When it comes to home buying, the potential resale value ought to top your considerations. This is the reason why it’s essential to think about the local school district. A lot of studies have shown that down the line, a home’s school district impacts directly on its value as well as ability to sell.
When you live in a good school district, it will not only mean better books, better teachers and better test scores; it also helps in the retaining the value of your home and ensures quicker resale rates.
Seeking Good Rated Public Schools
Based on your individual situation, the quality and class of the schools near you may directly impact you (whether you have or don’t have children). This is because nearly every home buyer is naturally concerned about the value of their property and wants to make an investment that is sound.
It’s certainly a very smart investment move to think about the quality of the school district in your decision-making process when you want to buy a home. When you carefully look at the issue, you are going to find that indeed, pricier homes located in a public school district could in fact turn out to be best bargains in the long run.
The majority of buyers gravitate towards searching for property by school district, and many have indicated that school districts form an important factor in the process of buying a home. A recent Trulia survey concluded that 19% of Americans indicated that their idea of a dream home is one that is located in an outstanding school district.
The Broader Picture
However, it must be noted that it’s really not as simple as it would appear when it comes to drawing conclusions between real estate and school districts. A public school district that is poorly ranked will necessarily not imply that the general quality of local education happens to be poor.
Remember, there are also private schools in the district to also consider. Due to the fact that school tuitions vary quite widely, the prospective buyer property will need to individually tabulate these variations. This should be done keeping in mind that indeed there are additional factors beyond house prices and local school districts that motivate the decision to buy real estate.
Factors to Consider
When you are in the real estate market for purposes of acquiring a new home, you got a good number of factors to take into consideration. These include the neighborhood, number of bathrooms, kitchen size, total home square footage, bathrooms, home general condition, and of course the price, to state just a few. However, have you thought of the local school district? Whether you plan to have children now or in the future, the quality of local schools can greatly affect how much you will have to pay plus for how much you can sell your home later.
There are several reasons why you may wish to think about the quality of school districts as you plan to acquire your next home.
1. A Good School District Drives Up Property Prices
The high rating of a school often drives up home prices in that particular school’s district. Any professional real estate agent or broker will tell you that location matters a lot in terms of property values. Basically, the presence of schools establishes or identifies an area to be an excellent location.
2. Protect Against Market Turns
Even during a serious down market, a good school can turn out to be the rising tide lifting the prices of all nearby homes. Today markets tend to swing very fast and hard! Buying a house in a strong school district may be an excellent way of keeping its value from getting devalued by a declining market. Real estate experts compare it to a very safe bet.
3. Good for Resale Purposes
Even though it could end up costing you more to acquire a home near a good school, remember it is an excellent investment decision when it comes to resale value. Of course, there are no real guarantees when it comes to real estate, but all factors considered, you stand safer in a good school district. Ask yourself how your home will fare some years down the lane in case you decide to sell.
Importance of Picking Right Home
School districts should ideally be top among your considerations as a home buyer. However, though it’s important, don’t allow that to be the only deciding factor. The right home ought to be one that makes you feel comfortable and located in a place that is sensible to you. What is important is that the home is correct in terms of style, condition, size and price.
Don’t shy from asking your real estate agent or broker regarding the school district, in terms of how it is fairing now compared to about 10 or 15 years ago. Inquire about changes that have taken place over the years and how the district compares against other neighboring districts.
In terms of the crucial aspect of resale value, even for buyers without children, to invest in a home that is located in a leading school district pays off in the long run. Such homes tend to sell faster compared to those found in districts that are rated lower. It is also proven that during hard economic times (which tend to trigger home value declines), properties such as homes located in better school districts will normally hold their value compared to those in lower-quality school districts.
During any real estate buying, there will always be an element of risk and schools ought not to be the only factor when it comes to buying a home. The best bet is to locate your right fit and limit the levels of risk by selecting a neighborhood that has an excellent track record in the long term.
Generally buying a home in a good school district matters and usually, it works in your favor.