Reasons to Factor in School Districts When Buying a Home

When most people think of searching for the perfect home, things like price, neighborhood, size, bedrooms, kitchen, and condition come to mind; however, a key component that many people often fail to consider is the local school district.

Perhaps you’re thinking, “But I don’t even have kids.  Why should I care what the schools are like?”  Even if you never plan on having school-aged children, the quality of nearby schools can actually have a large impact on how much a home is worth.

GOOD SCHOOLS DRIVE UP PRICES

While parents are often concerned with school districts because they want to consider things such as school performance ratings, it’s also a worthwhile consideration for buyers without school-aged children because high ratings tend to drive up area home prices.  In essence, schools tend to establish certain locales as good or bad, which means that you may have to pay more to live in a good school district—although you can sell for more as well!

MARKET PROTECTION DURING ECONOMIC DOWNTURNS

Another important aspect involves the protection that good school districts offer when real estate markets take a dip.  Even in a poorly performing market, excellent schools offer a buffer which tends to keep area home prices from falling too steeply.  The effect—which can be quite dramatic—was evidenced by our most recent housing crisis and the upswing in sales we saw in many respected schooling areas.  In essence, buying in a strong school district presents a smarter choice because it’s similar to purchasing extra insurance that can help protect your home’s value.

GOOD FOR SELLERS

With this, while real estate never comes attached to a guarantee, buyers should always consider resale value when ruminating on a purchase.  In short, buyers should make a point to think like a seller and ask themselves, “If I suddenly need to sell, will I be able to come out on top?”  When answering this question, the location—especially in regards to the state of the school district—should be considered.

At the end of the day, while important, school districts are not the be-all-and-end-all in home buying.  Yes, schools should probably factor into your thinking; however, when buying the right home for you and your family, make sure it’s someplace you feel comfortable.  Talk to a local real estate agent to get a better idea of what homes fit your wants and needs, and go with what makes sense to you.  If you use your best judgment and try to make educated decisions, you’ll be starting off on the right foot.

Pam Evans | Hello Pam Evans Real Estate | www.hellopamevans.com | 678-778-6551