Buying a New Construction Home in Greater Cleveland, Ohio is Different than Buying An existing Home.
Here are just a few items to consider:
- Taxes -- Taxes have not yet been set by the local community taxing authority. While rates have, the market value has not. Typically, new construction buyers pay a premium for a new home, all things being equal, compared to a similar home that is say 5-10 years old.
- Cost Does NOT Equal Value -- The cost you are paying for your new home does not equate to the value your home is worth, even if you were to immediately resell it after purchase. The resale value could be higher, the same or lower, depending on local market conditions, supply/demand, design choices you made during construction, lot location, etc.
- Schools -- Proximity, rankings, distance when busing, etc.
- Commuting -- Many new construction developments are located further from the core metro area as that is where there is a greater amount of vacant land for building.
- Post Move-in Costs -- Some builders do not landscape a property. Window treatments, painting custom colors and even finishing options -- such as deck, patio, basement, etc., can add up quickly.
- Lot Selection -- This is key. Natural light, views, orientation, traffic, usability of yard, etc.
- Lot Premium -- Relates to previous bullet
- Options/Upgrades -- Some options/upgrades are deals, some are not. How long do you plan to live in the property. Keep an eye on resale implications as well as your own tastes.
This list is by no means exhaustive and don't get caught up with the builder's model home furniture, accessories, and TONS of upgrades -- it's designed to sell you. Your home will most likely not be as extensively outfitted, and the initial base price can go up dramatically.
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