If you have school-aged children, good schools might already be a pretty big factor in your home search. After all, you want your kids to get a quality—and preferably not overly expensive—education, right? But what if you don’t have kids? Actually, school districts are important when buying, even if you don’t or won’t have children. Here’s why.
School Districts Are Important for All Home Buyers
There are a number of reasons to consider the public school districts in the area before you settle on a location, neighborhood, or home. School districts can actually play a role in everything from home values to the stability of the communities they serve. Here’s what you need to know.
Homes in good school districts have higher values
Understandably, buyers with children are eager to find homes in good school districts—so much so that they’re willing to pay more for them. In fact, a survey by Realtor.com found that over 33% of buyers would buy a smaller home to be in a good district. Over 50% said they’d give up shopping or dining options for better schools.
Another study by the New York Times even notes that a 5% improvement on school test scores can raise home prices by as much as 2.5%.
Good districts stabilize home values
Because buyers are willing to pay more for homes in good school districts, such homes are often in high demand—which can help to stabilize their prices in times of economic downturn. Studies have shown that homes in good school districts typically experience lower drops in price than similar homes in lower-performing districts.
Good districts often mean good neighborhoods
What makes school districts good? Often, good neighborhoods. Lots of places to eat and shop, fun attractions or places to hang out, access to transportation, well-maintained parks and public areas, low crime ratings… all these often go hand-in-hand with stellar schools.
There are upsides to lower-rated districts, too
If you don’t have kids, you are probably less directly concerned with the quality of the public schools serving a particular area, and it might actually benefit you to consider the perks of buying in a less-than-stellar district. For example, you might pay LESS for your home and experience LESS competition, while possibly even getting MORE quality out of the home itself.
Buying a home in a good school district does also come with the risk of your value actually dropping should the district’s ratings decline, whereas in a less-acclaimed district, you’re more likely to experience increases if the district improves.
It’s Always Best to Weigh the Pros & Cons
When making any kind of real estate purchase, it’s always best to weigh the pros and cons on a personal level before coming to a decision. In other words, if giving your kids the best education possible is important, then you’ll probably want to prioritize the public school district. If you don’t have kids or you’re much more focused on the size or features of your home, you might not put as much weight on schools.
Ready to Find Your Home in the Triangle?
Are you thinking of buying a home in the Triangle of North Carolina? We’d love to help! Contact Carla Freund Realty today to learn more about how we can match you with the perfect home in just the right neighborhood.