When you purchase a home, you will have a number of fees to pay. One of those could be something called private mortgage insurance. Private mortgage insurance (PMI) is insurance to protect your lender in the case that you default on the loan. Here is what you need to know about private mortgage insurance:
Why You Should Consider School Districts Even if You Don’t Have Kids
If you’re in the market for a new home, there’s a lot to consider like price, square footage, number of bedrooms or bathrooms, the layout design and more. But one of the most important factors is the quality of nearby school districts. Even if you don’t have children or don’t plan to have any, school districts should be on every buyer’s radar.
Judging the District
There are several things to consider when researching and evaluating school districts. In your search, make sure to review the following:
- Age and condition of the facilities: Poorly maintained facilities have been found to have a negative impact on learning and academic achievement.
- Student-to-teacher ratios: Schools that have smaller student-teacher ratios tend to have better academic performance since teachers can devote more time to each individual student.
- Standardized test scores: Schools that have better test scores tend to get more funding and have a smaller student-teacher ratio.
- Record of athletic programs: Schools that have a good athletic program tend to get more funding.
- Available extracurricular activities: Schools with a wide variety of extracurricular activities for all students tend to have better student engagement.
Good School Districts Benefit Homeowners
The quality of local school districts can have an impact on how much you pay and how much you sell a home for later. When it comes to resale value of your home, investing in a home located in a good-quality school district can pay off. Most people will prefer to live in a good school district causing demand for homes in those given areas.
Purchasing a home in a good school district can provide protection from fluctuations in the housing market. During tough economic times homes can decline in value, but properties in better school district tend to hold their value more than lower-quality schools. Homes in good school districts tend to sell faster than homes in lower-quality school districts, and often for more money.
By now, you know it’s a smart move to consider the quality of school districts in your home buying decision. Since you will be living in a desirable neighborhood with good schools, the higher demand means it should take you less time to sell your home. A school’s high rating is usually an indicator of the neighborhood’s condition. Homes in good school districts are typically well taken care of and lend a safer environment for children, as well as have a higher standard of living.