You might have heard it before: the benefits of a good school district when buying a house in the Atlanta area are real. Even if you don’t have children, you can be assured your home value will rise at a healthier rate than homes with neighborhood schools that don’t fare as well. In this article, we will cover Benefits of a Good School District When Buying a House.
Good schools increase home values
Realtor.com revealed in August 2014 that good schools are especially important to the millennial buyer — men and women born between 1980 and 2000. Some 52 percent of the young demographic said schools can ultimately be a deal-breaker in their quest for a home. The overall rate for all ages of homebuyers is 31 percent, the report found.
“High-ranking schools can have a positive impact on home values over time as new families pay a premium for access to better schools,” said Jonathan Smoke, Realtor.com’s chief economist.
The report also found that Fairburn, Georgia, makes the top 10 list of cities across the nation where house hunters do the most school research before buying a home.
A study from the Brookings Institute reveals that, in 100 of the largest U.S. metropolitan areas, housing costs an average of 2.4 times more in neighborhoods near high-scoring public schools compared to low-scoring schools. On average, home values are $205,000 higher in neighborhoods near high-scoring schools. Even similar homes in the same neighborhood served by different schools can see considerable differences.
How to research schools in your potential new neighborhood
So, where to start? One of the best places to begin is with the Georgia Department of Education’s website. You can search by school name or district and find out a lot about the school. The website will show you school information and demographics, student-to-teacher ratios, and various test results and performance standards.
But don’t just rely on an online search. While facts and figures will help you, nothing can help you make a final decision about a school unless you go out and visit it. Set up a time to tour the school and chat with the principal. Ask the principal personally about the school’s test scores and benchmarks.
Go to the school at pick-up time and chat with some of the other parents. Also, talk to some of the adults and kids in the neighborhood.
While some house hunters seek out homes served by a high-ranking school specifically with their children in mind, there will also be other direct benefits of a good school district for those without school-age children: a greater home value when compared to a similar home in an average- or low-ranking school district. If you have any further questions about finding, buying or selling a house or researching school districts, contact Duffy Realty today.
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