Do schools matter? It's a question that Bellevue, WA rental property owners often ask when looking for a new investment. In this blog post, our property management team talks about evaluating nearby schools when choosing an investment property.
Low-rated schools can sink property values and make it hard to find good renters or charge a competitive rental rate. To avoid these problems, Bellevue real estate management companies recommend taking the time to research all of your options before you finalize your decision!
Why Do Schools Matter (When Your Renters Don't Have Kids)?
Even if your tenants don't have children of their own, choosing properties in good school districts makes your rentals more competitive. It also increases the long-term value of the home.
In many cases, Bellevue homes with excellent nearby schools are also excellent homes. Well-run school districts are a good sign of community supports, properly appropriated tax dollars, and quality cities. While not every neighborhood or home near good schools is a smart investment, looking for investments near highly-rated schools can help improve your returns.
While not every tenant in your property will have kids, renters want quality homes in excellent neighborhoods. Living near families with school-aged kids with excellent schools nearby is often a good indicator that your property is in a good neighborhood for any renters.
It's Not Only About Tenants
To make money, rental property owners must minimize vacancies by choosing good tenants to pay the rent. However, since rental properties are a long-term investment, it's essential to keep resale value in mind—even if you plan to keep the property and operate it as a rental for many years to come.
Property managers know that homes in residential neighborhoods with good schools often hold their value better than houses in low-quality school districts. When you're ready to sell a Bellevue rental property, you'll generate a better return on the sale price because you chose a home near excellent schools.
In most cases, if you're deciding between a lower-priced home in a neighborhood without quality schools versus a higher-priced investment in a neighborhood in a highly-rated school system, you'll experience better renters, higher rent prices, and a better return when you sell if you choose the home attached to excellent schools.
How Can Investors Evaluate Schools?
If you don't have kids—or don't live in Bellevue—how can you know if the schools near a potential real estate investment are any good? Learning about schools systems requires the right research. Having property managers with local insights into the area can also help investors understand how local schools impact potential properties.
A property management company can help you find the local information you need to learn more about how nearby school systems impact a property you have your eye on. You can also research many schools districts and individual schools online. Investors can find good information through websites like:
- Niche.com. This site allows property owners to see public and private schools in the area and the ratings for each one based on user reviews. Bellevue property management companies can help you match the property's address to nearby schools and use the site to learn about K-12 institutions and higher education institutions. Niche also gives the area's schools an overall grade.
- Schooldigger.com. This site also allows a search by city name or zip code. Investors can find a list of schools, including a listing of what Schooldigger considers the best schools in the area.
- School district websites. Get more localized information about schools, school boards, enrollment, and more. Learning specifics about the district can help you find out about potential projects or bonds that could affect tax rates for a property.
As with any market research, a property management company can help you make sense of school information and how it could impact the return on investment for a property. A property manager can also help you find properties in an area with excellent schools if your goal is to build your portfolio with in-demand homes for families in a specific area of Bellevue or the Seattle area.
To maximize investments, rental property owners can't afford to overlook how school performance and ratings affect property values and area rental prices. Know your target renter and work with a property management company to find excellent properties that meet your ROI goals!
A Bellevue Property Management Company Evaluates Schools and ROIs
Real estate investors must consider schools when evaluating a potential rental property. Good tenants look for homes in thriving communities with excellent schools—even if they don't have kids when they sign a lease. Property owners must also consider long-term property values and the impact poor-quality schools can have on the resale value of a property.
Work with a Bellevue property management company to analyze schools and potential investments to maximize returns while minimizing risks caused by bad school districts. Our team at Real Property Associates has assisted many clients in investing wisely by considering all aspects of an investment before buying. If we can help you with school or market analysis and professional property management services for your next investment, give us a call!
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