YES! Schools are IMPORTANT.....Even When Selecting a Rental Home

By
Property Manager with Gibson Management Group, Ltd.
https://activerain.com/droplet/4kWh

YES! Schools are IMPORTANT!

 

Although they rarely mention SCHOOLS in the "reality" real estate shows, the REALITY is that they are really important.

 

In our area, a new townhouse project started about 5 years ago was going to feed elementary and middle school children to a highly ranked county school compound because another, larger rental housing complex was going to be built that would feed into a NEWER elementary school in a more sparcely populated area of the county.

When the second project did not materialize, the NEW residents to the first complex found that children had to go to the newer school....after they rented or bought because they thought their schools would be different. 

 

This does not seem bad on the surface; however, it meant MORE bus traffic into the property for the different schools and neighboring children often went to different schools so their socialization was diminished.

 

Homebuyers and investors need to put this item on their Buying Check-List so that they are not caught in a situation they had not intended.

Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

LandlordWhisperer

View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans

"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

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Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Excellent point Wallace, something that is always considered when there are children in the family.  Reality shows show that buyers look at three houses and pick one if it has granite countertops and stainless steel appliances.

Jul 21, 2014 08:54 PM #1
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Wallace.  Schools have a direct impact on home values and rental costs.

Jul 21, 2014 08:57 PM #2
Rainmaker
1,275,744
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

I started looking at geography (distance from my office) and schools prior to taking on new rental properties just for the realities of getting the property rented with fewer showings!

Jul 21, 2014 08:59 PM #3
Rainmaker
3,332,546
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

Absolutely schools ARE important and often the reason for a chosen location.

Jul 21, 2014 08:59 PM #4
Rainmaker
3,718,039
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I did an analysis of local sales trends not that long ago and found that houses in neighborhoods in prime schools sell at a 7-10% premium over comparable houses in second rate school districts. Rentals in good school districts also get more money and rent faster.

Jul 21, 2014 09:04 PM #5
Rainmaker
3,847,313
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wallace, we have school of choice in Ft. Myers FL. You get 3 choices and the earlier you pick the better chance you have. People study those circles forever before choosing a neiighborhood! Enjoy your day!

Jul 21, 2014 09:59 PM #6
Rainmaker
166,716
Lee Davenport
Sandy Springs, GA
Learn With Lee: Real Estate Coaching & Consulting

Wallace, great point.  It can be very disappointing to learn that the home you purchased because of a particular school district is outside of that school's territory.

Jul 22, 2014 06:23 AM #7
Rainmaker
6,158,887
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good advice for real estate investors. Schools are important to most tenants.

Jul 24, 2014 09:37 AM #8
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Rainmaker
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Wallace S. Gibson, CPM

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