Well, people who oppose home school will tell you that it's not a valid reason. But then they probably will discount most of the other reasons you give them, too. 
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While we had other reasons for homeschooling, I will admit that a big one for us was in fact sleep schedules. Dh and I both do better on what we like to call "College Time." And since dh is self-employed, and I SAHP, that meant that as we were staring kindergarten down for dd1, the specter of getting her up at such an awful hour, and having to get her to bed soooo early at night, was very unpleasant. Dh's work schedule wouldn't change, so among other things, it would have meant that she wouldn't have seen her daddy much at ALL. Just briefly after getting home, doing her homework and eating supper, and none of the time interactive since he's starting to kick into gear with work by mid-afternoon.Â
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We had quite a few family members who were chortling over the prospects of us suddenly needing to keep "regular hours."Â So they were inadvertently reminding us frequently of one of the reasons we really were not looking forward to public schooling.Â
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So - we are homeschooling, and it's worked well for us. The girls are in bed most nights by 10pm, and get up between 8 and 9:30 in the mornings .... We don't usually start school 'til after 11am most days, mid-afternoon on other days (we're pretty unstructured about it, despite using a virtual school). The girls can build Legos with their dad in the morning, take a break to do something with him in the afternoon, etc., it's great.Â
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We have encountered some social challenges to maintaining our 'College hours," in that we have developed friendships with people who keep regular hours. The window of opportunity for play dates, field trips, parties etc. is narrower because our days start 3-4 hours later than most people's days. Sometimes I'm tempted to try to roll our schedule back by an hour or so. But then I wake up in the morning and thing, "No, I don't want to be up yet!!!" 