When searching for a new home it’s easy to focus on the home itself. “I’d like 3 bedrooms, 2 bathrooms with an attached garage and hardwood floors.” While these are important things to consider in the short term, when it comes to a long-term investment there are other important factors. Near the top of the list is a high quality school district, whether you have kids or not.
A good school district is important for your children, yes. But did you know buying property within a good school distract can also increase the resale value of your home?
In 2013 the National Association of Realtors conducted a survey with 1000 participating home-buyers. 22% of the participants considered the proximity to a school as very important to their buying decision. Moreover, 29% considered the school’s quality important.
In fact, buyers might be willing to either pay up to 20% more, live in a smaller house or sacrifice amenities like an extra bedroom to live in a high quality school district.
On the other hand, while properties found within high quality school districts also tend to weather poor real estate markets, these homes also often have higher property taxes. We know… you hear higher taxes and you run away screaming. But we wouldn’t recommend making that your deciding factor.
All in all, living within the boundaries of an excellent school district can be great for your kids and great for your home’s resale value. If you’re looking for your next home to be an investment, we’d definitely recommend talking to people in the neighborhood..
Haven’t begun the home buying process yet? Come pay us a visit at Great Midwest Bank to begin the mortgage process today!