When you are thinking about starting a family, it always helps to be settled in a well-grounded neighborhood so that your children grow up with all the opportunities and resources they need. Buying a home is already a very emotional, and at times, stressful event. With the gravity of providing the best opportunities for your kids heavy on your mind, the decision becomes even more difficult. However the key to making the best decisions for any family is to collect as much information as possible and perform a careful analysis of all available options before making a decision. These four criteria will help you choose the best neighborhood for you and yours.
- How Highly are the Schools Rated?
Every state’s department of education publishes a yearly report and ranking of the state’s schools. This information is freely available online. A lot of different factors are weighed in calculating the rating for each school, including average class size, the amount of spending per student, the teacher-student ratio, and the performance of the students on state-administered standardized testing. Some schools may not have the resources, be it money or top-notch talented teachers, to achieve a high ranking. By choosing a very highly rated public or private school, your child will stand the best chance of success in his or her adult life.
- Average Household Income
A commonly cited criterion for determining the quality of an area is to examine the average household income for each neighborhood. Understand that household income varies greatly between urban and rural settings, and from state to state. You will make the best-educated decisions if you use a more appropriate metric, for instance the city or county median average income. This way you are comparing neighborhoods that all have access to the same resources and employers. Neighborhoods that fall very far below the median may have less resource, higher crime rates, or stunted property value growth.
- Average Neighborhood Home Value
In order to get the best deal possible, have a firm understanding of the home values for each neighborhood. Your home is more than just the place you come home to at the end of the day. Since a home is typically one of the most expensive things anyone ever buys, it is best to treat it as an investment. When you are aware of the Austin investment property values in your target neighborhoods, you are better able to spot undervalued homes to get a great deal. It is also a good idea to research building and development projects in the city so you can see how property values might change. If you buy in the right area, you could see the equity in your home increase dramatically after only a few years.
- Economically Disadvantaged Students
Another important thing to consider is the friends your children will make at school, and the families they come from. Children from lower-income families have a statistically greater chance of being involved with crime and drugs from a young age. This metric is also provided for each school by the state’s department of education. It is calculated by taking the number of students eligible for public assistance, such as free lunch or breakfast, divided by the total number of students at the school.
With these four criteria in mind, you are guaranteed to find the right home and neighborhood to start your family. To find a neighborhood or school in Austin you can call us. We at Tower Real Estate Investments are always ready to help you to find the best real estate properties.