Video Transcript: “Columbus Ohio | NEVER Buy a New Home”

New vs. Existing Homes: What’s the Better Value?

Hey guys, it’s Mark Van Steyn from the Van Steyn Partners at RE/MAX Premier Choice here in Columbus, Ohio. Today, I’m going to break down the difference between buying a new home and buying something that’s already existing. This is a question I get all the time from people who are moving and relocating to town or even buying here in Columbus. There’s so much value in buying something that’s already existing that sometimes people don’t realize it.

I’m actually at one of my listings up in Powell in a neighborhood called The Retreat. Sometimes I think it’s better to show you rather than tell you, so let me give you a tour of this property. Full transparency: this house was listed for about $975,000, and we’re under contract with closing next week. I’m going to show you exactly what you can get and what the differences are between buying something existing versus buying something new.

Exterior Features and Value

Let’s start with the exterior of the house. The first thing I’m going to mention is the driveway. You’re probably thinking, “Mark, I really don’t care about a driveway,” but here’s the thing: if you buy something new, even at this price point, you’re probably going to get an asphalt driveway. This driveway is all concrete, which is just a better product and will last much longer.

The second thing you’ll notice is the exterior of the property. It’s brick in the front and brick all the way around the sides. Even at this price point, with new construction, you’d be looking at maybe a brick or stone front and then siding around the edges. It’s very uncommon for any builder to put brick all the way around the property.

The Lot: A Major Value Point

One of the most important features is the lot itself. We’re in The Retreat, and one of my favorite things about this neighborhood is just the size of the lots. This is a full acre lot – square and flat. With new construction today, you’d be lucky to get a third of an acre at this price point. Acre lots in Powell, Ohio, or Olentangy schools are extremely expensive if you can even find them. You could literally burn down this house and sell the lot for $200,000 to $300,000 – that’s just how expensive land has become here in central Ohio.

I often get questions from people moving here about buying a nice acre lot and building a brand new house on it. While not impossible, when you’re talking about buying acreage in central Ohio, you’re really talking about buying almost a farm lot. When you get into neighborhoods or closer to the downtown area of Columbus, it’s very hard to find land since the city has been built from the outside in.

Unique Features

The property features a five-car garage – the homeowner built this after the fact, as it originally just had three cars. To build a garage like this in today’s market would probably cost $70,000 to $80,000, and remember, it’s brick all the way around.

Mature Landscaping

Walking up to the front door, you can probably tell by the shrubbery and bushes that there’s just that mature feeling. When you build a brand new home, you’re not going to have this mature feel. All of this landscaping is an extra cost outside of the home’s construction cost, and it takes years to grow and develop.

Quality Materials

One of the last exterior features I’ll point out is the real limestone foyer entrance. In today’s construction, there’s a product called EIFS (dryvit), which is a synthetic material they put on the exterior of houses. It cracks, it leaks, it’s problematic. It’s very difficult to find this type of real limestone on any price point until you get up into the multi-millions.

Interior Value

Inside the house, let’s talk about cost per square foot. With older homes, it’s a bit hard to quantify because you’ve got things that have been completely updated and things that haven’t been touched since they were built. This home, built in the late 80s, has had fantastic updates – new mechanicals, flooring, and more.

To build this house right now would cost about $275 to $300 per square foot at a minimum. With approximately 4,500 square feet above grade and another 700-800 square feet in the basement, you’re looking at $1.3-1.4 million easily just for construction.

Interior Features

The home features:

• Real hardwood floors (stained on-site oak floors) versus the engineered products common in new construction
• Formal living area with fireplace
• Separate dining room
• First-floor office
• Updated half bath
• Open floor plan kitchen and great room
• White cabinet kitchen with quartz countertops and high-end appliances
• Bridal staircase
• Large owner’s suite with bonus room/walk-in closet
• Completely renovated owner’s bathroom ($80,000 renovation)
• Finished lower level with fireplace and full bath

Final Thoughts

As you can tell, I think there’s a lot of value in existing homes compared to new construction. If you have any questions about buying a home in central Ohio or moving to Columbus, please reach out. I’m a full-time Remax agent and have been helping people move and relocate to Columbus Ohio for over 20 years. I’m actually a third-generation real estate agent, and my family owns our brokerage. You can call, text, or email – I’m pretty easy to find!