Step 2 to Building A Home: How Do I Pay For It?

How do you pay for a new home? Are loans for new homes the same as they are for other homes? The new home experts at Build Collective of Coldwell Banker Realty have the answers for you! Watch and learn about the financing options when you build a new home and which one is best for you.

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Building Lots are Hard to Find

If you are looking to build a new home on an infill lot in Cincinnati, you really need to understand everything that happens behind the scenes to bring an opportunity to market. In this fast paced buyers market, new home lots sell quickly. That’s why Build Collective of Coldwell Banker has a dedicated lot sourcing team to continually bring our clients the best lot opportunities possible.

So, please take a quick look at our lot acquisition process, and then browse our selection of new home lots currently on the market to purchase.

 

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The FIRST STEP to Know Before Building a Home

Thought about building a home but don’t know where to start?, That’s why you need the new home experts at Build Collective to help you! Mike Hines breaks down the step by step process of building a home. Whether you’re wanting to build in Madeira, Montgomery, or any where in the Cincinnati area, we wanted to create this video to give you a starting point, reference, and resource to building your dream home!

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Or click the link below if you’re interested in scheduling a time to talk with our team about building a home

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7 Things You Should Know Before Renovating Your Home

7 Things You Should Know Before Renovating Your Home

Are You Ready for A Big Project?  

So you’ve decided (along with many, many others in 2020) to renovate your home!  As someone who spent the last three months going through the renovation process, I thought I would share what I’ve learned to help better prepare you for the journey ahead and hopefully leave you thinking, “I’m so glad I was ready for that!”

  1. It will always take more TIME and more MONEY that you planned. I have never heard of a project coming in under budget or being completed in half the time you were told. Unexpected issues come up. Contractors fall behind. Supplies get back ordered. Things happen and you have to be ready to go with the flow. If you have realistic expectations from the beginning, the inevitable delays will be a little easier to swallow.
  2. You need to be available at all times. Probably the biggest advantage of doing a renovation during COVID has been that my husband is working from home. That means he’s always available to sign for deliveries, talk to contractors and check on progress. If you have the type of job that doesn’t give you that kind of flexibility, or you aren’t able to “run home,” a big renovation might not be for you.
  3. You think you’ve thought of it all, but you haven’t. We spent hours designing the kitchen, planning the space and looking at colors and selections. However, once the work started, we realized there were a number of things we had given no thought at all. Did we want the toilet to go on the left side or right side of the bathroom? What kind of closet doors did we want? Where should the lighting go? Again, being available to make last minute decisions is imperative.
  4. If you aren’t a decorator, hire one. Renovations are expensive and there are a lot of beautiful choices. Don’t waste money changing paint colors later or being unhappy with something you picked out. There are many talented decorators available to pay by the hour, and for just a few hours investment, they can’t make sure your paint, floors, cabinets, countertops and fixtures all work beautifully together in your home.
  5. Hire a professional for the big projects. Weekend handymen are great, but most projects take more than a weekend. Hire a reputable contractor for the big stuff; electric, plumbing and wiring should only be done by professionals. These types of mistakes are too costly to mess around with.
  6. Be prepared to live in the dust. You are in the middle of a construction site. Truly. The dust never ends, the noise is loud and constant and new people are walking in and out of your home at all times. Try to get out of the way and live in a part of the house that won’t be near the construction. 
  7. If you think you can DIY, know the consequences. I get it. We’ve all watched the shows and thought, “If they can do it, so can I.” The reality is, there is no behind the scenes team at your house tearing out walls and putting up shiplap. Renovations require accurate measurements, correct cuts and considerable time. If you have a project in mind and want to give it a shot, go for it. In my experience, getting it done faster and with fewer mishaps is worth a few calls to contractors.

I hope this helps you understand the good, the bad and the ugly of home renovation. With a lot of time and patience, you can and WILL get the home you’ve always dreamed of! 

The Cincinnati Tax Abatement is Changing! Here’s What You Need to Know

The Cincinnati Tax Abatement is CHANGING!  Learn More Here

On September 2nd, City Council passed a motion to change the policy to the current Tax Abatement also known as the Community Reinvestment Areas. The tax abatement allows residents and businesses to have a portion of their property taxes abated based on the improved value of their investment into a specific property. Essentially, if you renovate or build a home in the City of Cincinnati, you have the opportunity to pay less in taxes if you follow certain criteria.

Quick disclosure as we get started, this blog post is not meant to give you a step by step guide how to have your taxes abated nor is it the end of your fact finding on changes. I am a real estate agent that focuses on New Construction in Cincinnati, but not an attorney, consultant or expert on the tax abatement policies. I say this to make sure you understand that expert guidance may still be needed if you are making investments or decisions to which the tax abatement may impact..

Anyways, back to the information…the original goal of the tax abatement and the CRA (Community Reinvestment Areas) is to remain intact. If you read through the City’s tax abatement information, you’ll see that the original goal of the CRA was to: 1) stimulate community revitalization, 2) retain City residents, 3) attract homeowners, and 4) reduce development costs of home-ownership and rental projects. To find out more, click here to review the City’s website on the current tax abatement. 

Fast forward to today, City Council under Vice Mayor Smitherman has empowered “The Property Tax Working Group” at the end of 2018 was set up to investigate the effects of the CRA and see how they can improve upon it. These are the results of thousands of hours of review by that group and recommendations from a number of parties.

In regards to the suggested changes, which may soon become a reality, here’s what you need to know. 
    • Tax Abatement Terms and Caps are CHANGING – Each of the categories for new construction has gone down. There are also new incentives based on Historic Renovations, Visibility and renovations in general. Click Here to See A Chart of the Caps for Each Category
    • Four Families may be moving from the Commercial tax abatement requirements to residential, which is highly favorable for owners of multi-families.
    • Visibility – This is a term you might not know yet, but soon will. By increasing threshold widths, creating zero step entries, and adding “visitable paths”, you may be able to increase your abated value by $100,000. This can only be done at the planning stage, during design, and could save you around $2500/year. For more information on visibility, click here (https://docplayer.net/42823090-City-of-cincinnati-visitability-standards.html)
    • Tiered Approach Under Consideration –  On the final policy change, you may see something along the lines of a tiered neighborhood approach. We’ve heard that they plan to continue to engage in an extensive study to review this option.
    • Grandfathering – USGBC and the HBA are talking through the provisions for grandfathering properties to the old Tax Abatement Rules that are in some phase of development. This is still TBD and being discussed, but will most likely be a part of the new ordinance.
    • TALK TO YOUR CONSULTANT – It’s more important than ever to talk to your consultant, especially Green Building Consulting, who has been at the forefront of these changes.

 

We know this motion and policy is NOT set in stone, but it’s important to keep an eye on these changes. We’re lucky to call Paul Yankie of Green Building Consulting a friend, so we’re one call away from understanding where these changes stand. And if you’re considering building or renovation, we encourage you to give his firm or any of the other LEED building consultants in town a call.  

Disclosure: Since this information is changing on a daily basis, please consult the City of Cincinnati, a LEED Consultant and/or your builder before you act on any of this information. We can not guarantee any of this for accuracy as it’s based on our interpretation of the Property Tax Working Group and Home Builders Association information.

Want Even More In Depth Information?  Visit the City of Cincinnati Site here

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Top Ten Reasons to Live in Cincinnati

Cincinnati has been voted one of the best places to live in the United States, and while that may be not surprise to us lifelong residents, we want to make sure new visitors and transfers understand just how great our City is! Of course we love our sports teams, unique restaurants, and the wide array of things to do, but our personal favorite is the affordable housing market.

So, please take a quick look at all the reasons we love the Queen City and head on over to our PROPERTY SEARCH to browse our selection of homes currently on the market to purchase. You know you love Cincinnati as much as we do…  is it time to set new roots in your favorite neighborhood?

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