Home Buying in Madison>Question Details

Rk, Home Buyer in Monona, WI

Buying a home near an elementary school in the Madison area, is it going to affect the resale value of this home?

Asked by Rk, Monona, WI Tue Jan 3, 2012

I am planning on purchasing a home near an elementary school in the Madison area, is the fact that this home is close to an elementary school (backyard touches the school playground) going to affect future resale value of this home?

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6
Thanks everyone for the informative response. This is very helpful!
0 votes Thank Flag Link Wed Jan 4, 2012
There isn't a hard and fast rule that applies here. It depends on the home, neighborhood and school. Certainly, your common sense on the pros and cons of the particular home you're looking at are a good start. If you're working with a buyers agent, they should be trustworthy and helpful, too. Often, the data speaks for itself. Hard data helps us make decisions based on what we know instead of what we think. In situations like this I do a market analysis for my clients, comparing the sales prices and cumulative days on the market for similar homes, which in this case would be adjacent to the school, compared to the surrounding neighborhood. This type of analysis will give you hard data you can use to make a better decision. If you would like a free analysis done on the home you're considering -- there's no obligation -- please let me know.
0 votes Thank Flag Link Tue Jan 3, 2012
This answer is like most in real estate. It depends. Do you have kids that might go to school there? Then it's probably a benefit. Or do you not have kids and want to stay far away? Then it probably detracts from the value. In either case, this house will probably self-select the right buyer, depending on their preferences.
Web Reference: http://www.joshlavik.com
0 votes Thank Flag Link Tue Jan 3, 2012
Generally buying a house near an elementary school doesn't really hurt future resale. However, if the street is one that is used by staff for parking, it can get busy during school hours and keep in mind the traffic during pick up and drop off times and locations as well. Having a backyard that backs up to the playground can be perceived as an advantage if the house is one that would also appeal to families of young children who might use the playground or attend the school.
Web Reference: http://www.myagentjean.com
0 votes Thank Flag Link Tue Jan 3, 2012
You will lose some buyers because the playground is in the backyard. But I'm guessing it won't hurt the resale much. Some families would even see that as a positive...their kids can just run out the back door to a playground that you don't have to pay for. I would say that the neighborhood as a whole, and the quality of that specific school, are probably both bigger factors than the fact that your house backs up to the playground.
0 votes Thank Flag Link Tue Jan 3, 2012
It shouldn't affect it too much. Yes, it may be a little less desirable then one that's a few blocks away from the elementary school but chances are the way the housing market is now it has no where to go but up. Hope that helps and good luck in your search.
0 votes Thank Flag Link Tue Jan 3, 2012
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