Advertisements for back-to-school clothes and supplies usually start appearing in the month of July. Families begin budgeting and planning to spend hundreds of dollars for everything from pencils, paper, crayons, safety scissors and erasers for their kindergartners to bedding, curtains, towels, wash cloths and even appliances for their college students. Some families will even buy a new home to get Junior into a good school or to keep from paying the college dorm costs for Sally. Buying a new home for school is not uncommon practice.
3 Reasons Why a New Home is Listed as a School Supply Each Year
The quality of schools in an area remains a crucial factor to parents when they buy a new home. For most parents, education is even more important than the price of a home, the time it takes to commute to and from work and nearby area amenities.
Traditional suburbs are still the most attractive communities for young families with school-aged kids, like Cold Spring Harbor, on New York’s Long Island, for example. Parents are no longer interested in partying as they may have once been. They now have kids to deal with and take care of.
Homes in areas with attractive school districts hold their value better when it comes time to sell, so there is a great economic reason to buy a home in also.
And This, Too …
Quality schools are often built into the price of homes, but parents are willing to change their lifestyles to compensate for the size of their new mortgage payments. They eat out less and try to pinch their pennies. A top-rated education for their kids is worth the expense of living in an attractive school district to a lot of parents.
Some parents will invest in a small home for their college freshman and rent the extra bedroom(s) out to other college students. This helps pay the monthly mortgage and avoid the high costs of college dorm living for four or more years of college. Then, when Sally earns her degree, her parents can sell the small home for a profit. The Pros and Cons of Buying a House in College talks more about reasons why college students should buy a house in college, if they can afford it.
Did you buy a new home for your kids this year? Maybe you like the idea of purchasing a small home and renting it out to other college students to live with your student(s). With over 30 years of experience in Brooklyn, I can help you find a new home in a quality school district for your young family or your college student. Call me, Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate at (718) 253-9600 ext. 206 or email [email protected] today.