Everybody says that location is the most important thing to keep in mind when buying a home. I agree wholeheartedly, but there’s one other factor a lot of people seem to overlook: the schools in the area.
People often only look at the local schools when they have kids or they’re planning to start a family. And that’s not wrong. But even if you don’t have children and you don’t have plans to have any in the future, you should still take into consideration the quality of the local school district as you shop for homes. Here are a couple of reasons why.
- A neighborhood with great schools enjoy stable home values
Schools do fall in and out of fashion, but their quality of education is usually measured by test scores and overall academic performance compared to other schools in the state (and the country). As such, you can rest assured that a neighborhood with great schools will have stabler (and even higher) home values than other places.
In this New York Times article, expert economists stated that great test scores can raise home prices by as much as 2.5 percent.
- Homes near good schools have higher resale values
There’s always a market for homes that are zoned to a school with a stellar academic reputation. You can guarantee that these properties will have higher resale values than homes that are located farther away or are in neighborhoods with less-attractive schools. If you’re not intending to sell the house further down the line, you can reap the benefits of long-term equity.
- There’s a high demand for homes near good schools
Yes, you may be shelling out more money for a home that’s walking distance away from one of the best schools in town, but it’s a worthy investment. In addition to high resale values, you can anticipate much demand for your property should you ever decide to put it up for sale eventually.
Parents and would-be parents will probably make up a significant portion of interested buyers, and you can trust that they are always willing to pay a premium to give their kids access to quality education.
- You’ll get to enjoy the perks of living in a family-friendly community
If you’re looking for a sense of community in your future home, you should definitely look into properties zoned to well-performing schools. People who live in family-friendly communities usually care about the well-being of the entire neighborhood: they look after each other. And this can positively affect your quality of life.
In the future, when you decide to sell, a family-friendly community is definitely an attractive selling point that appeals to different kinds of home buyers.
- You might have kids in the future
And in that case, you’re already in a great location to raise a child. You can also be an involved relative who can give the kids in your family access to a wealth of educational opportunities.