The benefits of buying a home near a good school

In my last column I touched on some different things to watch out for when deciding on a neighbourhood to buy your home in.

One of those elements was schools. When it comes to buying a home, often this very important factor is overlooked. Proximity to quality schools is important for several reasons. Whether or not you have school-age children, purchasing a home near good schools can provide a wide array of benefits, both for your lifestyle and your financial future.

In this column, I’ll explore why buying a home near a top-rated school can be a smart move for homeowners and investors alike.

First a little refresher on how to research schools. There are several websites where you can research school ratings, including Fraser Institute - School Ranking (compareschoolrankings.org). Check out the school in the area you are contemplating and go from there.

Homes located near good schools tend to appreciate in value more consistently than homes in other areas, largely due to the steady demand from families who want to ensure their children receive the best education possible. Even in fluctuating real estate markets, homes with better schools typically maintain, or increase, in value because of demand.

For homeowners, that means buying a property near a good school can be a sound investment. You’re not only investing in a home but also in a neighbourhood that is likely to experience sustained interest from buyers over time. Additionally, during economic downturns, homes in these areas often hold their value better, making them more resilient to market changes.

If you decide to sell your home in the future, being near a reputable school can give you a competitive edge in the real estate market. Families with children make up a significant portion of homebuyers, and many are willing to pay a premium to live in a neighbourhood with better schools.

As a result, homes near good schools often sell faster and at higher prices than comparable homes in other areas.

Be mindful of where the home is, sometimes being right across from a school can have disadvantages. In this day and age when parents are dropping kids off directly at school, morning and afternoon parking and traffic issues can be inconvenient. If it is right beside a school and you are buying in the summer remember, come September things will be very different. Plan for it and maybe talk to your neighbours before taking the plunge.

If you’re an investor or considering buying a second home as a rental property, good schools can be a significant advantage. Families moving to an area temporarily for work or other reasons often seek out rental properties near good schools. This can mean lower vacancy rates and higher rent. As a result, owning a rental property near good schools can often provide a steady stream of income and help attract long-term, reliable tenants.

For families with children, living near a good school offers direct, daily benefits. It simplifies school commutes, reduces travel time, and allows children to participate in extracurricular activities without the stress of long-distance transportation.

One of the hallmarks of neighbourhoods with good schools is their stability. Families who buy homes near strong schools tend to stay for the long term, often until their children graduate. Less turnover usually means more stability.

Low turnover is beneficial for maintaining property values, as consistent homeownership in a neighbourhood helps prevent the kind of rapid market shifts that can lead to property devaluation. Additionally, long-term residents often invest more in maintaining their homes and contribute positively to the community, fostering a sense of pride in the neighbourhood.

Living near a good school can help you connect with your neighbours, creating a sense of belonging and community. Families in these neighbourhoods often share common goals and interests, such as ensuring their children receive a high-quality education and supporting local school activities.

Buying a home near a good school is more than just a decision for families with children; it’s a smart investment for anyone looking to secure a property in a desirable location. Whether you’re planning to start a family, invest in real estate, or simply enjoy a stable and vibrant community, being near a good school can pay off in multiple ways, both in your daily life and in the long run. So do your homework before writing the cheque, it can pay off in more ways than one.

If you have suggestions for other real estate-related articles, please email me at [email protected].

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.