By KC Petraitis
We’ve all watched in awe as individuals on TV turn dilapidated properties into dream homes – and make a small fortune doing it. If you’ve ever thought to yourself, “I could do that!” the Cuyahoga Land Bank may have the perfect fixer-upper house.
When buying a fixer-upper house, the purchase price is one of the most important things to consider. If a buyer overpays for a fixer-upper house, they may be left with an inadequate budget to renovate the home properly. It’s important to identify the right property at the right price when tackling a fixer-upper renovation project.
The Cuyahoga Land Bank acquires foreclosed on or abandoned homes and determines whether or not a property is worth renovating or if it should be slated for demolition. If the “bones” of a house are good – quality construction, solid infrastructure, good floor plan – the home is then either processed to be sold directly to a person who will fix it up or the Land Bank will renovate the property and then sell to a buyer to restore the home to productive use.
If slated for sale, the Cuyahoga Land Bank makes these properties available for owner-occupants or qualified investors through its Deed-in-Escrow Program. Because the Cuyahoga Land Bank acquires properties at reduced costs, we can offer surprisingly affordable pricing for home buyers on the condition that the home is renovated according to specific housing quality standards.
Homes are available for purchase and renovation starting as low at $4,000 in some cases. If you’re considering renovating a property to live in, we have homes that need minor renovation and are offered exclusively to owner-occupant buyers for the first 30 days through our Buyer Advantage Program.
So if you think those folks over at HGTV have nothing on you, the Cuyahoga Land Bank might just have the fixer-upper property to show off your renovation skills. Check out the many homes available for renovation.
KC Petraitis is the Real Estate Officer with the Cuyahoga Land Bank.