It's National Homeownership Month in June and here's Reason #4 why you should own your own home:
IT MEANS HAVING A GOOD PLACE TO RAISE CHILDREN AND PROVIDE THEM WITH A GOOD EDUCATION
Anyone with school age children, who has searched for and purchased a home will tell you that the quality of the neighborhood and local schools are the two primary determinants of how their home was selected (after budget, of course). And even if you don't have children, buing a home in a good school district is important.
When surveyed, nearly two-thirds of respondents indicated that the quality of the schools was a critical factor in their decision to buy a specific home. That's because buying a home in a good school district preserves and enhances a home's value over the long term and also leads to faster resale. We see this in Charlotte all the time... homes in the top school districts sell quickly, they sell for top dollar, and they retain their value. And in our current market with low inventory, the lowest inventory neighborhoods are those in what are considered the top school district.
The difference in value between equal homes with one in a first-rate school district and one in a second-rate school district can be as much as 8-10% even if the neighborhoods are both equal. A study from Realtor.com also showed the following interesting statistics about how important good schools are to home buyers and owners:
20% of home buyers will give up an extra bedroom or garage to buy a home in a good schoold district.
One out of three buyers would buy a smaller home to be in a good school district.
- 20% of home buyers would pay 6 to 10% above their budget for a home in a good school district; while 10% of home buyers would pay as much as 20% above their budget to be in a good school district.
A study from Redfin showed that homes in good school districts can get $50 more per square foot in sale price versus those in a less desirable school district.
If you are considering purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
Related Articles On National Homeownership Month: