You've received some great tips from excellent agents, thus far. And, you're absolutely right....this is a tough decision. I have just one child, and so we did seriously consider a lower priced home versus one in a better school district but that cost more money. What we eventually decided was that we would choose the higher priced home in the better school district.
There were two reasons for this choice:
1. Schooling, to our family, was not just about the school or the school's API scores, but it was also about the community that surrounds the school. As a parent, it was really important that my child be able to foster friends in the school and community and, hopefully, near our home with whom he could visit and develop social bonds. While a child can develop friends in a private school setting, often those children do not live near your home, so social events have to be planned and aren't as easily accessible than when the children live near the home.
2. We saw that a better school district did offer some tangible financial returns on our investment in the home. While it was certainly more expensive to purchase a home in a better school district, we also saw that, in doing so, we could and would see increased value in the home--it was not likely to lose a lot of money, as did some areas in the crash. In 2008, the homes in our area did lose some value from the highs of 2007, but at present, the values have returned pretty much to exactly what they were in 2007. I credit a lot of that recovery solely to the intrinsic value of the school system in our area.
So that was our reason for choosing the home in the better school district. Whatever you choose, however, should be made on decisions about what's best for your family. A home in a better school district may be financially out of your reach--in which case, a private school is always an option. Or, perhaps--as is the case in some areas--the level of competition in the school districts is too fierce for your child, and again, there are other areas, other homes and other options that will provide a better education to your family members. In all cases, the decision you make will be based on your family and your own individual needs.
Good luck! And if you need assistance in buying or selling a home, do feel free to give me a call!
Area Pro Realty-People's Choice
Time and again parents/buyers go thru this tough decision. It is very much a personal decision. I went thru same process a few years back and ultimately decided to buy in a good school district. Yes we paid much more for the house, however, so is the appreciation for the property. We are happy with our decision to live in a good community with good schools my kids can walk to.
It is a tough decision, make a list of pros and cons and decide where you want to send your child for schoolling and what kind of community environment you want to provide your family.
You have received some escellent answers, particularly from Terri Velios and John Juarez.
Essentially what you are asking is really a personal decision.
If you buy a home in a school district that is in great demand, your house will generally appreciate in value, and you wil get more money on resale.
If you invest the same amount of money in a house in a school district where there is much less demand, you will get much more house for the same amount of money, however the house will appreciate less and you will not get as much money on resale.
Charles Butterfield MBA
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What this says to me is that the parents who put education as important to their children are going to make sure their children perform well. It is individual to the family to insure their children do their homework, excel, take the AP classes, or what ever is important. So do your homework and choose the neighborhood and schools which best fit your family.
Bottom line is you must live where you want to live and can afford to live. At the same time, living in an area of high performing public schools and higher than average property values is a good thing.
If you would like someone to bounce ideas off of, drop me a call or note.
Have an amazing evening!
What I can say however is that homes in good school districts tend to hold their value better and work better as an investment. It's the old saying, location, location, location.
I would buyin a better location, and that includes the school district.