4 Reasons Childless Adults Should Consider the School District of a Home They Are Buying
As a childless individual or couple buying a home, you may think that the school district is a non-issue. In fact, it is still worth considering even if you will never have a child attending school there. It can have a very significant impact on the value of your home and the quality of your neighborhood. Read on to learn about four reasons your local escrow company hopes you will consider school districts before choosing a home.
- Your Next Buyer May Care
- There is a Correlation Between Schools and Home Values
- The Higher the School Rating is the Better Neighborhood Homes Maintain Their Values
- Good School Districts Are Generally Located in Good Neighborhoods
It’s understandable that you would be focused on what’s happening now: You are buying the home. However, remember that in addition to being a place to live, your home is also an investment. To get the best return on investment you will have to consider what future buyers may want. In the mind of many homebuyers, the school district is one of the top priorities when they buy a home.
Though you do not have children who will attend the school, the next buyer may. Being in a school district could help you get a better price and could make your house more attractive, which could help it sell faster.
A study by the National Bureau of Economic Research showed that there is in fact a correlation between school expenditures and home values in most neighborhoods. In fact, they found that for each dollar spent on public schools within a given neighborhood, home values when up by an average of $20. When it comes time to sell your home, this can make for a significant increase in value over time.
A different study from the Brookings Institution found that when it looked at the 100 largest metro areas in the United States, there was an average of $205,000 difference in home prices between high-performing school districts and low-performing school districts. This is a significant difference and can help your home maintain its value.
It is generally true that where there is a great school distraction there is a neighborhood that is safer, has better transportation, and is more likely to have public amenities such as pools, golf courses, and community parks. These can help you better enjoy the home while you live in it and then sell it more easily when the time comes.
At Neighborhood Escrow we are proud to be a neighborhood escrow company that can help with all your escrow needs. Do you have questions about how we can help or what the escrow process entails? Contact us at 310-378-2456 and we would be happy to help you.
