Did you know that Cleveland offers some of the most beautiful and affordable houses in Ohio?
Sure, it does get chilly during the monsoon and winters, but that bit of trouble isn’t something you’d mind, given the access to fresh air, national parks, and beaches you get.
While buying a ready-to-move house in Cleveland sounds like a nice idea, there is nothing more irresistible than buying a fixer-upper. It does need some extra love but gives you a chance to modify the house the way you want without spending a lot of money.
The Top Five Reasons You’ll Want to Buy a Fixer-Upper in Cleveland
Here are five reasons why buying a fixer-upper in Cleveland is the right idea.
Probably the biggest and easiest reason to buy a fixer-upper.Chagrin Falls is Cleveland’s dream neighborhood. The median house prices start at around $300,000 and is a lovely place to settle down to start a family. It isn’t always possible for a young couple to purchase such an expensive house. You can instead buy a fixer-upper that costs around $200,000 along with some extra space around and transforms it into your dream house.
Cleveland has some lovely neighborhoods like Lake Road, Tremont, and Shaker Heights where you can purchase a fixer-upper. Also, getting a loan on a fixer-upper is easier since you only need a credit score of 620 if you are taking the FHA’s 203(k) loan. You need to pay a down payment of five percent of the total cost and an interest rate of 3.5 percent.
2. Customize The Home According To What YOU Wnat
Everyone starts designing their dream house since they are young. You visit a ready to move in property, and you love everything about it except the kitchen. You aren’t left with any choice but purchase the house half-heartedly. You don’t have to worry about all these things when it comes to a fixer-upper. All you have to check is the location, area you are getting, and the neighborhood.
You can do whatever you want including change the tiling, wallpaper, extend the rooms, and change the cabinets, add a mudroom, or change its complete style. Purchase the furniture and electronics on EMI and pay them off over the year.
3. Build Equity In Your Home
Renovating a house is a great way to build the house’s value. When selling it and move into a bigger house, you are going to get a lot more money than someone who bought a well-made house. That’s what house flippers do. They buy a fixer-upper and renovate it only to sell it at a higher price. Find property in the most popular neighborhoods of Cleveland. If you are good at it, you can start your very own business.
4. Do The Renovations On Your Own Time
Before you move in, renovate the living room, the kitchen, and a couple of bedrooms. Settle in and start renovating other parts of the house like the office, loft, home theater, basement, and front yard and backyard over the next few months.
Schedule the renovations and new purchases after you save a fixed amount of money. That way you aren’t burdened to pay the loan and other expenses and enjoy the whole process. You can wait for the winters to start renovation because the furniture, electronics, and raw materials are available at a discounted price. Since the work is slow, construction and renovation companies offer a discount on their services, so you are at an advantage.
5. Your Home, Your Choices
When you buy a fixer-upper, you have the chance to change the house according to your tastes and preferences. On the other hand, when you buy a renovated house, which was owned by someone else previously, you aren’t truly living your choices. It is like building your own house but without going through nine to ten months of the lengthy construction process. Your friends and family who bought ready to move into houses are going to be envious of your cool new property.
6. Additional Savings – Taxes!
You have to pay property tax depending on the house’s selling price. Fixer upper homes are cheaper. So, the biannual tax you have to pay is going to cost less too. You can also claim the investment tax credit and be eligible for the rehabilitation costs. However, the house needs to fall under the National Register of Historic Places list. Which choice do you want to go with? It does involve extra work, and there are going to be surprises, but that’s where it gets exciting. It is a great stress reliever because you get to do a lot of breaking and cutting. We love the idea of buying an affordable fixer-upper and starting a fun project.