FEATURE: BUYING THE RIGHT HOUSE IN CLEVELAND

 FEATURE: BUYING THE RIGHT HOUSE IN CLEVELAND

Feature: Buying the Right House in Cleveland

Buying a Home in Cleveland

How to buy a house in Cleveland? What are the requirements for a successful purchase in Cleveland? Investir.us analyzes for you the elements to consider before purchasing a house in Cleveland. This was made possible thanks to Julien Raynard, CEO of investir.us, who is a real estate agent in Cleveland. You will discover the essential information to know about the process of buying and renovating a house in Cleveland.

REAL ESTATE CONSULTATION WITH JULIEN RAYNARD

Why buy a house in Cleveland, USA?

Cleveland, in the United States, is a very attractive city for real estate investment. This city is located in the north, bordering Lake Erie, on the border with Canada. The city has experienced significant growth in recent years. As a result, real estate prices are rising quite rapidly. The advantage is that some neighborhoods of the city have not yet reached excessively high prices. At the same time, rents allow for very attractive returns. Thus, with a house in Cleveland, a return of more than 10% is easily achievable.

Cleveland is a city undergoing a major redevelopment after experiencing real difficulties due to the 2008 crisis. Today, it is attractive and its demographic curve is stable. The economy is revitalized with major players. This city is notably known worldwide for its healthcare sector. One clinic (Cleveland Clinic) has been ranked for many years as the second best hospital in the world. It is also the city's largest employer. This economic dynamism, also supported by government investment, suggests bright days ahead. Given the evolution of house prices, we can legitimately envisage very good capital gains.

Read also: Investing in real estate in Cleveland

House for Sale in Cleveland and the Importance of Location

In any real estate purchase, the location of the house will be paramount. In Cleveland, this rule applies more than ever. Indeed, and this is the whole point of having support, you will need to find the right location. A local partner will help you identify good opportunities for a house in Cleveland. Choosing the right location in Cleveland will have several benefits. First, you will need to know the market prices to be able to identify where the opportunities are. Indeed, some neighborhoods have already experienced a price explosion. Therefore, the investment will be pointless, and the profitability will not be attractive.

Read also: The neighborhoods of Cleveland in the USA

Getting help buying a house in Cleveland

When it comes to real estate abroad, the difficulties increase compared to investing in your own country. Several obstacles may arise for the investor. When buying a house in Cleveland, several elements must be taken into account. The first, and not the least, is distance. By definition, you are far from your investment. Although it is possible to travel to get there, the flexibility is not the same. It is therefore essential to have a local contact who responds promptly. The second is the cultural difference that may exist: Cleveland is a profoundly American city. Your potential local service providers may operate differently. That is to say, a French-speaking investor may feel somewhat lost with the American way of doing things. There is also the language barrier, which can be a problem for some. A simple but concrete example is the property insurance system in the United States, which is very different from that in France. The system operates solely through brokers. Without a thorough understanding of the market players, mistakes can quickly occur, ultimately resulting in significant losses.

BE CONTACTED WITH JULIEN RAYNARD, CLEVELAND EXPERT

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Renovating a property: technical knowledge

In many situations, it will be appropriate to carry out renovations on houses in Cleveland. There are two important reasons. First, the goal will be to offer a house with higher standards than other houses in Cleveland. This way, the house will have real advantages over others. With this competitive advantage, it allows you to be more demanding, particularly in the selection of tenants. Rental demand will automatically be higher, so you will have to take advantage of this by choosing the right tenant. The other reason for renovations is the long-term vision you must have for a house in Cleveland. Indeed, by carrying out renovations, you will start on an excellent basis. The house will therefore be in good condition from the start, and in the long run, you will save many expenses. Whether it be maintenance, repairs, or, as we mentioned, avoiding tenant dissatisfaction.

Renovating a house in Cleveland is part of a real estate investment strategy. Of course, these renovations shouldn't be approached like renovations to your primary residence. Indeed, two key words must guide the renovation strategy: speed and quality. First, it's important to be fast, since the renovation time means less time to collect rent, since you won't be able to place a tenant. The second key word is efficiency. It's related to speed, but the goal is to work quickly and efficiently. The team in charge of the renovation must therefore be specialized in this type of renovation. Here again, support from a partner seems inevitable.

Read also: Investing in real estate in Cleveland

The importance of building work: structure and choice of materials

How should you approach renovating your home in Cleveland? What are the key points to consider? First of all, there are certain specific features to consider in Cleveland. You probably already know that Cleveland is located in the north. Therefore, temperatures can be extreme, especially in winter. Weather conditions, such as cold and snow, should be known before starting work. Therefore, you should consider investing in quality materials. The initial investment may be higher for the renovation. However, in the long run, this means fewer repair and maintenance expenses.

It may also be worth investing in better insulation for your home. This could involve, for example, installing double-glazed windows throughout the house. The investment can be significant, but it has many advantages. First, it's a real asset in the eyes of the tenant and sets you apart from other landlords. Since double glazing isn't yet widespread in Cleveland, your tenant will benefit from a certain modernity and see their energy consumption significantly reduced. This has two benefits: a more satisfied tenant, which will encourage them to stay longer. It's also an important lever for offering a high rent. While remaining within market ranges, of course.

Our teams in Cleveland have renovated several hundred properties over the past few years. We're therefore well-versed in the field. We've implemented a procedure that allows us to quickly and efficiently determine the strengths and weaknesses of a home. During our initial visit, we leave with a fairly clear vision of the renovations that will need to be carried out.

In all our renovations, we prioritize the structural aspects of the home. Indeed, elements like the roof and heating are very important for the future tenant's safety. We also carry out low-cost renovations for investors while maintaining quality. We have standardized repairs with a choice of materials and paints.

Julien Raynard , Investir.us

REAL ESTATE CONSULTATION WITH JULIEN RAYNARD

Home Improvements Before Buying a House in Cleveland

Of course, each renovation is different depending on the property. Also, depending on the time of year, renovations may be suspended. Extreme weather can sometimes prevent work from continuing, at least when it comes to exterior work. Sometimes, it's better to wait and avoid ruining the work already done. This is particularly true during painting or roofing work. In such a context, working with an experienced partner makes perfect sense. They will have experience in properly managing renovations for a house in Cleveland.

REAL ESTATE CONSULTATION FOR CLEVELAND

Read also: Investing in real estate in Cleveland

Of course, it's a real estate investment, and you have to be efficient. But it's still important to pay attention to aesthetics. The goal is to offer a home with the highest quality appearance possible. Therefore, a neat appearance, paying attention to every detail, both inside and out, is essential. Beautification of gardens, choice of colors, consistency of materials, ergonomics—the goal is to make the home pleasant from the first glance. This upstream work creates an additional competitive advantage over other properties. It ensures strong rental demand and, consequently, a more demanding selection of tenants. It also irremediably reduces the property's rental vacancy potential and will stabilize profitability over the long term.

CONTACT JULIEN RAYNARD, CLEVELAND EXPERT