A Well Schooled Decision
The quality of a school district is an important determinant of the market value of a house. For homebuyers with children, the quality and reputation of the local school system may be as critical to their decision as the appeal of the home.
The desire to give their children a quality education usually causes parents who are in the market for a home to ask questions about the local school district. What is the annual expenditure per pupil and the average class size? How do the district's standardized test scores compare with the national mean? Are special education programs available? What percentage of high school graduates go on to college? What is the physical condition of the schools and the district's record in handling school bond proposals? Parents may also want to know the school board's educational philosophy.
A professional real estate agent has the experience and knowledge to help you choose the right community and schools for your family.
Advantages of Buying Down
Your youngest child has just left home! Your present house now seems enormous. Your "empty nest" has prompted thoughts of selling your home and moving to a smaller, more manageable house.
Before you make a move, you should consult two important professionals--your real estate agent and your tax planner. A good real estate agent will be able to tell you the value of your current home and the availability of alternative houses in your preferred area.
Buying a smaller home or condo can have important advantages, such as lowering your property taxes, simplifying property maintenance, and generating cash which can be put into income-producing investments. You will also want to consider the tax laws which allow capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. If you are moving downtown from the suburbs in order to be close to cultural centers, theaters and restaurants, there may be "quality of life" issues, such as noise or parking. Your real estate agent and your tax planner can provide valuable information to assist you in making such decisions.
Children and Moves
When you decide it is time to move, it is important to engage your children in the process. Depending on the reason for the move and the distance, moving can cause some concerns for children that parents may not be aware of right away. Moving often means going to a new school, leaving favorite playmates, and experiencing a lot of uncertainty about what the new neighborhood will be like.
The transition will be a lot easier if your children support your efforts to get your current home sold. How can you get them involved in the process? Include the whole family in discussions about the move and invite the children to participate in house-hunting trips. Ask for the children's cooperation in keeping their toys and clothes picked up. Teenagers may be especially touchy about strangers invading their space, and may resist keeping their room in "showing" condition. Stay communicative with your children about developments in the home sale to help them feel connected to the process.
Work with a real estate agent who is comfortable with children and can remain sensitive to your children's needs and concerns. When the house sells, take the whole family out to celebrate the event.
Empty Nests
When their last child is married or graduates from college, many couples feel the urge to give up yard work, sell their homes, and become sophisticated city dwellers. They may consider a condominium or a home near theaters, restaurants, museums and other in-town excitement.
Although city living has many rewards, this type of move represents a major change in lifestyle. You will be relieved of a lot of maintenance chores, and you will be close to many activities that not available in the suburbs. However, some things that you take for granted, like a parking place, may not be readily available in a city!
Before you make a commitment to a condominium, talk to the people who live there. Like suburban developments, town house and condo developments often have covenants and owners' association restrictions which limit what you can do with your home. A professional real estate agent can get you the answers to any questions you may have about this important move.
Housing Considerations
The impending arrival of a new baby is an important catalyst for many couples to plan a move. You may need more space or prefer a larger yard or a street with less traffic. Having a baby represents a profound change in life. Your thoughts about housing suddenly begin to include considerations about schools, neighborhood playgrounds, and other families with young children.
If you plan to enlarge your family in the near future, it is a good idea to assess your real estate needs early in the planning stage. If you have a condominium or smaller house which you have to sell in order to buy a new home, talk to us about placing your current home on the market now. It could take a while for it to close, even if we find buyers relatively quickly. Most real estate agents have stories of closing attorneys bringing paperwork to the maternity ward. While this may provide witty repartee for the agent, it is not a lot of fun for the new parents trying to work out the last minute details of a major move when the baby is about to arrive.
Moving On Up
Many people buy their first homes before they start a family or become established in their careers. A few years later their life circumstance has changed. They need more space or have increased income to invest in a higher priced home.
Changes in lifestyle often create changes in housing needs. A big promotion may require you to do more at-home entertaining. This translates into the need for a larger kitchen and additional living space. If you are starting a family, it may be time to trade your sophisticated home in the city for a house which has a big yard and is located in a good school district. If changes in your life have prompted thoughts of moving, an agent will be happy to discuss all of the possibilities with you. Your agent can determine what your present home is worth and show you homes that will meet your current needs.
Smooth Moves
There are many details to handle when you move out of one house and into another. Since it is easy to forget things in the rush of moving, making a written checklist of everything that needs to be done is an invaluable aid.
Be sure to include such tasks as providing the post office, your bank, credit card companies, and publications to which you subscribe with your new address. Let your insurance agent know about the move to ensure that your personal property will be covered at both houses. Call the utility companies ahead of time to arrange for the cut-off and turn-on dates for gas, electricity, water and telephone service. Put important documents, such as birth or marriage certificates, tax returns and home ownership documents together in a safe place as you pack, so that you can locate them easily.
It will give you a great deal of satisfaction to check off each item on your list as it is handled.
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