Looking for a home and want a good neighborhood which maintains its value over time? Even though prices have dropped considerably and homes are more affordable, it’s important to investigate everything that could add value to your home purchase. No matter whether you’re a single person, have a family or are an empty nester, look at the reputation of the local school system. It can add or detract from the value of your home and its ultimate price tag when you go to sell. It’s something to think about here on the eastside as we have many good schools in several school districts, but the Bellevue Schools come to mind first, since they’ve been mentioned both in Newsweek and US News.
Check out local city websites and school system websites. It’s so easy today to google a specific school system and find out all kinds of information.
When housing markets go south, “areas with exceptional schools tend to hold their value better than the market overall,” says Michael Sklarz, president of Collateral Analytics, a Honolulu-based firm that specializes in real estate data analysis.
From Sarah Max of The Wall Street Journal:
State assessments, independent ratings from websites like GreatSchools and Education.com and annual magazine rankings of America’s top high schools have not only made it easy for parents to factor school test scores and parent-teacher ratios into their buying decisions, they’ve cemented the relationship between home prices and school quality.
But nothing comes without trade offs. Because good schools add dollars to the cost of homes, it could mean a smaller or older home or a smaller lot. The decision to purchase the bigger or newer home in a less desirable district has to be weighed with the options for a home available in the better school district. For some people, the bigger house works better and is more important. For others, the quality of the schools themselves may be more important than the house.