3 Reasons Why You Should Consider School Districts When Buying a Home
Regardless of whether or not you have school-age children, buying a home near a good school is beneficial to you as a home buyer/investor and eventual home seller.
Home buyers typically consider the following factors when looking for a home: price, neighborhood, square footage, number of bedrooms and baths, lot size, the condition of the home, and special amenities, to name a few. But did you know that it is also wise to look at the school district where your potential new home belongs? FACT: The quality of nearby schools affects the home sale prices and eventual resale prices of homes in the area.
Even if you don’t have or never plan to have kids, the quality of nearby schools can have an impact on how much you pay and how much you sell a home for later.
Reason 1: Parents are willing to pay more to live in a home in a good school district.
Even though you don’t have kids, you would absolutely benefit from living near a good school because potential buyers would be willing to pay more for your property in the future, especially if they have school-age children. The school will most likely be part of their criteria in looking for a home, so might as well consider that too if you are planning on selling the home in the future.
Reason 2: A good school (and a good school district) will protect you from fluctuating market conditions that may affect your home value.
A good school often suggests that an area is a good location. We all know that location is very important in choosing where to live. A school near your home with excellent reputation will have higher market value than similar homes in other average school districts, regardless of the performance of the real estate market. If you will look at things from a potential investor’s perspective, it’s better to spend more on a home near a good school than spend less for the same type of residence, TAKING INTO CONSIDERATION the potential of the home to fetch more in the future.
Reason 3: Homes near good schools are pricey, but they sell high too.
If you envision yourself in a retirement cottage somewhere far away in the future, then you might as well regard your new home to be a very strategic investment. Spend more on a home near a good school, AND THEN earn more out of selling it in the future because of its strategic location—all thanks to the good school near it.
The school district where your new home is located should be an integral part of your home buying criteria. Whether or not you have kids, consider the school district when buying a home because it is a factor that would help ensure that you are making a sound investment with an eventual healthy return.
Source: The article by Brendon Desimone entitled “3 Reasons to Consider School Districts When Buying a Home” can be accessed here.