As mentioned in previous blogs, it can be beneficial to consider the school district when purchasing homes- not only because it will help you send your kids to the school of your choosing, but living in a good school district can add value to your home.
If you are looking to move to Colorado from out of state, or considering a move within the state and want to include school districts in your evaluation, you can use this list as a general starting point to help you. We also list additional resources for finding out more about a specific school or for comparing schools and school districts.
Thanks to Education Accountability Act of 2009, state officials must release the current ratings of public school systems.
Here are the most recent rankings (December 2011) of the larger school districts in Colorado, as reported by Education News Colorado:
Accredited with Distinction (18 districts total, or 9.9% of Colorado Schools) including:
Academy District 20, Aspen, Cheyenne Mountain 12 and Littleton
Accredited (94 districts total, or 51.6% of Colorado School Districts) including:
Jefferson County, Douglas County, Cherry Crek, Boulder, Fort Collins and St. Vrain
Accredited with Improvement (45 districts total, or 24.7% of Colorado Schools) including:
Adams 12 Five Star, Colorado Springs D-11, Greeley 6 and Mesa 51 Grand Junction.
Accredited with Priority Improvement (18 districts total, or 9.9% of Colorado Schools) including: Aurora, the Charter School Institute, Denver, Englewood and Mapleton.
Accredited with Turnaround (7 districts, or 4% of Colorado Schools)
Adams 14 Commerce City, Pueblo City, Sheridan and Adams 50 Westminster.
Colorado does also have a charter school program, which allows children to attend schools other than the one they would be assigned. To learn more about this system, visit the Colorado Department of Education webpage, (http://www.cde.state.co.us/index_home.htm)
To discuss your home search with a Colorado Exclusive Buyers Agent, fill in our Find an Agent form. Best luck!
One critical step in the home search process is determining how much to spend on housing. The amount that you ultimately spend on housing is personal, and will of course be limited depending on fund available (either through income or loans). But, it is important to consider how much you want to spend carefully, and to take into account both up front costs and ongoing costs.
Up Front Costs:
Down payment
Upgrades or repairs before moving in, or immininently,
Additional furniture
Moving costs
Closing costs
Ongoing Costs:
Monthly mortgage payments,
Insurance,
Maintainance,
Taxes, etc.
There are many online calculators that use inputs like how much you have for a downpayment, income and total debts and it will tell you the maximum amount that a bank might give you as a loan. Sure, using the maximum will buy you a nicer or bigger house, or in a better area, but do you want to spend the maximum possible on housing?
How Much Will the Bank Loan You?
On the other hand, banks will generally want to make sure that you will not have trouble repaying the loan. Usually, they want the amount you spend on housing costs, including mortgage, taxes and insurance to be less than 36% of your total gross income. Also, housing costs plus other monthly debts should be less than 42% of your gross income.
Investors Rule of Thumb
One general rule of thumb used by some investors, and that is advocated on the investing blog “Get Rich Slowly” is to spend less than 25% of your monthly take home pay on housing. This way, you will not feel “pinched,” and will have plenty of money for the remainder of your needs, wants and hopefully, other investments and savings.
Your buyer’s agent can also help you develop a realistic picture of your housing budget. Then, once the home search begins, can help you get an idea for how much different home repairs needed on the particular home you are interested in, closing costs, etc.
The important thing is to make sure you leave yourself plenty of room for other costs and expenses in your life, helping you live comfortably and with peace of mind.
In our last blog we talked about the importance of considering school district when choosing your next home. Not only does it impact where your kids might go to school, but it can also add value to your home.
How much flexibility do you have in your home search?
For many, a reasonable commute to work is the first limiting factor that determines where you will live. If you have greater flexibility, you may want to start with finding a school district within a certain radius that is a reasonable commute, and narrow your search from there. If you have a more defined area that you would like to live, you can still evaluate the specific schools in that area.
When you are conducting a home search, the school district and nearest school information is available in the MLS. You can then look up data about that specific school.
Where can you get good information about Colorado School Districts and Colorado Schools?
Here is an overview of available resources:
Colorado Department of Education:
http://www.cde.state.co.us/index_home.htm
This website has tons of information about Colorado schools. You can find out detailed information about specific schools performance by reading their School Accountablitity Reports. The system allows you to search for specific schools. Or,if you are looking for information about Charter Programs and special programs offered, this is the place to go.
Education News Colorado
http://www.ednewscolorado.org
This website offers news about Colorado education. They provide up to date info on how schools in Colorado performed on standardized testing, etc, and how they compare to other Colorado schools.
Great Schools
http://www.greatschools.org
This website allows you to search all different types of schools in any area and compare. For example, if you are trying to decide whether you want to move to Lakewood or Denver, you could compare the school districts in those areas. Or, if you wanted to compare specific schools in a particular neighborhood, you can do that as well.
In our next blog, we’ll take a look at top performing school districts in Colorado.
In addition to considering home size, style, additional amenities and location, you may want to consider adding “good school district” to your home search criteria. If you have kids, or are planning to, this may already be on your list. But, even if you are not planning on starting a family it may still be worth considering.
Buying a home in a good school district will not only make it easier to send your child to a good school, according to CBS MoneyWatch, it can help increase the value of your home, or during tough economic times, help fight depreciation.
Where Do You Want Your Kids To Go To School?
If you are planning to have children, or do have children, you may want to look up more than just the school district, but the local elementary, middle and high schools in your area. While Colorado does offer a charter program, you can make it easier on yourself by choosing to live within the boundaries of the school you want your kids to go to. You may also want to consider distance to the school if you would like your kids to be able to walk.
Good School Districts Add Value To Your Home
Good school districts tend to reflect both the amount of funding and the amount of involvement by the community. For that reason, good schools tend to be (and notice, the use of the word tend and not always. These are general patterns and certainly there are always exceptions to the rule!) in established neighborhoods rather than brand new communities or communities that experience a lot of turn-over. Also, generally, it can be more expensive to live in communities that have the top school districts and top schools.
Living in close proximity to good schools, and in a good school district, adds value to your home. It is worth considering when you are purchasing your house, whether or not you have children.
How To Get Info On Colorado Schools & School Districts … coming up!
In our next blog, we’ll take a look at online resources that are available for checking out the schools and school districts in Colorado. As with any home search criteria, it’s important to discuss your feelings on school district and proximity to schools with your buyer’s agent so that they can help you find the right home.
Looking to move out of the city and start a family? Many families are looking at Lakewood because they can buy a bigger house in Lakewood than in many Denver areas, live in a good school district, and still have a reasonable commute to work.
Lakewood is a great place for young families that are moving to Colorado, or moving to a new home in Colorado:
1) Family Sized Homes at Family Prices
Young families want to have more room for their growing family, but not necessarily at a higher price. With home prices in the low $200s, many areas of Lakewood offer a great value for your money allowing young families to purchase a home that meets both their size and budget needs.
2) Good School District
Education is on the top of many young families priority lists. Moving to a good school district makes it easier for your children to get a good education. Lakewood schools are in the Jefferson County School District, a good school district in Colorado. Find out how more about Colorado’s education & how our school districts rank next week when we take a look at how school districts affect the value of your home, and the top 10 school districts in Colorado.
3) Convenient Location
Located with 10 to 15 minute access to 6th Avenue and C470, Lakewood commutes are reasonable. It is about 20-30 minutes to Downtown Denver, and approximately the same to the Denver Tech Center area. And, the commute to the mountains is not bad either if you are an avid biker or skier/snowboarder.
4) The Best of the Suburbs
If you are like many families that want to trade in the bustle of the city life for the suburbs, Lakewood is a great fit. Plus, its just a quick drive to the city for work or play!
If you are interested in learning more about Lakewood homes, talk to a Lakewood buyers agent that is a member of the Colorado Exclusive Buyer’s Agents Association! Fill in our find an agent form or give us a call to get started today!
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