For many people, home buying is one of the biggest decisions they will make. Like any big decision, it is important to be prepared. Most likely, you will have already started a savings fund toward the purchase and may have started investing time into researching the market. It is also very important to know the laws around purchasing a home in your area. Ohio, like any other state, has unique home purchasing regulations that should be taken into account.
Once you are familiar with the regulations surrounding home ownership, it is a good idea to get an idea of the real estate market in your area. Get an idea of how different counties and cities in Ohio stack up against each other. There are a lot of factors that affect real estate prices, and in the end, it is up to you to be sure that your budget fist into the Ohio real estate market.
Getting a real sense of the market you are shopping in will help you set financial goals for buying a home. Keep in mind that when you are selling a property, you will be responsible for commission fees. In Ohio, this could look like a fee of up to 6% of your profit from the sale. If you sell the home on your own with a site like beycome, you would have the opportunity to keep that commission in your own pocket.
As you already know, there are a lot of financials to consider when selling and buying a home. Being free from commission fees could allow you for more room in areas you have already been saving for. Also, do be sure to give yourself proper time for for the selling and buying process. A tight a timeline will also ensure less margin for financial flexibility.
While it is everyone’s dream (mostly) to buy a home that will be carefree, and ready to move in, for most people it is important to factor in home repairs to their buying budget. Even new build houses can have issues arise, and having a little extra saved away will help alleviate any stress when problems arise. Also, if you have extra set aside, investing in some basic repairs and upgrade can go a long way in the resale of a home or property.
Deciding to buy a home is an exciting step! Ohio is a beautiful state, with opportunities that range from urban living to more pastoral dreams. Finding the right area to buy is only a matter of time and research. Once you know where in Ohio you are looking to find a property, look into which mortgages are available are properties of interest, and most importantly, which mortgages you qualify for.
203k Rehab Loan
Once you get a sense for what mortgages are available in the part of Ohio you are buying in, it is a great step to get preapproved for a loan. This process will look into your income, equity, and credit score to determine the price range of home you are able to purchase. Know that once you are pre-approved, it is important not to establish any new lines of credit (i.e. Don’t buy a new car while you are in escrow!) until you close on your new property.
When getting approved for a loan, there are many variables that will be considered. Things like credit score, equity, and employment all play major roles in how much you can be pre-approved for. It will also be important to research different loan options and discuss with your lender what type of fees and regulations come with each type of loan.
Lenders are going to need a handful of paperwork and documentation to process your loan application. Be prepared to disclose the following information:
Social Security Numbers
Addresses for Involved Properties
Proof of Homeowners Insurance
While many people work with both a lender and an agent in this process, it is possible to bypass agents and work directly with a lender through a site like beycome.
This is a big investment! Find the home you really want and that best works with your need by checking out as many available listings and home types as possible. Keep in mind the non-negotiables for you, whether it be a yard for your pet, an open concept living area, or the main floor master for accessibility. Ohio has a diverse range of home options, and narrowing down your preferences will make the process more simplified, and the results more appealing.
Along with general interests and needs, it is vital that the home is structurally sound, and contain the “good bones” of any functional living space. Here are some areas to keep in mind while looking for your perfect home:
Closets and other Storage Spaces
Number of Rooms
Numbers of Floors
Garages or Parking
Numbers of Porches or Decks
Of course, getting a tour of the inside of a home is exciting, and will speak to your day to day experience in home ownership. It is important, however, to consider the home as a whole, and a part of that is looking at the outside. If you are buying in a more metropolitan part of Ohio, be sure to consider road noise, area hospitals or fire stations (for convenience and sound impact) and schools in your purchase. You might also keep in mind the type of development and consider if the density of housing is something you are keen to (do you want neighbors to get to know, or maybe a more rural area that gives you privacy?).
Start with what you are interested in. Make a list of your most wanted features, then a list of things that you would like, but be willing to compromise on. While we all want our dream home, it is not always possible to find everything that you want right away. Once you have an idea of you needs and wants, start looking in the area of Ohio you would like to be in to see what fits your list. You can look on websites, look for sale since, or pop into open houses to get a feel for what is available right now in Ohio, and see if that gem you are ready to buy is out there.
It cannot be overstated that when purchasing in a home, it pays to be prepared! Consider these questions before you jump in:
How do the price comparisons look?
How long have the homes in question been listed for sale by their owner?
Is there a deadline?
How much time do you have to make a decision?
Why are the owners selling the home?
Has it recently been refurbished, redecorated or renovated?
Are there any association fees?
What are the current utilities like?
Do not be afraid to ask questions.
Once you know what type of home you are interested, it is important to look at properties in person. Looking at pictures will give you a sense of some of those things you are looking for (two car garage, master suite, etc.), but seeing in a home in person can be a game changer. Get in touch with sellers to arrange a tour, or stop by an open house to be sure you know what you are getting in to.
There can be a lot to take in when you see a home in person for the first time, especially if you are looking at a lot of homes. Bring a notebook and a camera to record the homes you see and keep track of the things you love and don’t love. Think of this as an investigative experience, checking out things like outlets, visible plumbing, lighting, and windows.
So you have found your perfect Ohio home! Congratulations! Now that you know what you want, and have found something that fits the mold, there are some things to keep in mind. Weigh the price against similar homes in the regional market. Be sure that what you are getting is a good value. Also, get to know contingencies and how that can support your home buying process. Here are some basics to know and consider:
Home inspection Contingency
Home Appraisal Contingency
High-demand and high-value markets are going to require different approaches to buying home. First, you do what to be sure that you are offering a competitive offer for the property you are interested in. It might also help to seal your spot in buying the home if you are able and willing to shorten any contingency periods during the sale.
Especially in a market like Ohio, showing yourself as a real person who is interested in the home can be a great tool as well. Get all of your ducks in a row, so to speak, and provide the seller and their agent with the reasons that you are a great option for the deal. The more you have to put down, and the more you have toward an earnest money deposit, the higher you are likely to rank as a good offer. If you make a close offer to other parties, you may find yourself in a bidding war. It is best to offer your very best offer and the quickest sale options to be appealing to sellers. Make it easier for them to go into the deal, and certainly easy to trust you as well. Sellers want to know that the deal will go through and that the buyer is not going to drop out of the deal suddenly for unexpected reasons.
After getting your property under contract, there will be a period of time before the closing happens, where both parties are able to process disclosures and finalize contract details. This process will usually take 30-45 days. Closing costs will be present in terms of the lender and third-party fees, and should not exceed 2-5%.
Steps that you will want to be sure are followed correctly include the processing of earnest money, ordering the title, inspection, insurance, and a final walk through. Any Ohio or local disclosures should also be followed through with. Work with the seller to be sure all elements are completed. Once completed, a title agency will work with you to complete signing paperwork and finalize closing cost payment. At closing, all final details will be accounted for, at the end of which you will be an Ohio homeowner! Congratulations!
From city life to lakeside living, Ohio has something for everyone. The state has plenty to offer if you know where to look so check out our guide to the best locations around.
Go on a Safari! You read that correctly. African Safari Wildlife Park is in Port Clinton and offers both walk-through and drive-through safaris. Do you know what a Bongo or a Kudu are? You might just have to go to find out (hint: they are animals).
Go for a wild ride. Cedar Point Amusement Park and Resort are a must do for roller coaster enthusiasts. From kid-sized rides to coasters that hit 120 mph, this park is sure to give you the adrenaline boost you are looking for.
Take a break. Looking for something a little more relaxing? The Inn and Spa at Cedar Falls is a beautiful place to get away from it all. Offering cabins, yurts, cottages, and guest rooms, you are sure to find a serene escape made just for you.
Cheer on the team! More of a sports fan? Head over to the Cincinnati Reds Hall of Fame and museum. You can even get a tour of the ballpark!
Ride the rails. Take a train ride through beautiful Cuyahoga Valley National Park. If you come around the holidays, be sure to check out their themed rides, or try one of the wine tasting or dinner excursions year round.
Ride the waves. If you're looking for a water bound excursion, the Nautica Queen in Cleveland is a great option. This luxury liner will take you out to see Lake Erie up close, and offers dinner and sightseeing cruise options.
Head back in time. Visit Zoar village to learn about the German Society of Separatists who settled the village in 1817, and lived there until 1898. In buildings that are part of the museum, volunteers dress up in time period clothing to give tours of the village. Want to get some spook in your trip? Take one the ghost tours while you are there!
Hit up a brewery. There are plenty of places to drink beer in Ohio. Grab a seat at a bar, and chat with a local. You’ll be sure to meet a friend in this low-key, but super cool craft beer scene.
See some of the greats. The Cleveland Museum of Art has a wonderful collection, and great exhibits coming through all the time. Want to see a Warhol in person? They’ve got it. Picasso? He’s there, too.
Sip some wine. Did you know that Ohio has a beautiful wine region? Go see it for yourself! Enjoy some wine in the beautiful countryside.
Ohio State University: Not only is Ohio State University the largest in the state, but it is also the third largest university in the country. Originally an agricultural school, Ohio State now has top-ranked programs in the country, including the Fisher School of Business.
Ohio University: This historic university opened its doors to students in 1809. Not only that, but it was the first to be chartered by Congress in 1787. These days the school has a competitive admissions process, a robust athletics program, and a strong research focus.
University of Cincinnati: Another historic university, this school has been open since 1819. As a modern school, it is making efforts to become known as a green campus, promoting sustainability among students and staff.
Kent State University: One of the largest universities in Ohio, Kent State offers over 300-degree programs to its students. Kent State University has eight campuses across Ohio.
Bowling Green State University: Located in northeast Bowling Green, this university’s camps is over 1,300 acres, and offers over 200 academic programs. It also has a strong athletic presence and is known for its abundant student life activities.
University of Toledo: Founded in 1872, the University of Toledo is known for many of its academic programs, included its Health Science campus, which operates the University of Toledo Medical Center. With a variety of athletic programs, football is where it is at, especially when playing their rivals at Bowling Green University.
University of Akron: The University of Akron offers over 300 academic programs, and is known for its focus on STEM education. The city of Akron is known for being headquarters to many, polymer factories, which the school partners within research and education.
Oberlin College: Another school ripe with history, Oberlin college is the second oldest continuously operated school of higher education in the world that allowed both men and women to enroll. It is also notable in being one of the first schools to admit African American students. As a liberal arts college, the school is known for its variety of degrees, including the Conservatory of Music.
Columbus College of Art and Design: With its beginnings as an idea between four women in 1878, CCAD is a well-established art school with a strong list of successful alumni.
University of Dayton: The University of Dayton is a Roman Catholic school with a robust research facility. It is known for its engineering department, which has made many wide-reaching discoveries across material engineering.
Brothers Drake Meadery: Support Ohio made beer and spirits by visiting Brothers Drake in Columbus. You will find great drinks and lots of live music at this popular hang out.
The Candle Lab: Get dancing - with some guidance - at the Candle Lab ’s salsa nights, also in Columbus.
The Century: Check out popular The Century in Dayton for craft Bourbon and fien cocktails.
Big Bang Dueling Piano Bar: If you have never been to a dueling piano bar, you are missing out. Check out the lively show at their Columbus or Cleveland location.
FWD: Located in Cleveland, this “day and night” club is always happening, with dancing by the pool, or DJ’s mixing inside.
Crafted Cocktail Co.: If you are in Wadworth, be sure to check out Crafted Cocktail Co. From the classics to seasonal drinks, people seem to love these local drink creations.
House of Blues: House of Blues is a well known and established venue chain. Its location in Cleveland offers up the expected big names with a super cool vibe.
Taft’s Ale House: If you like unique venues, this Cincinnati church-turned-bar is for you.
Pins Mechanical Company: Want to have some activity with your drinking? Choose one of their bars in Columbus, Dublin or Cincinnati to have some drinks and play some arcade games.
BLUE Jazz +: Have some food and drink while you listen to music at this cool Akron bar.
When taking on the sale of your own home, another factor to consider is how you are going to reach people who are interested in purchasing your home. Along with costs like inspections, repairs and closing cost, consider if you have a budget for advertising. Selling your home in Ohio can bring about a high reward, but it can also come with high costs if you are not careful. Take advantage of the resources available to you to make sure that you are doing everything you can to make the most from your sale.
Before you put your home on the market, take a look around and make a list of any issues that need to be resolved before you put it up for sale. Prioritize items that won’t cost you tons, but will make a large impact. Anything that will automatically diminish the value of the home should be prioritized as well, such as plumbing problems or broken appliances.
Keep in mind issues that people in Ohio will be most concerned about, like being sure the heating system is up to date and working. Look around at other similar homes on the market, and be sure that yours is in the same ballpark as others you would like it compared against. Here are some questions to keep in mind:
What were other homes sold in your area like?
Is your home in a better or worse state than they were during the sale?
How many repairs can you handle yourself?
Is the damage severe enough to require professional help?
Pricing your home is one of the biggest decisions you will make in the sale. Having your home over or underpriced can lead to issues down the road, from not making as much as you should have, to not being able to sell the home at all. Look around your city, and similar areas in Ohio to get a feel for what the market is like at the time of listing your home. Get an idea of how much other Ohio residents are selling their homes for, looking at averages from the previous sales quarter. Get a sense of average home prices, then compare again your own home for things like repairs needed, or remodels completed.
Along with looking online and checking sales reports, you might also want to go look at home in person. Check out a few open houses that look like they might be in a similar range to your home, and get a feel for what puts those home in their price brackets. Keep a list of home you are comparing to, and any value you have in your home, then decide on a fair asking price. If you see homes that are where you want to price your house, but yours is not up to par, make a note of what would help you get to that price bracket. New windows, roof, and flooring can all add quick value to a house if any are in need of repair.
Now that you have your price set and any needed repairs made, focus on making a plan for how you will reach potential buyers. There are a lot of resources for reaching people in Ohio and elsewhere online. beycome offers several services to help your real estate marketing campaign.
Listing on your Local MLS
Listing on top real estate sites
Full listing on beycome
Virtual Tour & YouTube© Video
Printable promotional items
Full legal offers online
Home Visit Manager
Open House Scheduler
Once you have gotten the word out online, consider more local advertising to Ohio residents. Newspapers classified, fliers and yard signs are all options for reaching people in your nearby market. Make sure that your advertising stands out from the crowd. Consider hiring a local designer or photographer to help make your advertisements look as good as the home you are selling.
When marketing your home, remember to market the area around it as well. Don’t forget to mention local parks, shopping centers, or entertainment venues that would attract people to your area. Another common interest in looking in the area is which schools are close by.
With a strong housing market in Ohio right now, there is likely to be a good amount of interest in your home. Selling your home does not have to be costly or complicated, and there are tons of resources out there to help. Working with beycome means eliminating the heavy expenses that come with hiring a real estate agent, and allows you to sell your home in the way that you feel best.
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