In this article, Hometown Lenders – with locations in Lexington & Elizabethtown, Kentucky (KY), the surrounding cities, and in Tennessee – is here to tell you why you should keep homes near school districts in mind when you’re shopping for a home. Contact us today for all of your mortgage needs.
One of the important wish list items for families is where their
children will be attending school. This is a big influence on the locations
they are considering when home buying. Nowadays, buyers are more cautious of
their selections due to the rising emphasis on test scores and completion
rates. Since this has become a priority when purchasing a property, it has led
to questions of the relationship between school districts and the values of
neighboring homes.
A study by the Brookings Institution concluded that there is an absolute
correlation between home values and the ratings of schools. It found that in
areas where the
schools
had high test scores meant that the housing costs tended to be higher.
The results showed that there was an average pricing difference between houses
near well-performing and poorly-performing schools of $205,000.
This means that it can be very expensive to enroll your
child in a public school that is high-scoring. The divide between public and
private schools was always the expense, but it turns out that the cost of
public schooling can be included in the price of your home. So while public
schooling is free, you are likely to pay more if you want your children to be
in a good school district.
The value of homes within the top-rated school district was 49% greater
than the median home price across the nation.
For access to the best school districts you may have to make some
sacrifices in your housing search. You might have to pay more for a property
that has fewer features than you desired. Many view the higher home values as
an investment in the future of their children.
Home buying may be more expensive, but you also need to consider the
resale value as well. If you were to ever want to upgrade your house or move to
a different area, your investment would be recouped. Homes located in
top-ranking school districts have shown to sell quicker than homes in located
in less desirable districts. If you were to purchase a property in an area with
high-performing schools, you should have no problem selling it. The houses also
preserve or increase their value. As the
test
scores of schools rise, the neighboring value of homes rises
as
well. So, if you are hesitant to spend more for your children’s education, it
is important to know that is actually financially beneficial to do so.
When buying a home, you need to find a mortgage
provider that will work with you and has your best interest in mind.
Hometown Lenders is
committed to finding our customers the best interest rates and loan solutions.
We are a local mortgage lender and loan service with a focus on mortgage
planning and mortgage loans. We are available and eager to work with home
buyers and real estate agents, too. We have locations in Lexington, KY,
surrounding cities, and in Tennessee to reach your home ownership goals. Call
us today at 859-475-1323.
