“Local Records Office” sheds light on how schools can impact the value of a nearby residential property.
Local Records Office (LRO) is an organization that strives to provide individuals with the information that they require to make educated decisions regarding their real estate investments. Whether someone is looking to buy or sell residential property, it is important that they consider all of the factors that contribute to that property’s value before spending their money. One of these factors, according to representatives from the Local Records Office and a recent article published by FOX, is the presence of local schools.
The article explains that two elementary schools in Springfield, Illinois, are closing and that, as a result, local property owners are concerned that their property value will take a nosedive. The article elaborates: “No one knows for sure whether eliminating two north end schools means eventually lowering property values in that area but one local property owner […] says, that is the perception.”
Malou Mcquillan is quoted: “Without this school, some of the families are moving away and I don’t think we’ll be able to attract as many families to live here without the school anymore.”
Any individuals who have conducted a property search are well aware that homes within closer proximity to highly regarded educational organizations are, in general, valued at a higher price. This is because high-quality schools are major draws for buyers who want their kids to have the best academic experience possible. As such, many homebuyers are willing to spend more in order to move into a better school district. While this is just one of many different considerations that are made when determining the home’s value, it is one that certainly has a great deal of sway when an asking price is set.
“Schools play a big role in our neighborhoods, and it is very important for homeowners to keep themselves informed regarding the different educational institutions that are around their property,” comments a representative from the Local Records Office. “This information should always be considered prior to make any drastic real estate decisions regardless of if individuals are looking to buy or sell, as it can impact the value of the property in question.”
The professionals at Local Records Office explain that numerous elements regarding a property’s history, location, the surrounding community, etc. are taken into account when the value is set. To help individuals to determine the value of their property (or of a property in which they are interested) the Local Records Office team compiles targeted profile reports that outline all of these variables. The professionals at Local Records Office urge individuals to take advantage of the information provided by these reports before making real estate decisions.