How Do School Districts Affect Home Market Value?
When searching for the right new home, there are a lot of factors to take into consideration. For some people, the most important factor is size. For others, the age of the home or the style in which it was built. For still others, proximity to work, shopping or other amenities is a deal breaker.
One other aspect that is sometimes overlooked, but can be extremely important to homeowners—especially those with children–is the location of the home in relation to the borders of school districts. We can all guess that homes near schools attract families with school age children, but in fact, the real effects of school districts upon home prices and home value are more complicated than that. Below are just a few of the ways that proximity to schools and school districts can change the dynamics of homeownership and home value.
Proximity to a Good School Will Likely Raise the Price of a Home
Buying a home in a good school district, as a opposed to one of lower reputation, will almost inevitably raise the price of your home. However, most people are willing to pay the extra money to have their children go to a good school. Particularly considering that the alternative to a bad public school would be to send one’s children to an expensive and possibly distant private school, it is actually cheaper in many cases to pay a little extra to live in a good public school. Many parents are willing to settle, in addition to higher prices, for lower quality, older, smaller homes for the sake of being in a place where their children can attend a high quality school. If you are not a parent, spending a little extra on a home near a school could still be a good investment. Your home will likely sell for more when you re-sell it based on the fact that it is in a school district.
Homes in School Districts Are Less Subject to Fluctuations in the Market
Homes near schools retain their value through economic ups and downs better than other homes. This is because a large portion of their value is tied to a rather permanent exterior factor—the school. This means that you have more security that your home will be worth the same amount or possibly even more, weather you decide to sell it or to stay in it. This also means that your neighbors are more likely to be responsible homeowners, which is added assurance that the value of your home will stay constant over the years.
Buying a Home in a School District Is a Strong Investment All Around
Houses in school districts have proven themselves to be such sound investments that not only families but also individuals and real estate companies are snatching them up left and right. Of course, for many people, this is not the most important factor in buying a home, but it should be rather clear by now that no matter what you are looking for in a home, it is always important to at least consider the relationship between your home and nearby schools.
Whether you are looking to buy or sell a home, understanding how school districts and other factors affect your important. So is having a real estate company that you can count on. Visit Blue Marble Properties today.