It’s every parent’s favourite time of year: back to school!

The kids are back in the care of their teachers during the day, the house is finally quiet again, and life returns to its normal routines.

For many parents, being close to a good school was an important factor in choosing a place to live.

But did you know that settling in a good school district can also benefit homeowners who don’t have kids at home?

The value of good education

For many young couples and families, proximity to a highly rated school is an important consideration when looking for a home. After all, don’t we all want the best for our kids? Being within the boundaries of a good public school means having free access to a good education.

But there is another reason that buyers (even those who don’t plan on having children or whose children have moved away) might want to consider looking for a home close to one of these schools: being in a good neighbourhood and having access to the best education makes a home more valuable.

Even when the real estate market isn’t as strong, homes in good school districts will continue to hold more value because good education will always be desirable. Houses in these neighbourhoods also tend to sell faster than others. That is good news for someone who knows that they will one day need to sell their house.

Finding the best schools

How do you know whether the home you want to purchase is in a quality school district?

Most buyers will know what areas they want to live in before they start their home search. Once you have this in mind, you can use Realtor.ca to see all of the properties listed in that area. When viewing these listings, you can use the “Neighbourhood” tab to see a list of schools close to the property. If you click on any of these schools, you can see more detailed information about what board the school belongs to, what languages are offered, and even the attendance area.

From there, you’ll need to do a bit of research. Some of the things you might want to know are the age of the school, class sizes and staff ratios, and standardized test scores. The Fraser Institute has some helpful resources on school performance and ratings in Ontario.

Considering the cost

While a home in a good school district can net you a better selling price, it will also likely cost you more to purchase.

Depending on your budget, you may be better off buying a home close to a lower-ranking school. Remember that these ratings reflect student performance, but a low ranking does not necessarily mean a poor education. Standardized test scores can only capture certain aspects of the school experience, and they can be misleading because they only test certain traditional types of learning.

Families who want a good education but can’t afford a home close to a high-ranking school may also want to consider private alternatives in less expensive neighbourhoods. Of course, private school tuitions can be quite costly, and may negate any mortgage savings gained by purchasing a cheaper house.

But, for those without kids, looking in one of these other neighbourhoods could mean significant savings.