Buy a home in a good school district even if you don't have kids.True. Even though the school district might not be important to buyers who have no children, it'll be important on resale, says Kokel. Buying in a less-reputable school district could reduce their pool of buyers, which may affect the resale price of the home. What if buyers say they're buying the home they'll live in for the rest of their lives, so resale doesn't matter to them? Dotzour says this rule still holds true. "I don't care if it's the last home you buy, a home is often the largest asset people have in their retirement," he says. "A lot of people need to rely on the proceeds from the sale of their home to pay for assisted living." Exception: Based on his own experience, Delaney believes this rule is false. "I've never had children, but I'm in the best school district in the area," he explains. "I'll never recoup in a higher sales price what it's cost me in higher property taxes to live there for 20 years." Delaney also disputes that his pool of buyers on resale will be greater than if he lived in a less-prestigious school district. "The pool might be greater in a lower income class at any given time in a given area," he argues. "In fact, there might be five times more people who can't afford that home and might be actively seeking lower-priced homes." |
| Home Email Darrel Knobloch |