If you’re starting your home search, there’s a lot to consider: price, neighborhood, square footage, number of beds and baths, yard, taxes and the home’s condition, for starters. But are you paying attention to the school districts too? Even if you don’t have or plan to have children, studies have shown that the quality of nearby schools can have an impact on how much you pay now — and how much you sell a home for later.
Here are three reasons to consider the school district during your search:
You’ll pay more for homes in a good school district
Parents of school-age kids often pay attention to school performance ratings and are likely to pay more to be near public schools with higher scores. Buyers who have kids or are planning to have kids will likely use this type of criteria as the most important part of their search.A school’s high rating will often increase demand and boost the price of homes in that school’s district. Even if you don’t have kids, you’ll still pay more to be near a good school. But don’t necessarily see this as a bad thing. Good schools provide stability for a community, and that’s good for the property values of everyone who lives nearby.
Good school districts can shield your home from hard times
Markets turn faster and harder these days, as seen during the past credit and housing crisis and the recent upswing in sales. Even in a declining market, an excellent school can minimize the impact on your home’s value. Savvy buyers will see this as a great opportunity to buy in a neighborhood with a strong school district. Keeping demand higher. Whereas, a home in a less desirable school district may suffer the most.
It will be good for resale
You can be assured that parents will always want the best school they can afford for their kids. No matter if the market is up or down, don’t overlook the future resale of the home. It is unlikely that you’ll live in one home for your entire life. The average person will move every 5-7 years. Buyers, before moving forward on a home, should immediately think like a seller. Ask yourself the question: “If the housing market changes and I need to sell, how will my home fare?”
Many buyers will feel overwhelmed by how quickly you need to react to this fast paced market. Since home inventory is low, good homes are going fast. It’s easy for a buyer to overreact before they had time to fully think things through. When under pressure, shiny new stainless steel appliances and exotic new bathrooms will probably consume a buyer’s decision and school districts may not even register at all.
Since you may not think about these things every day, you may want to seek the advice of someone who does. Ask your Realtor to present you all of the variables in buying a house and help you make the most informed, yet timely, decision possible.