My husband and I have 3 children, all in elementary school, and are looking to buy our first home. We are especially interested in 2 homes, that are in two different elementary school districts but 'feed into' the same middle school.
One of the schools is average, in terms of test scores, etc. The other is a Title One school, but we would have the option to request our children attend a different school, rather than the Title one.
My concern is the long term impact on our home value. Will the home in the 'title one' area appreciate in value as much as the other? Will it be too difficult to sell it in the long run? How much impact does school district have on home value?
===ANSWER===
Hi Cheryl;
Thanks for asking such a unique question.
Since I do not live in your community it's sort of hard for me to answer your questions.
However, I can make some statements that I know are universal and seem to work in any real estate market.
When you're looking to buy a home, a good school district does play an important part in real estate values. If the schools are known for their good educational programs, great test scores, sports programs etc. then people want their children to go there. This kind of demand will help drive up property values within that school district.
However, if the house is in a district where people are less inclined to send their children, well the house values will be lower.
In the later case, it will affect your long term value since the home is not going to be in as much demand and thus the value will suffer.
I'm not sure what a "Title One" school is, (I'm 55 year old and do not have children in school) but it sounds like people may not prefer it over other schools.
So just ask yourself, if you do not want your children in that school district, even though you have the choice to send them elsewhere, is it the best option for you?
Your Realtor should be helpful in this area when making a purchase. Ask them their professional opinion. Also have them show you property values of sold homes in the past 6-12 months. How do they compare to what your looking at?
If you need help finding a Realtor, let me know. Several Realtor's from around the country link to my website and maybe I can help you find a good one that understands your personal needs.
I did not realize the importance of the school district when shopping for a home. Now I understand why some areas are more expensive than others. I do not have any children right now, so I did not think about this aspect in buyin a home.
We do plan children in the future so I will keep this info in mind as I look!
Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.
