Wooden little family toys close up. House purchase, sale, rent concept

Buy a Home Without Breaking the Bank in Ohio

Aside from being a big fan of the Buckeyes football team, there are plenty of reasons to move to Ohio.

With the average price of a home in Ohio rising to nearly $274,000 as of July 2022, it is becoming very difficult to purchase a home without breaking the bank. Fortunately, there are some tips and tricks to help you get the best deal possible when buying a home in Ohio.  

In this blog post, we will break down how to buy a home in Ohio without breaking the bank.

What you should know before buying a home in Ohio


Before you start looking for a house in Ohio, there are a couple of things that you should look into. Here are some things to keep in mind when buying a home in Ohio –

  1. Property taxes in Ohio vary greatly depending on the county and the location of the home. 
  2. You will need to pay for an inspection and appraisal when purchasing a home.
  3. It is important to consider both current and future costs associated with home ownership, such as homeowners insurance, repairs, and utilities. 
  4. You will also need to factor in closing costs when budgeting for your home purchase. 
  5. You should also be aware that certain neighborhoods may be subject to local zoning regulations or homeowner association (HOA) rules.
  6. Ohio has a variety of financing options. These include conventional mortgages, FHA loans, and VA loans
  7. You should compare the rates carefully to make sure you are getting the best deal on a mortgage loan.

In November 2022, Ohio’s average price for a home increased by 3.8% over the previous year. Perhaps, you can take a look at the following graph for a better insight –

Ohio house marketing overview

Buy a Home in Ohio on the Cheap: Tips and Tricks

small white houses showing an increase in price for houses in Ohio

Do you find it hard to buy a home in Ohio at a cheap price? Yes, that might happen since the home value in Ohio is increasing. But you can still get affordable offers if you follow the tips and tricks below –

1) Decide where you want to live in Ohio

Whether you get a cheap house in Ohio or not will very much depend on the location where you want to live. Ohio has a lot of different cities, suburbs, and rural areas. Therefore, research and weigh your options carefully before making a decision.

Here are some facts about choosing the location –

  • Decide whether the location suits your lifestyle. You may look for an urban area with plenty of nightlife, or you may prefer a quieter atmosphere. 
  • Think about your budget. Although some parts of Ohio are more expensive than others, there are always less expensive options. 
  • Research the amenities of the particular location. Check if public transportation or good schools are nearby.  

2) Do your research

Now, you must do your research when it comes to buying a house in Ohio. Depending on the current market conditions and available areas, you should conduct your research. Local newspapers, real estate listings, and websites for information about homes for sale may help you with the research.    

You should also consider factors like the crime rate, public transportation, and the overall cost of living. As a result, you should inspect different neighborhoods to find the best and cheapest home in Ohio. 

3) Get pre-approved for a loan

Before you start looking for a home in Ohio, you should look into getting pre-approved for a loan. This will not only give you an idea of the type of loan you qualify for but also how much you can spend. You can contact several different lenders and negotiate the terms before committing to any loan.

When applying for a loan, you will need to provide documents, such as your credit report, proof of income, bank statements, and any other information that the lender may require. The lender will review these documents to determine if you meet their qualifications. Then, he will let you know if you are pre-approved or not. 

If possible, get pre-approved for a loan from a local bank. That way, you will have better rates and terms than a national bank. A local bank is more familiar with the area. So, they can offer more options.

4) Use an experienced real estate agent

Finding a qualified and experienced real estate agent is crucial when buying a home in Ohio. Here are a few reasons why contacting a skilled real estate agent is important to get a home at a cheap price in Ohio –    

  • An experienced realtor has strong knowledge of the local market.
  • He can help you find homes that meet your needs and budget.
  • He knows prices are realistic for specific homes in Ohio or any estate. 
  • He can offer relevant information about a specific property.
  • He can make you aware of the local zoning laws and regulations.
  • From his experience, he might have strong connections with other agents and lenders. 

Living in a suburb in Ohio can be a great experience. Your lifestyle may blend with the environment of the community. Currently, Miamisburg can be a popular place to find community houses. The right real estate agent can help you find such a house at an affordable price. 

How can you find a good real estate agent? Well, you can ask a couple of questions regarding his experience, fees, and other relevant information. Also, make sure he has his real estate agent license and good references.  

5) Look for houses and make an offer

After getting a professional real estate agent, you should start looking for houses that meet your criteria. You can browse online real estate websites or work with an experienced real estate agent to help you find the right fit. 

While looking for a cheap home in Ohio, you should keep an eye out for good deals. At the same time, don’t stop searching for houses that are in your price range. When you find a house that fits all of your requirements, it is time to make an offer. 

You should consult your real estate agent or a lawyer at this stage since they can help you negotiate a fair deal. You should compare the current market values of nearby properties. This will make you confident enough to make a competitive offer. Confirm the reason for any closing costs. Additionally, do an inspection for renovations that may need to be done.

6) Consider a fixer-upper

You can consider purchasing a fixer-upper if you are looking for a more affordable option to buy a property in Ohio. Fixer-uppers are homes requiring significant repairs and renovations to become livable. While they may come with a lower price tag than other homes, they need more time and effort. However, the potential cost savings make them worth the investment.

When it comes to financing a fixer-upper, there are several loan options available. Many banks offer FHA 203k loans, which provide money for both the house and repairs. With this loan type, you can finance renovations up to $35,000 with less money down.

Another option is to get a Fannie Mae HomeStyle Renovation Loan. This loan allows you to borrow up to 75% of the home’s future value after repairs. Therefore, you can get financing for larger projects. However, you may need to make a down payment of 20%.

It is very important to do your research before you buy a fixer-upper. Check out the property’s history and get an inspection done before you commit. Once you have done your due diligence, you can start planning and budgeting for the renovations. 

7) Get a home inspection and appraisal

Getting a home inspection and appraisal is an important part of the process when buying a house in Ohio. This will provide information about the condition of the house so that you can make an informed decision about whether to buy it or not. 

An appraisal will give you an idea of the fair market value of a specific home in Ohio. The appraiser will compare your chosen home to similar homes in Ohio to determine its value. Therefore, you don’t have to pay more than the house is worth.

Your house in Ohio should be structurally sound without any major issues. As a result, you should get a home inspection before signing any contracts. If the inspector finds anything wrong, you may be able to negotiate with the seller to have them fix it before you complete the purchase.

Buying a house in Ohio can be a daunting task, especially with the high cost of living in the state. However, with the above tips and tricks, you can find an affordable home without breaking the bank. All you need is the right approach to avoid overspending on a home in Ohio.