The question many Cleveland home buyers face when deciding to buy is whether to buy a new build, existing home, or fixer upper? Last week, we listed a few benefits associated with purchasing a new construction home. With Cleveland's rich architectural history and burgeoning communities, there are a number of benefits that come with purchasing an existing home that needs some attention. In this blog post, we look at the benefits of purchasing a fixer upper home.

Likely to have a lower purchase price. Especially in trendy neighborhoods where already updated homes are out of a home buyer's price range, fixer upper homes offer the opportunity to buy in the desired neighborhood without breaking the bank. In Cleveland, the Gordon Square Arts District is a blooming community with beautifully updated homes and price tags to match. However, the fixer upper homes offer an opportunity for some home buyers to live in their dream neighborhood at a cost that may fit their budget.  

Likely to have less competition. Because not everyone is cut out for a fixer upper or uninterested in tackling project after project, there is likely to be less competition for home buyers looking to buy an existing home that needs attention. With that being said, the Cleveland market is hot and home buyers should still move quickly on a home that fits their criteria and must-haves.

Yes, customization! In contrast to new construction homes, existing homes also offer the benefit of customization. A fixer upper is essentially a DIY-er's dream; an opportunity to take a home and completely customize it through one DIY project at a time. In comparison to a new construction home, a fixer upper already has the existing structure and isn't started from scratch. Many of these homes have the potential to create a one-of-a-kind residence that combines contemporary with the original architectural features.  

Home value builds quickly with improvements. When purchasing and renovating an existing home, every project and improvement is a potential benefit to the home's value. In Cleveland's up-and-coming neighborhoods, property values are jumping quickly and additional improvements can help add to a home's value. A home buyer has the potential to purchase a home at a more affordable cost, add value through improvements, and end up with home worth  as much as similar homes in that neighborhood that were purchased for much more.

Renovation Loans/Incentive Programs. Some neighborhoods offer incentive programs to encourage those working in the neighborhood to also take up residence. For example, Greater Circle Living is an incentive program that offers a forgivable loan to eligible University Circle employees to use as a down payment or toward closing costs. To learn more, click here. Other programs include the Cleveland Restoration Society which offers technical assistance to help provide homeowners the help they need to repair, rehab, and maintain their home as well as low-interest loan options for homeowners that are rehabbing their older home. To learn more, click here. 

Architectural character! Cleveland is filled with historic neighborhoods complete with century homes boasting crown molding, hardwood floors, unique door knobs, ornate fireplaces, and so much more. With a little maintenance, many of these homes have unique details that can be blended with more modern features to create contemporary living spaces of old and new.  

Now that we have listed the benefits of both purchasing a new construction home versus purchasing a fixer upper, what sparks your interest? Are you leaning toward purchasing a century home in Cleveland's Waterloo Arts District or is a new construction home in Ohio City more your speed? For help finding your dream home, contact one of our expert Real Estate agents today!