If you are looking for a new home, you’re probably familiar with the phrase “Location, location, location.” One crucial factor in the location of your future home is the school district.
Schools that consistently achieve high standardized test scores can have a direct, positive affect on the local housing market. Even if you don’t have children, a good school district can have a major impact on the value of your property.
School Districts Demystified
So, how can you determine the quality of a school district? One place to start would be checking the state education department’s website. Here you can compare test scores between school districts in similar neighborhoods.
Another aspect to consider is the subjects and extracurricular offered to students. Also, if the district has gone through several superintendents recently, this is rarely a good sign. A little research can go a long way in determining the strength of the school district.
Home Prices Near a Great School
If you currently don’t have children, you might be thinking that the school district is irrelevant. First-time home buyers can be wary of purchasing in a great school district due to the increased prices.
It is true that a high-rated school district can drive up the home prices in the area. It might be tempting to opt for a lower cost home in a less-than-stellar school district, but houses in better school districts will have a higher resale value. A higher resale value could mean a better return on your investment.
Stability in the Housing Market
Not only will a good school district provide a better return on investment, but it can also shield you from some of the risk in the market. Buying a home in a good school district can help protect you from the housing market’s ups and downs.
A great school district can establish a particular area as a good location. Homes in these locations will be sought after, even in a declining market. An excellent school will increase all nearby home prices.
Whether you’re planning for your family’s future, or looking to invest, consider the school district when making your decision. Every buyer has unique priorities, and you should select the right house for you. Keep the school district on your radar, as it can have a major influence on the price and resale value of your home.