When buying a home, choosing a location with the right schools is very important. This website will help you with the right tools and knowledge to find the right school. You might have high schoolers, middle schoolers, elementary aged children, or just be planning on having kids. Either way, this will be an important resource for you.
Another choice you have is between public and private schools. There is no right answer to this choice, as much depends on your goals, where you want to live, and how much you can afford. Often, nice neighborhoods that also have great schools can be very expensive. Sometimes it seems like you can’t afford to buy a house in the right neighborhood, so you look at private school.
Don’t do it! It would be much more affordable to pay $50,000 more for a house than to send your child to a private school that cost $10,000 each year, and good luck finding a school that doesn’t cost more than that. Let’s look at some numbers as an example.
You’re looking at a house in Seattle and you want to spend $400,000 on a house. But you can’t find one at this price with a good school, so you decide to pay $450,000. At 5% interest with 20% down, your monthly payment would be $1933 per year. Your total payments each year would be $23,196.
Let’s now look at the option of buying the cheaper $400,000 house and paying an extra $10,000 per year for schools. The $400,000 house with 20% down at 5% interest would cost $1718 per month. For a year that would be $20,616 in house payments, only $2580 more per year. This pales in comparison to the extra $10,000 per year for private school
In fact, you could buy a house that cost an extra $190,000, and the extra monthly payments would be equal to paying the $10,000 per month tuition.
As you can see, it’s a good decision to buy a house in an area with good schools, even if it costs you a lot more. Private schools will almost never save you money. This website will give you the resources and info you need to find good schools so that you can buy the right house.