Do schools affect property value?
Generally speaking, schools do bring along a boost in a property’s value, especially in a high decile area. Although, having a school in your neighbourhood doesn’t necessarily mean that your property will sell faster or better. Schools can be considered a key point for a purchase decision for some people, but it’s not always the one on top of the list. (At least for the majority).
Don’t get us wrong! Schools are a great selling point for most home buyers. In fact, the closer the school, the higher the home value usually is. However, there are quite a few other variables that are more important.
As we have talked about throughout some of our other blog posts, it’s always more convenient to focus on the things you can control instead of the ones you can’t. Schools are certainly part of the ones you can’t control unless you deliberately bought your home based on its proximity to the school. They just happen to be in the neighbourhood, no matter what you do – or don’t do -. You don’t get to decide their location or distance to your home, nor their decile (unfortunately!). Plus, their score can change over time, and so will the area’s value.
So, since you can’t really move a school, or have a say in its development, what’s our advice instead? Once again, focus on the things you can control. Here’s a list of good examples that should take priority when focusing on what will make your sale valuable.
Put energy and funds into necessary renovations
No matter how close or great the school is, if your home needs lots of repairs done and is not move-in ready, it will most likely lose against any other property in the area with a fresher look or more modern features. The renovations with the best returns include kitchen, bathrooms and garages. These three rooms are among the most considered by buyers when searching for a new home to live in or rent out, so it makes all the difference to update these areas
Can’t put a price on sunshine
If you had to choose between similar properties in the area, but one is brighter and better ventilated than the other, which one would you pick? Exactly! Good light and airflow not only are mood boosters but are also important to avoid mould in the damper months. This means less allergies or other health issues for the family living there. And not only that, but it also means that moisture and mildew will not damage the home in the future. So, good sunshine and airflow will make buyers be more attracted to your home.
We would suggest considering your home in this aspect. If there is an available budget and building potential, making some changes to open up the walls, or adding windows to bring more light in can undoubtedly impact your home’s price positively
Don't forget the outside!
Often neglected, the outside area plays an essential role in the buyer’s decision making. A front yard is the first impression of your property, just like when you meet anyone, making a good first impression could determine the how everything goes after that. So be sure to make the home’s exterior looks its best to attract as many investors or buyers as possible from the curb.
"OK, I've done all that already. Is there any chance a school could play against the property value?"
Simply put: unlikely. But also possible. Most of the time, the school card markets a house to families and makes it even more appealing to any investor. If the home is fully renovated, fresh and ready to live in, a feature like a school nearby could be the deal-breaker or deal-maker between two or more property options.
Having said this, there could be some buyers that could potentially find this negative instead. How so? Well, suppose we are talking about a school with massive attendance. In that case, the chances are that more often than not, you’ll find your neighbourhood crowded with high traffic during transit times, and that could scare some buyers away. However, these cases are exceptional and rare, but they could exist.
But for the most part, schools are always an asset. Education will never be outdated, and there will always be parents who need to send their kids to schools at all ages. As such, homes with nearby schools are an excellent investment for anyone.
If you are looking to buy or sell property in Auckland, our team is the one to help you get the most value out of it! Selling can be sometimes overwhelming, but we can give you expert advice on the best steps to take forward. At Kooger & Co, we make the process smarter and faster while helping you save money, time and energy along the way.
So contact us today to get you started!