Buying a home is a tricky process to navigate, no matter your circumstances. But when there are kids in the mix, it can be an even tougher decision.
Not only do you have to find a home that’s large enough to accommodate your children, but you need to consider factors like access to parks and other amenities. And let’s not gloss over the importance of buying in an area with great schools.
Desirable school districts are often synonymous with pricier homes. Miami-Dade County is known for its magnet school program, says Filippo Incorvaia, CEO at FI Real Estate Brokerage LLC in Miami, and for buyers with families, “school districts are a huge factor” when making their decisions.
“You might easily pay at least 20% more for a home in a desirable district,” Incorvaia says.
But is that worth doing? Here are some pros and cons to consider.
[READ: How to Decide Where to Live.]
You Can Open the Door to a World of Opportunity
In some cases, moving to an area with a top school district could not only provide your children with a top-notch education, but also set them up for future success.
Roxann Taylor, owner and broker at Engel & Völkers Dallas Southlake, has decades of real estate experience under her belt, and she’s a big proponent of paying up for a home in a great school district, if you can swing it.
“Southlake is a top school district in Texas,” she says. “And you can’t get into a home for under $1 million in Southlake.”
But, as Taylor explains, Southlake schools don’t just offer a great education. They also offer opportunities beyond daily lessons.
“Not only are the academics great, but the sports are great,” Taylor says. “Many of their students get merit-based scholarships (to college).”
Frances Lisner, a licensed real estate salesperson at Daniel Gale Sotheby’s International Realty on Long Island, has been selling real estate since 2017. In her market, she says, buying into a desirable school district can help put your children on a solid education path.
“It’s not just about getting your child into college,” she says. “It’s also about addressing a child’s learning needs early on. Some school districts are better equipped to do this than others.”
In her market, sometimes paying up for a desirable school district means getting lower student-to-teacher ratios and more services for children with special needs.
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You Can Live in a Community of People Who Value Education
When you buy a home in a desirable school district, you don’t just get access to that education. You also get access to people who value education the way you do.
As Incorvaia says, “You want some sort of harmony between school system and neighborhood.” And in his experience, buying into a good school system usually means buying into a good neighborhood as a whole.
Simply living in an area that’s family-friendly may be important to you. Chances are, it’s parents or prospective parents, more so than other buyers, who are willing to pay for good schools through their housing choices and property taxes. You may be more likely to end up with neighbors whose family dynamics are similar to yours. And there’s something to be said for having other kids within walking distance.
You Might Pay a Lot More for Less
When you buy a home in a desirable school district, you may not only face higher prices and property taxes. You might also have to settle for a home that is less spacious or needs serious work.
“Some clients will accept a home that has to be gutted and renovated, just to get their kids into Southlake school district,” says Taylor.
Lisner, too, has seen demand for homes in certain districts soar — even if those neighborhoods don’t necessarily offer the biggest or most updated properties.
“As soon as they get the accolades, there’s definitely more buyer demand,” she says. Some clients may inevitably have to sacrifice space to get into the schools they want.
[READ: How to Find the Right K-12 School for Your Child.]
Your Child Might Struggle in a Competitive District
Being in a top school district can have its drawbacks. Your children might struggle to stand out if they’re among highly academically driven peers.
Lisner says she’ll sometimes have clients insist they do not want to be in a certain school district because they feel it will be too competitive for their children. There’s definitely a lot of pressure to keep up academically, and that may be too much for certain students. Choosing a less desirable school district, she says, could help keep your kids grounded.
Taylor agrees that moving to a highly rated school district isn’t for everyone. “If your child is not that driven, they could get overwhelmed,” she says.
Most parents send their children to their neighborhood public school. But other education options exist, including public charter, magnet, private, parochial and online schools, as well as homeschooling.
Currently 32 states plus Washington, D.C., offer some type of school choice program, allowing families to use public money to access schools beyond their local option, according to EdChoice, a nonprofit that advocates for school choice.
Making Your Choice
Clearly, there are pros and cons to shelling out the money for a home in a great school district. You may want to ask yourself where your family’s priorities lie — with the understanding that there’s no right or wrong answer.
If you’re someone who places a lot of value on academics, it could be worth paying more for a home to gain access to great schools. If having a more comfortable and affordable home is your top priority, and you’re confident that your children will thrive in any learning environment, then you may not want to stretch your budget for a home in a more desirable school district.
“I think it’s worth it to pay more for a house to get your child into an opportunity that they may not be exposed to in another school district,” Taylor says. However, you may not feel the same.
If you’re on the fence, says Incorvaia, consider renting for a year in the district to make sure you like the neighborhood and that you’re truly happy with your child’s schooling. That way, you can feel more confident paying up and making that commitment.
Lisner urges her clients to understand that they don’t necessarily need to pay for the top school district in an area when surrounding districts are great as well. She also likes to remind clients that paying for a desirable school district often means committing to many years of higher property taxes.
But you don’t have to be permanently tied down. In Lisner’s area, many people move once their children are no longer in school because it doesn’t make sense to keep paying the high taxes. If you know you’re not buying your forever home, Lisner says, like any good investor, it’s important to know what your exit strategy looks like from the start.
[READ: Want to Buy a House in 2024? Follow these 14 Steps]
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Should You Pay a Premium to Live in a Great School District? originally appeared on usnews.com
