The cost of living in quality school districts

On Behalf of | Jul 27, 2018 | residential real estate

Parents in Florida will often take bold steps to provide for their children. A survey found that 78 percent of respondents gave up items on their housing wish list to live in a good school district. Among the most common amenities that buyers passed up included garages, updated kitchens and outdoor living space. Respondents also commonly said that they bought homes with fewer bedrooms to be near quality schools.

Of those who responded to the survey, 91 percent of parents said that living in a school district was important to them. Overall, roughly 75 percent of respondents felt that way. Those between the ages of 18 and 34 were more likely to say that schools were an important part of choosing a home compared to those 55 and older. When determining if a school district was worth living in, buyers considered whether there was a robust arts program.

They also looked at recent test scores and the presence of programs for gifted students. Buyers must analyze the data on their own as their agents are not allowed to say if a school district is good or bad. Those looking to buy a home in a highly rated district should be ready to pay up to 49 percent more the national median price for it.

Those who are looking to purchase residential property may want to do so with the help of a real estate agent and an attorney. An agent may be able to provide data about a home and its location to help a buyer make an informed decision. An attorney may be able to review a mortgage and purchase contract, and counsel can also check to see that all relevant disclosures were made prior to the close of the transaction.