Davidtaran - David Taran

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.

Rent Out That Extra Space And Make More Money

Have you recently purchased a new home with a little extra space? Or have your children grown and you now some extra rooms available in your house? Don’t let that unused room go to waste – rent out the space on Airbnb and make some extra money!

How involved this process is will be completely up to you. You can choose to do it sporadically and, because it’s not your main source of income, you can be selective of the renters who you choose to let into your home.

If this is something you have given thought to in the past, here are some tips for making the most of your experience:

1. Hosting Etiquette

If you do pursue this route, there are some added responsibilities that you will take on as a result. The more exemplary Airbnb hosts aim to make their renter’s stay as special and personalized as possible. Introduce yourself, make sure the area they will be staying in is tidy and equipped with the necessary essentials, and be prepared with recommendations of restaurants and attractions they should visit during their stay. Other than that, you don’t have to be any more involved unless they would require something of you.

2. Be Transparent

This is your home, so be honest when you are posting your listing on Airbnb. Be transparent of exactly what you want from a guest who will be renting a portion of your home. If you want there to be a certain period of time from evening to morning where volumes should be kept at a minimum, for example, be sure to mention that. If you are committed to enforcing a variety of rules, you will weed out renters that may not be a good match for you just through being honest. If not, you risk having situations arise that cause conflict between you and the other person.

3. Research Your Renters

You have every right to be as selective as possible in your choices. Do some research into the guests who are interested in renting your space, including their previous stays and their profile details. You can also reach out and ask them their intentions during their stay to get a feel for whether or not it would be a good fit for you.

4. Rent During The Right Times

If you don’t want to rent out your space frequently, you can wait for busier periods. If you live in a more popular area, wait until there will be a special event near you to post your listing. You can even charge more during these times as well.

Whether you decide to rent infrequently or on a more regular basis, it is still a great source of additional income!

Originally published on David Taran’s Wordpress.

lagunabay /// twitter / music

Strand Residence || © || Robert D’Costa ||

Absolutely incredible

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

Want more Happiness? Take charge of your life. Project Happiness teaches proven habits to increase happiness in individuals and communities worldwide. Join us.

The second floor balcony layout is very nice