Why School District Matters When Buying a Home
You are in the market to purchase a home and you do not have any kids, why should the school district matter? Even if you are not planning on staying in the home long or you think you will never have kids, that school district is an important part of the equation. If you overlook the schools at all and don’t determine their overall appeal, you could end up with buyer’s remorse down the road.
School Taxes Have a Big Impact on Monthly Housing Payments
Property tax rates in Central Pennsylvania can vary from just over 1% to over 5%, on a $300,000 home that is a difference of a $1,000 every month. School taxes are generally the largest variable in property taxes, and so school district makes a large impact on affordability and monthly payments.
School District Impacts Appreciation and Resale Value
It makes financial sense to consider the school district that serves the area you are purchasing a home in because of the resale value of the home. If you are in a good school district, the value of the home is more likely to stay stable or even rise. People will do anything to get into a good school district for their children, including paying significantly more for the home. On the other hand, if your home is not in a good district, the values could fall much easier and it could be harder to sell down the road.
Quality Schools Mean More Flexibility
If you do not have children yet, but will in the future, the school district will matter to you a great deal. Being in an area that the schools have high ratings will help you to guarantee that you do not have to move when your kids hit school age, unless of course other things change in your life. But just knowing that you do not have to move strictly to get into a better area for your children can provide you with serious peace of mind.
Homes in Highly Regarded School Districts Sell Quickly
If you are near the schools in your area and it is a good school district you will have an easier time selling your home regardless of value. People want to be close to the schools and if they are good schools, they are going to pay more. This means that you could have an easier time selling your home during any time of year, not just during the spring and summer months. If your job was to transfer you suddenly or some other major change occurred that changes your family’s lifestyle all of a sudden, you would not have as difficult of a time selling your home in any season.
It might seem strange to look at school ratings if you don’t have kids when you are purchasing a home, but it makes financial sense to do so. You never know how the future is going to change for you; it makes sense to prepare as much as you can by being in a school district that will allow you to get your investment back in your home and sell it easily should the need arise. Should you have children down the road, you have the peace of mind knowing that they are going to be well educated right where you are living!