The Importance of Researching School Districts When Buying a Home
Researching school districts is an important step whether or not you currently have children. Helping prepare for the future and ensuring the stability of your investment are just a few of the reasons not to overlook this crucial information.
Location, Location, Location!
While not 100% true, it is still a good rule of thumb that good neighborhoods and good schools go hand in hand. Great location can mean safety, an abundance of places to eat, ease of access to transportation, and amenities like public parks and services. If children are in your future these are important features to consider. Even if they are not, they impact the overall value stability of your new investment by making it attractive to future buyers when it comes time for you to sell.
Even in a challenging home-sales market, an excellent school district can be the factor that keeps nearby prices afloat. Homes prices can be impacted by broader market forces and local area changes, but a stable school district with a strong reputation can act as a life preserver when the market is rough. Families who have already chosen a certain school district may have limited inventory for sale in their area, thereby increasing competition (and potentially the final sale price) on your property. When it comes time to move, homes in an area with strong school districts may even take less time to sell.
What’s Right for Your Family
If you do have children, researching school districts is vital. Go beyond the generic reputation of a school and make sure you consider your child’s unique needs. Some schools are much more receptive to accommodating students who need enrichment or extra help. If your child has in-depth extracurricular interests, a larger school is more likely to have a club or activity that falls within that special interest.
If you’ve found your dream home but find the public schools lacking, consider the private options as well and factor that into your home-buying journey. How much less home will you need to consider in order to leave room for private school tuition? Because home prices and school tuitions vary so widely, buyers will have to calculate these differences on their own.
At the end of the day, a strong school district is one important factor that can secure a stable investment and keep a family happy for the long term. Work closely with a Real Estate Professional to think through all the factors that impact your decision and weigh them carefully.