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A Desired Commodity: How Real Estate Prices Are Affected By School Districts

When searching for a new home, what attributes are potential homebuyers prioritizing over others? Obviously the details of the home are important: the square footage of the home, the number of bedrooms, the age of the home, etc. But there are other factors that will influence whether a home is purchased or sold. In addition to considerations like the neighborhood crime rate and the home’s closeness to important amenities, the quality of the school districts in the area also takes top priority and can actually affect the surrounding real estate properties.

More Money For Better Schools

Some families are so particular about the type of school district they enroll their children in that it will single-handedly influence whether or not they look at a home in a certain neighborhood. The home could match every quality they are looking for but, if it is outside of an esteemed school district, they may not even bother scheduling a showing.

The standard for a good school district is so high that buyers are even willing to make sacrifices if it means they can live in an area with a better school. A study done by realtor.com found that one in every five buyers would sacrifice something like an extra bedroom to be in a good district, with one out of every three buyers willing to downsize to a much smaller house.

It doesn’t stop at a spatial downsize, either. That same study found that one person out of every five homebuyers would pay between 6-10% over their original budget, while one out of ten buyers would be willing to pay 20% over budget. Depending on the market, that could be a substantial difference in what a home could ultimately sell for.

Better Schools Can Determine The Price Of A Home

Because homebuyers are so particular about the surrounding school districts, homeowners who live in one of these desired areas can sell their homes at a higher cost – the data clearly shows that people are willing to pay for it. There are two main reasons why a better district has become such a sought-after commodity:

A Focus On Education

The primary – and perhaps most obvious – reason is that individuals who either have a family or who are planning to start a family in the near future want to make sure their children are receiving the best education possible. If a better education means spending more on a home, it’s evident that people are willing to pay more out of concern for their children’s futures.

A More Desirable Property

Some individuals who don’t have children, or whose children have grown and moved on, look to buy a home in one of these areas simply because they will have a better chance at not only selling their homes in the future, but making more of a profit when they do.

This is definitely something to keep in mind whether you will soon be looking for a new home for your family or if you already live in an area with a good school district and are planning to eventually sell your home.

Originally published on David Taran’s website.

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Tax Benefits For Homeowners

Owning a home has its perks, but with those perks also come other costly responsibilities. But if you are dedicated to being a homeowner, there are some benefits you can enjoy as a result – and they come in the form of tax deductions.

Make sure that you are taking advantage of these 4 tax deductions for homeowners this year:

1. The Mortgage Interest Tax Deduction

No homeowner enjoys looking over their mortgage statement. It’s a reminder that most of your paycheck is tied up in paying your monthly mortgage bill. And to make things worse – as if that isn’t already bad enough – for the first couple of years, that money is only covering the interest of your mortgage. But there is some good news! If you are a single filer, you can deduct interest on up to $500,000 and if you are filing jointly, you can deduct interest on up to $1,000,000.

2. Private Mortgage Insurance (PMI) Tax Deduction

There is a way to avoid paying private mortgage insurance (or PMI), but it requires that homeowners are able to make a 20% down payment when they first purchase a home. For people who can’t pay that initial fee up-front, there are some tax deductions that are available to undo a bit of that burden. As long as your household doesn’t go over a certain amount of annual income, you can deduct your premiums on your taxes.

3. Home Improvement Loan Interest Tax Deduction

If a home improvement project is on your to-do list, now might be the time to consider going through with it. If you borrow money with the intent of making improvements to your home, you are eligible to deduct the interest you are paying towards the loan. Note: these improvements can’t be counted as repairs to your home, though.

4. Home Office Tax Deduction

If you work from home, you are encouraged to claim a home office tax deduction. This will require a bit of number-crunching on your end because you will need to calculate how much you spend annually on electricity, water, internet bills, etc. Once you have that number, you deduct it from the amount of space your office takes up, which will give you the final deduction that you can claim on your taxes.

It’s important to do your research on the various tax deductions available to you! Many homeowners don’t spend adequate time investigating, which means that they are paying out more money to the IRS than they are required to. Keep as much of your money as you can by seeing if you are eligible for any of the above tax deductions.

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