As a home buyer, we know you spent a lot of time studying properties online, attending open houses, and touring homes virtually or with your favorite real estate agent. You’ve done your research. And you finally found the combination of bedrooms, bathrooms, square footage, and granite countertops to meet your vision of the perfect home. But is that all you need to take into account?
Whether you have school-aged children or not, it is important to consider how important local schools are to home values in your property search. Here’s why:
Why Should You Care about Nearby Schools in Your Home Search?
Buying a home is a big deal, so don’t let yourself get caught up in a case of tunnel vision. Most homeowners only stay in a home for six to nine years. Even if you’re planning a multi-generational investment, you want to be sure it’s a good one. That’s why it’s a good idea to consider your future home sale up front, before you ever invest a dime.
If you are too focused on how the physical attributes of a house will suit your needs now, you may end up thinking too little about how well the property will sell in the future. And research shows that schools are close to the top when it comes to what’s most important to home buyers.
What Impact do Nearby Schools have on the Value of a Home?
As it turns out, schools have a big impact on the value of a home. According to the National Association of REALTORS® 2020 Home Buyers and Sellers Generational Trends Report, 26% of all home buyers listed the quality of the school district as a factor influencing their neighborhood choice. Of the respondents, 22% also listed proximity to schools as a deciding factor in their home purchase. What’s more, only 3% and 2%, respectively, compromised on those factors.
That means that 1 out of 4 buyers makes their final decision based on school quality. And those who take that into account generally will not budge. That’s pretty important, if you ask us.
Homes serviced by a top-ranking school will often demand a premium when compared to other homes outside the district. As a homeowner, you should always be aware of how the schools in your area are doing. Not unlike being aware of your roof’s condition, the condition of your neighborhood schools can and will affect the value of your home in the future.
How can You Research Schools during Your Home Search?
Even though school quality is such an important home search criterion, only 1% of buyers completed any community research as the first step in their home search. So, how can you research properties online and take school districts into account at the same time?
Simple: Use a home search tool that makes it easy.
On beverly-hanks.com, we make it easy to research schools as part of your property search. On every property’s detail page, you’ll find links to the elementary, middle, and high schools within that property’s district. We also link to reviews of the schools from GreatSchools.org so you can make the best informed decision for your investment.
Does that sound like an easy search strategy to you? Find your dream home in the best school district now!
All real estate is local. In order to make confident real estate decisions, it’s important to have timely and neighborhood-specific information. Contact us today to speak with a Beverly-Hanks real estate agent about how important schools are to your home values. View all Beverly-Hanks real estate listings.