A recent online survey by realtor.com revealed that a great number of buyers are willing to pay extra during the purchase of a home for a location near a preferred school.
According to the results, near 24% of buyers would be ready to stretch their budget by 1 to 5%, while 9% of them would agree to pay 11 to 20% more of their original budget! 40% of the people interviewed would not go over budget.
Others said they were willing to give up on certain amenities in order to live closer to the school to which they would like their children to go. More than 60% are willing to give up on a pool. 50% would be willing give up on accessibility to shopping while 40% would do without nearby parks.
It is also reported that schools with slightly better rankings than another school will motivate buyers to purchase a home nearby. Premiums are often even expected to reach over $200,000 of the original price just to be closer to a given school.
School rankings are therefore becoming key elements when processing a home purchase transaction. Brokers are more and more aware of this fact and will make sure to emphasis the proximity to a school when selling a property.