The location of a school district can significantly impact the price and property values of nearby homes. When real estate is located within the boundaries of a good school district with a high standard of living, the property values tend to be higher than surrounding areas.
Good school districts are an attraction for families with school-age children. These highly sought-after school systems create a demand for real estate within close proximity of the schools. And this demand can drive up home prices and property values.
Even though homes located close to schools usually have better property values than houses farther away, it’s crucial to look at other features and details:
- Number of bedrooms and bathrooms
- Backyard space
- Neighborhood traffic
Many homebuyers are willing to pay more for a house just to be in a specific school district. They’re also prepared to trade a larger home for a smaller one that’s in a better school system.
Oftentimes, homebuyers don’t look at the pros and cons to living close to a school:
Pros
- Easy access to drop off and pick up children
- Close proximity to school in case of emergency
- A good school can provide stability to the community
Cons:
- Noise could be a problem
- Children are running around and playing
- Traffic from kids being picked up and dropped off
A school district is a very important factor to consider when you’re house hunting. “It can have a dramatic effect on the resale value of the property,” according to SmartMortgage.com. “Properties located in good school districts tend to hold their value or even increase in value when the rest of the market has slowed down.”
It’s important to remember wherever you purchase a house you’re automatically buying into the local school district—even if you don’t have children.