For many home buyers, public schools are not a factor in finding a neighborhood or home. These buyers assume if they don’t have kids, the quality of schools won’t make a difference in their home purchase. However, every buyer should consider resale and overall value when purchasing. For most people, a home is the single largest investment they make in a lifetime, so it’s important to choose a property that will increase in value as much as possible. Here are 3 reasons why you should take into account the public schools for an area – regardless of whether you have school aged children.
Obvious Demand from Parents and Teachers
Homes that have more buyers viewing their listing go under contract faster (and usually for more money). Selling a home is partly a numbers game. As a seller, you want your home to match the search criteria for as many buyers as possible. Homes that are zoned for good public schools are usually the most sought after, regardless of which part of the country you live.
Better Long Term Investment Value
Numerous resources show that buying a home in a good school district will help to increase the home’s value. One study by Realtor.com found that almost half of home buyers today stated they would be willing to pay up to 10% more than their initial budget simply to be zoned for the right school. Another Realtor.com study showed that 52% of Millennials said the quality of a school district was a “deal-breaker” in their house hunt. When it comes time to resell your home, you’ll want to have these stats and these buyers in your favor.
In Charleston, the areas with better schools have higher year-over-year appreciation. In Charleston County, the homes for sale in Mount Pleasant and James Island are zoned for the highest ranked schools. In Dorchester County, home buyers in Summerville seek out specifically Dorchester District II. (Learn more about Charleston area schools and view ratings.)
Public Schools are also an Indicator of the Community
Especially for buyers relocating to an area, public schools tell a lot about the community itself. Areas with good quality schools usually have nicer homes, more upscale neighborhoods, and more well-kept public spaces. So even if you’re not concerned about your home performing as an investment, you’ll probably want to take into account quality of life, safety, public parks, and entertainment when you purchase a house