By Mike Bennett, Mortgage Loan Officer
When buying a home, there are many factors to consider. Maybe you are concerned about square footage, the number of bedrooms and bathrooms, the condition of the home, etc. If you have young children or are looking to grow your family, schools may be another important factor.
Studies prove that homes in better school districts sell at higher prices than those in neighborhoods with less impressive school districts. For example, if you buy a home in a good school district and discuss it with family and friends, they too will want to purchase a home in the area. As the demand increases, so does the price of the home. Even if you don’t have kids, if you live in a large home in a family-friendly neighborhood, you might want to check out the local school districts to ensure you’re doing everything you can to get top dollar when it comes to selling your home.
If you don’t have kids, or if your kids are grown up and have moved out of the house, you might consider the affordability of living in a less impressive school district. Good schools tend to have more funding, mostly due to higher tax rates. This means you might pay more in property taxes to live in an area where you will have great school districts that will never have any importance to you.
So, the short and skinny of this is – yes, better school districts will cost more – but will also have a much higher resale value. It’s not only investing in real estate, but it’s also investing in you and your children’s education and future. If you are retired, have no children, or your children are grown, it could be a major discount to find a home that’s not known for their first-class school district.