How does buying a house near a reputable school affect the value of my home?
There is a direct connection between home value and proximity to a school. When buying a house, school ratings within the school distract near your home is something you want to look into as it will directly affect the price and value of your property. Many home buyers are willing to spend more money knowing that their children will be attending a reputable school. Realtor.com surveyed home buyers and found that for every three buyers surveyed, one would settle for a smaller home to have access to a good school. Another survey conducted by Realtor.com reveals that out of 1000 participants, 91% of respondents included school boundaries in their process of decision making when looking to buy a home. This is interesting because not all participants had or planned on having children, which shows that the interest in buying a house near a school is not only preferred because of the educational opportunities for their children, but also, the overall value of real estate — likely considering the future re-sale value of their home. Overall, buying a house close to a reputable school district is beneficial when starting a young family and it is also a good business decision.
Choosing the area to live in before making a final decision requires a considerable amount of thought and research. Some ways to determine the viability of an educational system include researching online, visiting the schools, speaking to parents with children already enrolled in your desired area and speaking with your real estate agent. Your real estate agent will know which areas work best for your current financial situation and will have a general understanding of good school districts and bad school districts. Refer to this article for 5 of the highest ranked school districts in Toronto.
Other things to consider when you are buying a home close to a school
1. Amenities
Buying a house near a school has many benefits. You and your children will be able to make use of the facilities outside of school hours. Running tracks, parks and sports fields will be in close proximity to you. Some schools also offer organized adult classes such as art classes, music and sports. These programs could be a great way for you and your children to bond with neighbours. It is as easy as picking up the phone and calling your top choice schools to see what kind of activities they offer. This will help narrow down your selection during your research process. This article provides links to various after school programs in Toronto that may interest you or your children and help with your decision to narrow down your search.
RELATED: FOUR AFFORDABLE TORONTO NEIGHBOURHOODS WITH GOOD SCHOOLS
2. Traffic
When a young family is buying a house across from a school, things like traffic or parking availability may not be deal breaking factors if you fall in love with a house or community. Some of things to consider when buying a house near a school is if the traffic will affect your commute to work. There will be an influx in traffic during drop off and pick up times for busses and cars which generates a lot more noise in general. If your child is in close enough proximity to be able to walk to school, the positives outweigh the negatives. Crossing guards and reduced speed limits ease the anxieties that most parents have in a big city.
3. Transportation
Transportation is a huge factor when deciding on a home especially in downtown Toronto. Parents should consider the ease of transportation for their children to get to school and also consider how it affects their commute to work. Homeowners that live next to schools with young children doesn’t guarantee that it will be a walk in the park. For a few years ,while your children are still too young to walk to school by themselves, you will need to come up with a system that benefits the both of you. A morning/afternoon program in your area may be a good option to look into when evaluating school districts. When your kids are old enough to walk on their own, or take a short trip to school on the TTC, living closer to the location of their school is cheaper and easier to get the hang of.
4. Environment
Homeowners who live close to schools may experience additional annoyances such as property defacement, littering, and the trampling of curb-side gardens. These are risks you are willing to take when you buy a property that is highly populated by children and students. Without a doubt, litter and general pollution in a large city like Toronto is a no brainer, so don’t be surprised when you are expecting a community that resembles a suburb and it turns out to be a city. Some areas are better than others but it comes with a cost.
Overall, the positives definitely outweigh the negatives when it comes to buying a house near a school. It is a great investment because value is guaranteed to be added to your property if the schools in your district are reputable. Your children are in a safe and fun environment, and as parents you get to benefit from the community that is formed through participation in local events and classes. You can’t go wrong. Cost of living in close proximity to a reputable school doesn’t have to break the bank. Refer to this article for affordable living neighbourhoods with good schools.
