Buying a Home to Renovate Can be Risky

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Buying a Home to Renovate Can be Risky

Our innovative home renovation programs come with a realistic renovation plan.

Buying an older property and renovating it into your dream home or a moneymaker is appealing to many people. We’ve all seen the popular home renovation shows and recognize any “fixer-upper” comes with potential costly hidden risks, and it’s important to know what you’re getting yourself into. Buying a house in need of renovation from the Cuyahoga Land Bank can lessen that risk.

The Cuyahoga Land Bank sells properties needing renovation to qualified owner-occupants and professional rehabilitation contractors/investors. The Land Bank makes buying a fixer-upper an easy-to-follow process. More than 44 savvy home buyers have taken advantage of our innovative renovation programs since 2020 and a whopping 1,150 since 2009.

The Land Bank’s Deed-in-Escrow Program allows a qualified owner-occupant or investor to buy a home for a modest purchase price based on an agreement to make certain renovations to the property, typically within four months. Our staff first works collaboratively with the buyer to create a realistic written renovation plan (“the spec”) that meets a set of established Housing Quality Standards. Once a purchaser enters into an agreement with the Land Bank, the title/deed to the home is then held in escrow until the renovations are completed.

The Deed-in-Escrow Owner-Occupant Improvement Plus Program offers assistance exclusively to owner-occupant buyers in successfully renovating homes to live in. The Cuyahoga County Housing Program funds this program. For certain eligible properties, the Cuyahoga Land Bank will make substantial improvements to the house, including HVAC replacement, electrical re-wiring, plumbing, or exterior work such as roofing, siding or asphalt. Single-family homes may be eligible for up to $25,000 in assistance, and two-family homes may be eligible for up to $50,000.

Ready to consider a home renovation? Find important program eligibility details HERE and check out all available Land Bank properties HERE.