Check out local schools in the area if you have children prior to purchasing
Monday, 14 December 2015, 12:20:00 PM
Buyers should examine schools before buying particularly if they have school-age children. Schools are an important part of their communities, and if one rates them as good to excellent, then the buyers can save. They can keep the money that might have gone to enroll children in private schools. Locations that enjoy proximity to high-quality educational districts may cost more than those in more average school districts. There is a likelihood of recovering that premium between saving on private schools and the price of resale.
Costs of Private School The trade-off for buying in areas with below average or unknown school quality may be a pricey school bill. Buyers with young children may have to consider private school. The costs of private school could easily exceed the price difference based on location. At an average of C$10,800 per year, the difference in costs of home and a school would support a much larger mortgage loan. Adding nearly a thousand dollars(C$900) to the monthly household bills would equate to a much higher purchase price and mortgage.
Schools Add Value High-quality Local schools make the purchase of a nearby home more valuable. Many parents have to place their children in schools located far from home. These arrangements may get the right educational facility but the hours spent commuting to and from school can take a toll on time, patience, and the daily allotment of personal hours. One will invest the time that one needs for the child's best interest, but a high-quality local school would be far more convenient and schedule-friendly.
Homes Near Schools Well for More The data suggests that having a school of any quality nearby affects resale value. Rental prices also are higher in areas near schools. This higher price near good schools ratio holds for every type of real estate except condominiums. Based on real estate prices in the GTO, the data demonstrates the value of buying near quality schools in Canada.
Without Kids, a Good School Still Matters Buyers that don't have young children should still make the effort to buy in an area with good schools. The value of the home is also a product of the quality of the neighbourhood. The neighbourhood resources add value to the property. Local school facilities that have good reputations and active community involvement make every home more valuable because the neighbourhood has added value. Location in real estate includes the convenient resources in the immediate area. When buying a home, it is true that one in effect buys the whole neighbourhood.
Assessing Buyer Priorities A location with high-quality local schools will likely sell for more than a similar home in a lower quality educational district. The resale will appeal to a broader group of potential buyers. It will not only appeal to buyers with children, but also to buyers who understand the value of good local schools. The impact is greater on buyers with young children and those planning to have children. Research shows that buyers in these classes place a high priority on locations near high-quality schools.
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