irvinehomeowner
Well-known member
One of the overriding themes about purchasing in Irvine is the quality of the school system here. Not just a single school... but the entire school system from elementary to high school.
The problem with that is the high price you have to pay for such a home. Not only in price, but in newer areas you also have Mello Roos and HOAs.
Often, those who do not believe in the value of living in Irvine have asked... why not live in a less expensive area and the money you would save would go to paying for private school. While that may be a great theory... there are other factors involved than just putting the difference you save on a home into your child's education.
1. Your child goes to a neighborhood school with other kids who live in your neighborhood. This is not always the case with private schools.
2. Depending on you work schedule, it may be easier to take your children to a school close to your home rather than some private facility that may not be close to either your work or home.
3. There is no guarantee that the quality of private school is better than your local school or Irvine schools for that matter.
4. Part if living in a community is having something in common with the other families (sounding RC-like here) so when your kids play with the other kids in the neighborhood and they ask you where do your kids go... you're gonna get that "Oh... our school isn't good enough so they go to private school." vibe. It may not be blatant, but it can happen.
5. Tax writeoffs. While you can probably use FSA and childcare deductions, those don't quite equal the homeowner deduction of interest and property tax.
- Let's say private education costs $1000 per month for your child. So you buy a house that cost $1000 less per month. After 6 years, you would have paid $72,000 dollars in private school. Do you think the tax deduction for that childcare cost (I believe you can only writeoff any daycare portion... not instruction) would equal that of your interest/property tax decuction (disclaimer: this may vary depending on itemization, AGI etc etc)?
- And... that money spent on the more expensive home would have reduced your mortgage balance
Now granted, it does work for some people and I'm not faulting that choice. But it's not as easy as comparing dollar to dollar... there is the whole central locality, safety and other reasons to live in Irvine. I think that's something people may forget when suggesting such a solution.
The problem with that is the high price you have to pay for such a home. Not only in price, but in newer areas you also have Mello Roos and HOAs.
Often, those who do not believe in the value of living in Irvine have asked... why not live in a less expensive area and the money you would save would go to paying for private school. While that may be a great theory... there are other factors involved than just putting the difference you save on a home into your child's education.
1. Your child goes to a neighborhood school with other kids who live in your neighborhood. This is not always the case with private schools.
2. Depending on you work schedule, it may be easier to take your children to a school close to your home rather than some private facility that may not be close to either your work or home.
3. There is no guarantee that the quality of private school is better than your local school or Irvine schools for that matter.
4. Part if living in a community is having something in common with the other families (sounding RC-like here) so when your kids play with the other kids in the neighborhood and they ask you where do your kids go... you're gonna get that "Oh... our school isn't good enough so they go to private school." vibe. It may not be blatant, but it can happen.
5. Tax writeoffs. While you can probably use FSA and childcare deductions, those don't quite equal the homeowner deduction of interest and property tax.
- Let's say private education costs $1000 per month for your child. So you buy a house that cost $1000 less per month. After 6 years, you would have paid $72,000 dollars in private school. Do you think the tax deduction for that childcare cost (I believe you can only writeoff any daycare portion... not instruction) would equal that of your interest/property tax decuction (disclaimer: this may vary depending on itemization, AGI etc etc)?
- And... that money spent on the more expensive home would have reduced your mortgage balance
Now granted, it does work for some people and I'm not faulting that choice. But it's not as easy as comparing dollar to dollar... there is the whole central locality, safety and other reasons to live in Irvine. I think that's something people may forget when suggesting such a solution.
