A family with children always has more variables to consider when looking for a new home. Not only do they need to consider asking prices of the home and proximity to local amenities, but a family with kids also needs to keep in mind the quality of local schools. Obviously, no one wants their child to attend an inferior school, but did you know that a low quality school can result in low quality property values as well? The nature of a local school can either raise the market price of the housing around it or turn the entire area into a depressed project site. Here are some tips to Buying a Home by School District in beautiful Colorado.
Classroom Sizes
Certainly small classes mean that your child is getting more attention from the teacher and is receiving a better education, but larger class sizes are also an indication that the local economy and population doesn’t have the infrastructure to handle growing demands. As the population expands, a healthy area will be able to find the funds for more school buildings and teachers. Over-populated and under-funded areas will find it necessary to cram more students into the same number of classrooms. This makes the area less attractive to buyers who might be able to boost the local economy creating an economic downward spiral.
Taxes and Mill Levies
School Districts receive money from many different sources. Large amounts of that funding are derived from Mill Levies. These are property taxes based on your mortgage value. By researching what the local Mill levies are, you can expand your knowledge on the property values of the local housing. If the school district is receiving low funding from these levies, you may want to find out why the property values are so low.
Sports Programs
Much like colleges, school districts count on their sports programs to be a draw for prospective students and their parents. A healthy sports program is usually an indicator that the school district is well funded meaning that your child will probably receive a better education than that of a school whose program is lacking. Schools with strong programs also tend to attract parents who want their children to be able to compete on higher sports levels.
Private Schools
With public education receiving more flak from the media and less funding from the government, many young families are looking towards private schools for their children. These families usually have a higher income level and, therefore, look for higher quality in their housing. Private schools know and count on this, so they usually locate themselves in areas with higher value homes. As more families come into the area looking for a higher level of education, the demand and home prices rise; increasing property values.
Schools Get Graded Too
Colorado has a grading system for their schools based on criteria such as: Academic Achievement, Academic Growth, and Academic Growth Gaps. These grades are expressed in an A-F grading format and measured over time, not in a simple glance at the school’s performance. For a family wanting to research the options for their children, this grading system can be invaluable. For more information, visit http://www.coloradoschoolgrades.com
Buying a Home by School District
Many factors go into researching a new home. Even for someone without children, taking a quick glance at the local school district and its quality might make or break a sale. Factors such as class size, funding, and independent evaluation sources are all indicators of a school district’s health and, in many ways, the value of the surrounding area.
When you want a realtor who will make you their number one priority, it’s time to contact me to set up an initial consultation. Feel free to call True Performance Real Estate today and any questions you might have about buying your Colorado Home by School District!
Call: 303-317-6311