Next to school

Hi,
Not sure if this thread should be in General Property Chat or Where to Buy. Since it is related to location, I'd assume this belongs to Where to Buy.

Anyway, I'd just like to know what other investors think about an IP, that is next to a primary school. Not sure about whether it is a good school or not. The back of one of the properties that I have been looking to make an offer is a local primary school. I've never lived in such a place, where the other side of backyard is a school, so not sure. Could the noise from school such as bell, children, etc. be a negative point?

I'd really appreciate to know what others think.

Cheers!

 

If it is a sort after school it would be a positive with long term tenants if their kids attend the school.
Lots of noise & traffic would be a negative. Sirens 6 times a day.

Their is a website where you can check the school stats which show performance rates etc.

 

I grew up in house behind a school, never noticed it cause I was always at school! It was strange on sick days when all these cars were parked in the street!
Check which part of the school is nearest the prop, eg play areas, maintenance shed. It can be quiet and away from the traffic areas it won't be noticed, but in saying a tenant may not look into it in that much detail, as long as it isn't an obvious inconvenience

 

Your best bet would be to hang out at the property during school start and finish times, and also at recess to gauge the noise levels.

We looked at a place near a school once but the streets around it were gridlocked at pickup and drop off times.

 

Yep; this is standard procedure at almost every primary school anywhere you care to look.

 

Thanks, everyone for sharing comments.

I should definitely try to hang out around school drop off and pick up times. The property is not near the school buildings/play area. It looks like it's near the quiet end of the campus.

I assume working class tenants wouldn't notice anything, as they will be at work during school times.

 

You will be lessening your tenant base and could weaken any exit strategy. Schools are no longer 40 weeks a year 8.30am to 3pm but rather more community spaces where events can happen each week day evening and sports/church can held on the weekends.

 

Property in good school catchment areas are sought after.

Parking and traffic are generally the biggest problem. Check for a secondary entry to the school as this also attracts pickup and dropoffs.

Check out the school reputation, school size/no pupils, transportation/walking, no. of demountables/newer buildings.

 

I'm about 200m down a street opposite from a small primary school (i.e. not the main drag it is on), and its briefly a little bit bustling at drop off and pick up times, but at this distance, the convenience of walking the kids far outweighs the limitations. It's a small school so parking is more an issue with the cafe on the weekends than the school. But even still, fine.

 

I'm also 300m away from a small local primary school. The Cafe not far from the school poses more parking issues than parents and the Cafe attracts customers outside the burb. Within a young family proximity to school is a big plus. I don't think parents mind the school bells.

What's your targeted tenants? Young family? Young couples? Is there also a good high school nearby?

 

Good school or bad school no issue: You will find that people would want to rent or buy the place due to being very close to the school.

What school is it?

 

We have done a lot of research around how appraised value relates to proximity to amenities.

By far and away the highest correlations are found when looking at Transport, schools and shopping (supermarkets etc). Doctors, parks, hospitals, cafes, restaurants etc had no strong or definable correlation.

You can see below that 250m to the closest school is the sweetspot, past 1500m and things really drop off a cliff. This is an average for all metro suburbs with units and houses mapped separately.

We build all these correlations into our appraisal engine btw.



Public housing is another - which can have a huge correlation (+/- 20%ish).

 

+1.
And staff at such hospitals are prepared to walk a pretty long way!
Conversely, you have a recession-proof tenant pool as the trade-off, I guess.

 

My house is next to a school(currently tenanted) I think it's brilliant, only have students there for 40 weeks of the year, and it's quiet at night but most of all I don't see or hear any of it. Maybe on my RDO, other than that nothing.( that was when I was living in it)

The tenants love the area and don't want to leave and said its quiet.

 

Is it a high school or primary school??

 

Next to school, never again

Lived briefly in a house a few doors down from a primary school; was a uni student at that time so heard all the yells after school ended and the kids walked past my place to wherever.

Currently work from home, so surroundings are a big deal to me. There's a growing number of work from home people (or retirees, students, or stay at home parents), so I think you'd alienate them as a tenant base. However, just a bit further away and I'd be happy.

 

Might look a little creepy though

 

In the hills area (NSW), if you have a property in the Matthew Pearce catchment, it's worth a mint and you may even have offers of people wanting to use your address.

 

We lived opposite a primary school, this was our primary residence.

Once my children went on to High School we sold up.

Too noisy, litter, people parking in your driveway, blocking your drive way, traffic at certain times in morning and afternoon, no control with regards to upgrading/development of the school, maintenance can happen any time, more noise - on weekends and school holiday period, school can be doubled up for a community group on weekends, children use school play area on weekends....

When we sold I thought there would be an impact on the value of the property, this was not the case, however the market shrinks because not all buyers want to live near, next to a school

MTR