Let’s say that right now you’re hunting for a home to live in for the next 10+ years. You have a spouse, 2 young children, and a dog.
What’s going to be the most important thing you look for when you’re checking out prospective homes? A pool? An extra bedroom? A certain number of bathrooms? How far you’ll be commuting?
Well, for the majority of Americans in that position, they care about 1 thing more than all else…and they’re willing to pay upwards of 50% more to get it! Here’s what instantly raises your home’s value by half…
There are 3 similar homes in 3 different parts of Example Town. Here’s what each one looks like…
Home A:
- 4 bedrooms, 2.5 bath
- Includes a pool
- 10 years old
- Fenced in yard
- Located in average school district
- 20 minutes away from downtown
Price of Home A – $290,000
Home B:
- 4 bedrooms, 2.5 bath
- High ceilings
- Sport court in backyard
- 8 years old
- Fenced in yard
- Located in poor school district
- 15 minutes away from downtown
Price of Home B – $270,000
Home C:
- 4 bedrooms, 2.5 bath
- No extra features
- 12 years old
- No fenced in yard
- Located in top school district
- 35 minutes away from downtown
Price of Home C – $405,000
Above all else, the average American family puts the highest value on the education their children will receive. That’s why Home C is worth 50% more than Home B, and almost 40% more than Home A!
Without any special features, like a pool or sport court, Home C has the highest price tag by far simply because it’s located in the top school district.
It doesn’t matter that the commute for someone working downtown will be significantly longer for someone in Home C than in A and B. Sure, that could have a small impact on the value, but it’s nothing compared to which school zone the family will be living in.
Examples like this one are coming to fruition in real life all over the states these days.
A couple in Ohio was more than happy to pay twice as much per square foot as they would have in other suburbs to live in Upper Arlington because that’s where they’d gain access to the top school system.
So check to see what school district your home is located in if you don’t already know. If it’s in a good one, it could immediately be worth 50% more than you thought!
So when you no longer have children in the school system, it may be time to cash in and move…that’s an easy payday just for living in the right area!
