For those with young children, finding a home in a good school district is very important. But what about the rest of us? How does living in a good school district impact things like resale and market fluctuation?
People without school-aged children and empty nesters usually do not give too much thought to school districts when purchasing a new home. The reality is that they should. A good school district can heavily affect the resale value of your home. It can also help stabilize the value of your home when the market dips because families will always be willing to pay a premium for a house located in a good school district.
If you are without school-aged children, you may want to ask your Realtor’s opinion on the school district. You may also want to do a bit of research on your own before deciding to purchase. If you actually have school-aged children, you definitely need to delve a bit deeper.
Sit down and define what a “good” school district means to you and your family. For some, it means high test scores, teacher credentials, parental participation, and the availability of extracurricular activities. For others, it means having their all-star athlete able to play for the best program in the city or state, which could lead to more exposure and a scholarship.
A lot of families save money each year on private schools by moving into a good school district. Why pay extra for an education of similar quality already provided to you by the state? The money saved can be put into a more expensive house or into paying down the mortgage.
If you’re a young couple living in the city to save money and commuting time until your children are of school age, you want to do your research a few years before your planned move to the suburbs. It’s always good to have a plan and a backup plan in case your first choice isn’t available.
It seems that there are as many options for education today as there are places to live. Decide on what is most important for you and your family and choose the right home for the right reasons.