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Buying Fixer-Upper Real Estate in Lima Ohio
- Real Estate Relocation
When you first start looking for homes in Lima Ohio you may find some “steals” on the Web. Homes that are advertised as handyman’s specials. It is very important to look at the neighborhood when looking at these houses. If the homes surrounding the house in question are well maintained and it is a nice neighborhood, then you should calculate what it will take to improve the home to a comparable standard. If the cost of the fixer-upper and the cost of the home improvements is still under the median cost of other houses in the neighborhood and you have the skills or the cash to do the repairs, then buying a fixer-upper might be a good investment. You can then make the house into your home!
However, beware of homes that are extremely cheap in neighborhoods that are in a decline. The home’s price may be not only a reflection of the condition of the house, but of the declining neighborhood. This is where a Lima Real Estate agent who is an expert in Relocation to Lima Ohio can help you evaluate whether the purchase will be a sensible investment for you. Click on the FREE “Relocation to Lima Ohio” real estate information package. One of our Lima Ohio Real Estate agents will contact you to help with your relocation to Lima Ohio.
Whatever you do, if you are considering buying a fixer-upper home, make sure you have it inspected by a qualified home inspector. Place a contingency clause in the contract subject to approval by you of improvement estimates. Repairs that you guess may take $10,000 may end up costing twice that! Make sure that before you close you have the necessary skills and assets to turn the house into a home within your budget! Click on the link above and our New Quest City Lima Real Estate agent can help you with your relocation to Lima Ohio by providing guidance and expert advice on every process of the purchase.
FINANCING A FIXER-UPPER. Some mortgage lenders will allow you to close on the home with a construction loan and then place permanent financing on the home as soon as the repairs are made. This gives you the freedom to put your cash down on the home to benefit from reducing or eliminating Private Mortgage Insurance without having to come up with additional cash to do the improvements. Your New Quest City Lima Ohio Relocation Realtor can help you find a local mortgage company that can help you with a construction loan.
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In the years after the American Revolution, the Shawnee were the most prominent residents of west central Ohio, growing in numbers and permanency after the 1794 Treaty of Greenville. By 1817, the United States had created the Hog Creek Reservation for the local Shawnee, covering portions of what would become Allen and Auglaize counties, and including part of present-day Lima. The creation of the Shawnee reservation freed other lands in the area for settlement, and in February 1820, the Ohio legislature formally established Allen County. In 1831 the Shawnee relinquished all their land in the area to the United States and relocated to Kansas, opening all of Allen County to American settlement. The Ohio legislature mandated that a county seat be established. “Lima” was the result. Its name originated with Judge Patrick G. Goode, who insisted on the Spanish pronunciation “Lee-mah” after the capital of Peru, but the local vernacular -- "Lye-mah" -- prevailed. -- Source: Wikipedia.com
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Census Data for Lima, Ohio
| Lima | Ohio | United States | |
| Population | 40,081 | 11,353,140 | 281,421,906 |
| Median age | 32.9 | 36.2 | 35.3 |
| Median age for Male | 31.3 | 34.9 | 34 |
| Median age for Female | 34.7 | 37.5 | 36.5 |
| Households | 15,410 | 4,445,773 | 105,480,101 |
| Household population | 37,340 | 11,054,019 | 273,643,273 |
| Average household size | 2.42 | 2.49 | 2.59 |
| Families | 9,567 | 2,993,023 | 71,787,347 |
| Average family size | 3.06 | 3.04 | 3.14 |
| Housing units | 17,631 | 4,783,051 | 115,904,641 |
| Occupied units | 15,410 | 4,445,773 | 105,480,101 |
| Vacant units | 2,221 | 337,278 | 10,424,540 |
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