When it comes to buying a home, the potential resale value should stay top of mind, which is why the local school district is important to take into consideration. Many studies show a home’s school district has a direct impact on its value and ability to sell down the road.
“When thinking of an area’s long-term and resale potential, the school district should be a top consideration,” says Doug Breaker, president and chief executive of HomeFinder Opens a New Window. “Buying a home in a good school district can result in resale advantages, offer protection from market fluctuations and provide a great education.
According to Relator.com, one out of five home buyers said they would pay 6% to 10% more than their budget to purchase a home in the right school district. Meanwhile, a survey from real estate company Redfin last fall showed people were willing to pay $50 more per square foot for a home in a top-rated school district.
Figuring out what constitutes an excellent school district can get complicated. Review the schools’ test scores, teacher-to-student ratios, after school programs, extracurricular activities and awards and technology in the classrooms. There are a host of websites that rank schools, including Great Schools.org Opens a New Window., Schooldigger.com Opens a New Window., and U.S. News rankings Opens a New Window..
Don’t be scared to ask your real estate agent about the school district, what it was like 1o years ago, how it’s changed over the years and how it stacks up against other neighborhoods. If you track school scores, when they go up, home values in the neighborhood follow suit.
Buyers with school-aged children should visit the school to get a better sense of its quality. If it’s a large school district with many elementary, middle schools and high schools the performance can vary. On a visit, I recommend reviewing classroom sizes, the maintenance of facilities, safety and use of technology. It’s also imperative potential buyers check availability of the schools.
While purchasing a home in a good school district will help protect a home’s value, it’s not a guaranteed. After all, lesser-performing school districts can improve as easily as top schools can deteriorate.
By FOXBusinessOpens a New Window.
**All the above information may be great but the main reason to pick a home with a good school district is to provide a better education for your children. It is a “No-Brainer!” Check out the link below for information on the Issaquah School District.
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