Anecdotal evidence shows that home buyers will pay up to 10% more for a home that they buy that is in a good school district. In fact, many people buy homes in good school districts even in the family planning stages before they ever have kids. Therefore, if you have children or are planning to have children, and you are interested in your children being able to get into a good school, you will need to make sure you have the time and budget to plan your home or new home search.
The first thing you need to do is to decide whether you want your kids to go to public or private schools. Private schools don’t have districts, so buying a home in order to be close to a private school or knowing that your child will be attending private school will make your home buying decision more flexible. If you are planning on sending your kids to public school, then you need to get serious about figuring out which is the best school district for you, your kids, and your family. It’s not just about test scores and ratings when it comes to schools. There are other factors to consider such as extracurricular activities, sports, clubs, friends and lifestyle expectations.
Once you have narrowed down the school district in which you would like to live, be sure that you have allocated enough time before the next school year to find a new home to buy. Expect there to be competition for homes going on the market in a good school district. Because, not only are the homes going to probably sell quickly, there are other benefits to buying in a good school district such as home values which make the homes more desirable and a better real estate investment.
When choosing the right home to buy, make sure that all of your finances are in order. Get pre-qualified with a realistic lender, so that you look better to the seller once you make an offer. Being able to close quickly on a home can make a seller more interested in working with you.
Be ready for the price tag of living in a better school district when it comes to property taxes. Property taxes help pay for your kids’ public school education, but when your home is located in a better district, you “get what you pay for.” Other than that, buying a home in a really good school district is a way to invest in not only your childrens’ futures but also in your financial future with great equity in the resale value of your home.