M/I Homes, one of the most active builders in the Chicago area, is introducing a new streamlined, value-based home buying process for buyers with the debut of its Smart Series homes at two communities in the southwest suburbs: Lakewood Springs, a community of 55 single-family homes in Plano where M/I Homes will kick off on-site sales with an April 12 model grand opening event; and Legacy Pointe in Joliet, where pre-sales are now underway for 155 single-family homes.
The Smart Series homes create a simplified buying experience by offering a selection of floor plans with available interior and exterior finishes bundled into pre-selected collections, as well as access to lending options and programs through M/I Financial, a subsidiary of M/I Homes.
“As we looked ahead to the new-construction landscape in coming years, we saw a real opportunity to take the best elements of M/I’s home designs, our traditional sales center experience, and the financing assistance we can offer through M/I Financial, and fold them into a new sales approach that will resonate with the first-time buyers and budget-driven homeowners we expect will make up a significant percentage of the Chicagoland market,” said Curt VanHyfte, area president of M/I Homes. “The result is an easy, menu-based sales model and a straightforward series of home designs that simplify the financial end of a home purchase, while also ensuring buyers can get the latest features and on-trend finishes they want in a new home. We’ve just started showcasing our Smart Series homes with prospective buyers at Lakewood Springs, and already the reception has been incredibly enthusiastic.”
At both Lakewood Springs and Legacy Pointe, the Smart Series experience starts with buyers selecting a home site and one of six available floor plans, which measure 1,457 to 2,306 square feet and have two to four bedrooms, 1½ to 2½ baths, attached two-car garages and basements with crawl spaces. These plans are base-priced from $189,990 to $213,990 at Lakewood Springs and $225,990 to $247,990 at Legacy Pointe.
“There’s a nice range of sizes and layouts with different benefits, so buyers can really pinpoint the plan that works best for them as their first decision in this process,” said Cheryl Bonk, vice president of sales and marketing for M/I Homes. “For example, we have a ranch plan for those who want the convenience of single-level living, while other designs have spaces such as a den, loft, flex room or formal dining room, per plan.”
Once the floor plan is selected, buyers have the choice of seven exterior color collections, which include a fully coordinated package of lap and accent siding, roof, brick, front door and shutters. Similarly, buyers then choose from nine interior color collections, for which the M/I Homes design team has selected manufacturers, materials and colors for flooring and carpet, kitchen cabinetry and kitchen and bathroom countertops. Interior collections are available in three tiers, one of which is included in the base-price of the home and two tiers that entail an affordable add-on cost.
“It’s really as easy as buyers looking at a menu and selecting from A, B or C,” said Bonk. “In fact, it’s so straightforward that buyers don’t even meet with a selections coordinator at our Smart Series communities. They simply go through and make their selections from our collections, find out their total, and then sit down with M/I Financial to figure out their lending options and monthly payment. They can shave hours off the traditional experience of buying a new-construction home.”
Bonk noted that while buyers can select some optional features, such a full basement, breakfast bay, kitchen island or appliance package, available upgrades and add-ons were intentionally kept to a minimum in order to keep the decision-making process efficient and value-focused.
“Much of the appeal of the Smart Series process is that it is so uncomplicated,” said Bonk. “There are many buyers out there, particularly first-time buyers or those who’ve never purchased new-construction before, who are overwhelmed or intimidated by the usual design center experience. They love the ease of this approach and the fact that a design pro has already handled the details that give a home a cohesive, polished look.”
The final step of a Smart Series home purchase is meeting with an M/I Financial representative to discuss financing option. Each buyer is assigned a loan advisor, who can introduce different Illinois Housing Development Authority (IHDA) loan programs that provide down payment and closing cost assistance for borrowers in Illinois, allowing eligible home buyers to get a 30-year, fixed-rate mortgage on a new M/I home with as little as a 1 percent down payment.
“Financing is often the last hurdle for budget-conscious buyers, so we wanted our Smart Series communities to not only provide buyers with information about the lending options that are out there, but also give them hands-on assistance navigating that all-important step of a new-home purchase,” said Bonk.
Prospective buyers will have the opportunity to tour M/I Homes’ first decorated Smart Series model during the April 12 model grand opening celebration at Lakewood Springs. The event, which is open to the public, will take place from 4:30 to 8 p.m. at the new model at 3908 Carey St. in Plano.
