Buying a home in a good school district can result in resale advantages, offer protection from market fluctuation and provide a great education. Real estate experts in markets across the country share what you should know about a school district’s impact on real estate, whether or not you plan on using the school system.
From Home Finder
Determine what you’re looking for in a school district
Before you begin your search, determine how you are looking to benefit from the school district.
According to Aisha J. Thomas, associate broker, The Thomas Agency, the most important quality of a good school district is unique to every buyer. “Although test scores and statistics are a great starting point, schools require a closer look. Factors to consider are the environment, active parental participation, teacher credentials/support, offering of core competencies, extracurricular and after-school options. These factors can contribute to a well-rounded education.”
“The quality of the school district is one of the first things home buyers evaluate before making a purchase. Many buyers filter their search by only looking for homes in a certain district,” says Jake Cain, real estate agent, Keller Williams. “Defining what a ‘good’ school district is varies from one family to the next. While we often think of high test scores, some families may be concerned with their budding athlete playing for a top program and others may place a particular premium on student to teacher ratio.”
You don’t need to have children to benefit from buying in a top school district.
“A home located in a good school district carries the benefit of maintaining its value in comparison to lower tiered school systems,” says Linda Brincks, real estate consultant, The Raines Group. “Even if you do not plan to use the school systems yourself, many buyers (especially relocation buyers) will opt for homes in the top notch school systems when it’s time to sell the in the future.”
Consider the resale value potential
When thinking of the area’s long-term potential, the school district should be a top consideration.
“Before you invest in an area you should research as much as possible to determine the factors that could affect your resale ability in the future,” says Kristie Zimmerman, real estate agent, McEnearney Associates.
“A school district is a very important factor to consider when buying a home even if you don’t have children, because it can have a dramatic effect on the resale value of the property,” says Thomas. “Properties located in good school districts tend to hold value or even increase in value when the rest of the market has stalled.”
“Parents of young children or individuals without children will look for schools in up-and-coming areas, where the influx of buyers could substantially change the schools, due to the increased enrollment and tax base, while the home prices remain on the lower end,” says Thomas.
“A good school district definitely adds to the value of a property whether you have children or not, however in my experience better school districts are usually located in more upscale neighborhoods, says Jim Esposito, real estate agent, Intercoastal Realty. “They are safer, offer higher appreciation, will hold value better through market fluctuations.”