Prospective Buyer Inquiries
Last week during a meeting with my builder, I was told that several people had called the number on the Mike Brown Construction yard sign, asking if the home was for sale. I joked that for the right price, everything is for sale. But realistically, I would need to be pretty overwhelmed with an offer for me to sell the project (at least right away), and here's why:
- Post-Occupancy Evaluation Opportunities: One of the objectives of living in the home after I build it is to be able to evaluate all aspects of the home from a homeowner perspective, everything from energy bills to maintenance issues, to pleasant and unpleasant surprises associated with the design. All of this feedback will be extremely valuable when it comes to designing, financing, and constructing future projects, so I don't want to miss out on the chance to gather this information when it becomes available.
- Tax Implications: By owning and occupying the home for 2+ years as a primary residence, I can avoid paying capital gains tax on the first $250,000 of the sales price. I'll also be able to take advantage of the new construction tax abatement for the City of Cincinnati.
- The Home Base Factor: I believe that by establishing a 'home base' at a single location for a set period of time, I will be better positioned to plan and execute goals and systems I have in mind pertaining to business and other aspects of my life.
That said, I definitely plan on building more Starter Home 2.0 projects around the city (think Starter Home 2.1, 2.2, 2.3, etc.), so there should be some additional ownership opportunities for the general public in the not-so-distant future.