Back to School: The Impact of Schools on Home Buying
For many families, the quest for a dream home isn't just about granite countertops or a spacious backyard. The vicinity and quality of nearby schools play a monumental role in this decision-making process. As families prepare for the 'back to school' season, we diving into how schools impact home prices and what home buyers should take into consideration.
Balancing the Need for Quality Education and Affordable Housing
All parents want the best for their children, which likely includes a top-tier education. However, in some cases, homes in premium school districts come could with a premium price tag. For families on a budget, this presents a hurdle: should they stretch finances for a home in a top-ranked school district or prioritize affordable housing instead?
Talking with a mortgage lender can give you a better idea of the home price range for you to look at. By knowing this, you’ll be able to make more education decisions on which school districts to look in.
Consider the Logistics of Getting Kids to School and Work
Logistics is a major reason why a family may consider a move after the school year has already begun!
In many areas, kids don’t necessarily attend a school within close walking distance. Most families have some sort of commute to school. And in the case of living further out for more affordable housing, what impact and stress does that put on a family’s commute? On top of that, for working parents the proximity of schools to their workplace is just as crucial. A home might be close to a great school, but if it adds an hour to your work commute, the daily grind could become wearisome.
A good realtor can help you navigate looking at neighborhoods that meet your school and commute needs.
Cost of Property Taxes for Schools
Though it’s not always possible to predict how much property taxes will change over time, it is something to take into consideration when buying your next home. Higher property values often mean higher property taxes, and in most areas, these taxes fund local schools. Sometimes, what seems affordable at face value becomes less so when annual property taxes come into play.
How the Quality of a School Can Affect Home Value Over Time
Undoubtedly, a quality school can bolster property values in its district, making your investment in a home event more valuable. Homebuyers should research if their area is expected to expand their school district by upgrading current school, or adding new schools.
On the flip side, a school with challenges could mean trouble is on the horizon for your property value.
Needing to Change School Districts? Moving to the Area Could Be a Wise Move
Every home is districted for a specific school. If a parent, for any reason, wants to send their children to a different district, moving to that area may be the best choice.
In some places, like in Florida, parents can use school choice to enroll their child in a school outside of their district. Unfortunately, that could lead to a long waiting list. The best guarantee to get into that school is to take up residence locally.
