One of the things that most realtors and those with experience in buying or selling real estate will tell first-time homeowners with families or one planned for the future to consider is the school district that the family's kids will be sent to. In today's day and age, with charter schools all over, private options, and online homeschooling programs that claim to be competitive with most college-prep in person high schools, how important is the location and school district of your future home?
It really depends. Honestly, for those without kids (due to lifestyle, age, etc) and those with no plans to ever have them, school districts may be incidental to their primary decision making process. However, even those without kids can be affected by the prestige and capabilities of the local school district. Its size and the number of students being educated there, as well as the number of staff and the size of facilities will have an impact on both the local real estate tax rate and the resale value of the home down the line, which need to be carefully weighed against one another at the time of purchase.
A spacious home in a quiet neighborhood attached to a mediocre school district may seem like a great value, compared with the prices and higher tax rates in areas with well-respected public schools, but that value may not persevere through to the point in time when the property is ready to be sold. Many buyers are conscious of school districts, out of concern for the well-being of their children or future children. If you home is well-maintained, even the best in the neighborhood, you may still have a hard time commanding the kind of price your home should command because of concerns about schooling.
On the other side of things, in upscale neighborhoods with well-funded and staffed public schools, the tax rate and overall price of the homes will likely reflect that difference. If a homeowner does not intend to make use of the public education infrastructure, they may grow weary of paying higher tax rates for a facility they will never utilize. However, they will be more likely to recoup that difference when the time comes to sell the home, as long as the school district continues to perform well.
While a small number of students may be able to attend some of the better rated public schools due to the school of choice program, most students are bound to attend the school that their home is districted for, meaning that very few out-of-district students come into school districts such as East Grand Rapids. In the end, those with children are best served by picking homes close to the schools they would like to attend, while those without children can use that concept as a guide to the stability of local property values and their biggest investment, their primary home.
If you are having trouble balancing the importance of a good school district with the right price range for your purchase, contact a member of the staff at Pyxis Realty. They will use their expertise and experience to ensure you find a home that fits all of your needs.