Ohio Real Estate
Ohio is a unique state where large cities like Cleveland and Cincinnati sit next to rural farms. Cities such as Cleveland and Cincinnati spawned industrial might to such a degree that Cleveland is still the home of the most millionaires per person in the United States. Ohio has maintained a strong rural farming influence, which can be seen just be driving out of the cities. Throw in a bevy of lakes, and you have a surprisingly wonderful place to live.
Columbus, the largest city in Ohio State, is home to bustling professionals and students aplenty, with large insurance and education sectors in the City. Famed for its distinctive metal 'arches' across High Street, Columbus is not only a busy economic hub, but also an emerging tourist attraction. Additionally, the fact that the average house price sits reasonably in comparison to national figures makes it the perfect investment opportunity for the long-term prospect. With minimal investment, any developer can turn a homestead into a sought after dream residence, in this beautiful city with so much potential.
Ohio Real Estate
Ohio real estate prices are very reasonable regardless of where you go. A single family home in Columbus, Cleveland or Cincinnati will set you back between $220,000 and $250,000. Head out of these cities and you can expect to pay much less.
Despite all the positive aspects of Ohio, appreciation rates are not the best. For 2005, appreciation rates were a little less than five percent.
Columbus
Columbus is the state capital of Ohio and home to the massive Ohio State University. Sitting on the bank of the Scioto River, the city is centrally located and reflects the farmland surrounding it with a relaxed atmosphere. Named after Christopher Columbus, the city is designed well with large green areas, a thoughtful layout and statutes galore. With a huge university, the city has a definite college town feel with accompanying coffee shops, art galleries and a festive nightlife. If college football is your passion, this is the place to be in the fall.
Cleveland
Cleveland is a city going through a major renaissance. Once branded with a rather nasty reputation, the city is now a gem in Ohio. Major money has been put into redevelopment and the city is now a hot spot for nightlife and cultural activities such as the rock n' roll Hall of Fame. Once known as the 'mistake on the lake', Cleveland is now the gem of cities on Lake Erie. If you're looking for a ground floor opportunity, Cleveland may just be the city for you.
Cincinnati
Sitting on the Ohio River, Cincinnati is a sit with a mix of influences. You'll find a definite European influence mixed with a southern feel and energized economy. This odd mix gives rise to an eccentric streak in a city which elected Jerry Springer as the Mayor. Yes, the Jerry Springer on television. Still, the city is a typical hard working town in Ohio with a surprising number of attractions such as the redeveloped river front area. The city also has a strong tradition of professional sports with the baseball Reds and the revitalized football Bengals.
Real Estate Investing In Ohio
Investing in real estate is something which can be done as a consortium, a company, or a personal venture. In Ohio, you are most likely to require a mortgage over the property before you buy, to ensure you have enough liquid capital to complete the transaction. Of course, this is where the element of risk lies, given that the mortgage must be paid back as required, even if you don't have a paying tenant in place. Additionally, you can add to this the cost of renovating or decorating the property, and attracting prospective tenants or buyers also comes at a cost. Ultimately, it's with experience that you become more successful at real estate development, which is one reason it may be better to seek a consortium of investors.
Additionally, numerous investors can help foot the deposit on the mortgage, which can often be required to up to 30% of the total value of the property. Add to that the fact that you can also share any loses, and share responsibility for payment of the mortgage with your compatriots, and you have a fairly stable and safe environment for investing in real estate. Alternatively, you might like to consider incorporation for the event, although this isn't likely to greatly affect your liability on any mortgage. In fact, as a result of limited liability, mortgage lenders often require personal guarantees from the company's promoters to minimise their risk. If you are seriously considering investing in real estate, it may be wise to seek legal advice on the issue beforehand, to help you come to terms with Ohio law, and any intricacies involved with buying real estate in Columbus.
Real estate is seen as the pinnacle of investment; the appreciating asset which can also generate revenue. Although this can be a risky and tough business, Columbus Ohio is full of opportunities, waiting for exploitation from the budding property investor.