Do Your Homework

It's August, which in Chicago usually signals two things — hot weather and the start of another school year. For some of you that means cooling off at the beach and/or pool. For others it means it's time to shop for back-to-school supplies. But no matter what your current situation is, it's a smart time to think about how the value of your current or future home is intrinsically tied to its neighborhood schools, whether public or private.

For buyers with children, the quality of the schools surrounding your potential home can factor greatly in the purchase price, especially if you're buying into a top-notch school district. For buyers without children, it is wise to learn about the schools in your area to determine the long-term value of your investment. In turn, sellers need to be up-to-date on schools in the area as well; particularly if there have been significant enhancements since you moved in. Highlighting their benefits can give you the competitive advantage in today's market.

There are many tools available to find out how neighborhood schools rank, whether on the Web, or by simply talking to neighbors or visiting the schools themselves. Is the home within walking distance of a school, whether pre-school, elementary or high school? How are the test scores? Has there been a shift in the curriculum? What's the average class size or teacher-to-student ratio?

By doing a little homework to find out how schools make the grade, you'll be better prepared to make an offer, or market your home in the future.

For more advice or information about determining how your home makes the grade, or any other buying or selling questions, feel free to contact me.

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