Find out why you should always check the ratings for the school district when buying a home. Even if you do not have children…
There are many things that affect home values including the location. And one important factor about the value of a location is the school district. Let’s look at home values and school ratings!
Location and Home Values
You will pay more for homes in highly ranked school districts but the resale value is better. Homes in highly ranked schools districts also keep their value better in market downturns.
A good school district is a key factor in home buying if you have kids. It can also be a positive selling point when it comes time to sell your home.
The benefits to buying in a highly ranked school district may be worth the cost whether you have children or not.
Buying a home in a high-rated school district does not have to blow your budget. Affording a home in a highly-rated school district may mean sacrificing something else.
Maybe the house will not have all the features you want when you close. Features can be added later but the location can never be changed..
As they say, in real estate it is location location location!
Buying a home is an investment in your future and you may want to think like an investor! Consider this quote from the real estate investing website Bigger Pockets:
What we found was that properties near schools with a rating of 4 or 5 stars were almost completely insulated from declining values while those near schools with 1-3 stars experienced massive losses in value over that 3 year period.
And it isn’t just investors that have found that schools have an impact on home values. According to the National Bureau of Economic Research, every dollar spent on public schools in a community increases home values by $20.
Even if you do NOT have children, you can see why good schools can be important when buying a home!
Home buyers will change what they want or how much they will spend if it means buying in a highly-rated school district! Check out this snippet from REALTOR.com:
One out of five buyers would give up a bedroom or a garage for a better school. One out of three would purchase a smaller home to wind up in the right district.
One out of five home buyers said they would pay six to 10 percent above their budget for the right school. One out of 10 would double that to 20 percent.
But it isn’t always about the ratings. Some buyers do not want their child to switch schools since they know this will cause their child to feel stress.
School District Ratings
Schools are important the long-term value of your property. But what makes a school system good or bad?
There are plenty of resources to help you compare the available schools. Home buyers must look at facts, not opinions, when evaluating potential schools.
School rankings are based on facts and statistics. Issues you should consider include topics such as:
- What is the student to teacher ratio?
- What is the average class size?
- How much experience do the teachers have?
- What is the turnover rate for teachers?
- What is the drop out rate?
- What percentages of graduates go to college?
- Is there any history of violence or gangs at the schools?
- What extra curricular activities are offered such as sports, music, etc.?
- What are the average ACT/SAT scores for students?
This list of questions is just a few suggestions to get your wheels turning. You need to think about your kids and what is important to their education in your opinion.
Visit Schools Yourself
Most schools hold open houses or school tours during enrollment. Schedule a visit online or call the school to see when you can check things out.
There is a good way to evaluate each school by seeing how they operate and are maintained.
Research Schools Online
There are plenty of websites that provide in-depth information and statistics about the schools you are considering. Some of these websites include:
You can even find some information on the websites for the school or at the state department of education. Of course, they may be a little biased…
Different websites offer different things. You will find test scores, rankings, demographics, student-teacher ratios, and much more.
You can use these websites to develop your own score for all the schools based on what you feel is most important! Remember, these websites don’t know what is important to you and best for your children.
I would hesitate to say that good school rankings always mean a quality education. School rankings or scores doesn’t always tell you everything you need to know!
Make sure you get the facts, not the opinions. Do not rely solely on only one source of information to make your decision!
Evaluating the schools should be important when buying a home whether you have kids or not. The impact of a good school district should not be ignored.
Investing in a home in a good-quality school district can pay off when you sell your home. Homes in good school districts normally sell faster than homes in lower-quality school districts.
Homes in better school districts usually hold their value more than homes in lower-quality school districts when the economy or housing market hits a rough patch.
These are my suggestions when you are looking at school rankings or score as part of your home buying research. If you have any questions about buying a home in the Anderson SC area, please Contact Me!