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

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

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.

 Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

LandlordWhisperer

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Comment balloon 8 commentsWallace S. Gibson, CPM • July 22 2014 03:50AM

Comments

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.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) over 4 years ago

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

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 4 years ago

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!

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 4 years ago

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

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) over 4 years ago

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.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) over 4 years ago

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!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) over 4 years ago

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.

Posted by Lee Davenport, Learn With Lee: Real Estate Coaching & Consulting over 4 years ago

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

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) about 4 years ago

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