One of the most important things buyers look for in a home, especially if they have children, is a property’s proximity from a good school. Buying a home inside a school zone increases its value—why? Here are some reasons:
Good School Zone = Good Neighbourhood
Location is essential to real estate and a good school zone signifies a good neighbourhood. A good neighbourhood means safer communities, more accessible transportation, and more amenities. Aside from a good home, buyers especially families look for safe neighbourhoods for their children.
High Resale Value
A property located in a good school zone tend to have higher prices—may even add 10%-15% to its price. Aside from a high price, the home will also sell faster because more and more buyers look for homes in a location near schools. Buyers value a good education for their children so they search for a location that offers it.
A good school zone can be a security net for homes, protecting them from market fluctuations. You don’t need to worry much about tough times that bring home price declines since homes in school zones are valued higher than homes located elsewhere. A good school zone helps protect the long-term value of your property, making it a sounder investment.
A Win-Win Situation
You can choose a property located near good public schools, saving you money while your children get a good education. You don’t need to spend that much money on tuition and transportation—you can spend them on other things such as the kids’ college funds. Win-win, right?
If you’re considering buying a home in a school zone, whether for you to live in or as an investment, here are some things you should keep in mind:
Stick with the basics. Even though you’re looking for a home within a good school zone, make sure that you’re still following the basics in choosing a property—location, floorplan, orientation, access to transportation and amenities, and the like. Don’t get carried away just because a property’s inside a school zone.
Do the numbers. Factor in the number of children in your family and the number of years for schooling. Also, weigh up the premium you need to pay for a property in a top public school zone against the cost of private schooling. Make sure that your choice is financially sound in the long run.
Make sure that the property really is inside a school zone. It’s an important thing to take note before choosing a property. Get a map of where the school zone is and contact the school to make sure that you’re inside their zone.
Avoid peak season. Most buyers will look for a new home at the beginning or end of the year and move in just in time for the new school year. Because of this, you might be up for a lot of competition if you buy at the same time—it’s better if you can buy a property mid-year. This way, you can get better options and less competition.
Look for the hotspots. Do your research and look for the most sought-after schools across the area. You can ask an agent for help in this—but make sure they’re very knowledgeable in your area of choice. They can also introduce good school zones that you haven’t seen or considered while researching.
Proper research and timing can help you bag that house you want. If you need advice or help to look for a home inside a school zone, don’t hesitate to message me.
BEN WAKELY | 0405 000 219
Bardon Agent of the Year