly flammable liquids and the potential for criminal activity.
Depending on the opening hours, other main points for consideration include noise pollution, large vehicles at all hours and bright lights. Opening times can be another major issue, with 24-hour stations being something of an inconvenience for members of the local community.
Anybody considering buying a house next to a petrol station would do well to investigate the area thoroughly, and it's always best to consider all options before committing yourself financially.
Will I pay more for insurance?
Insurance companies have different views. Since the possibility exists that a spill at a petrol station could cause damage to your property, some insurance companies may charge a higher premium for a house near a petrol station.
A significant proportion of all crashes involving cars and lorries occur there, so these types of accidents must also be considered.
In addition, a large number of car thefts occur in these areas, so your insurance premium could go up if you live there.
Some insurers may consider a location for renewals even if they do not charge an additional premium, and these factors should not be discounted when considering the risk level of a property.
Is living next to a petrol station a health risk?
Some studies have shown that living near a petrol station can increase a person's exposure to toxic emissions.
According to reports, the air in the vicinity of garages is frequently contaminated with tiny particles from evaporated fuel, which can be harmful to nearby residents.
House prices near service stations
If you're looking to buy a house near a petrol station, make sure to compare local prices first. This will help you determine if the area is a good investment.
The price of a property will vary depending on the location and other factors, such as local amenities and transport links.
If you're looking to buy a house near a petrol station it's worth considering all the advantages and disadvantages provided above before making your decision.
Keeping your home secure near a petrol station
Crime rates can be higher in areas with many service stations.
People who work at service stations are sometimes more likely to be targeted by criminals, so it's important to keep valuables out of sight and make sure all windows and doors are locked.
Cars parked near a petrol station are easy targets for thieves, so it's important to take extra precautions when you park your car.
Whether or not you should buy property near a service station is ultimately down to personal choice. As long as you're aware of the risks involved and do adequate research, there's no reason why you shouldn't be put off.
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