Before you write the offer on that historic home, consider these factors
Many home buyers want a modern move-in ready home. But a large number of people prefer older homes. They have character and charm that you just can’t find in newer homes. If you are interested in purchasing historic homes, take these factors into consideration:
1. Some Historic Areas Have Restrictions
Many towns throughout the United States have zoning commissions that protect historic districts and neighborhoods. Depending on the town, historic homes will require a totally separate layer of approval and sometimes bureaucracy. For example, if you buy a 100-year-old home, you might not be able to renovate it the way you want. Many historic districts retain a huge amount of control, and a result renovations can take longer and cost more. If you are planning to buy a historic home, and intend to renovate it, consider consulting an architect and town officials.
2. Recreating Architecture Can Be Expensive
As an example, consider Victorian-era homes. These homes were constructed from the mid to late 19th century, often with materials that are not in use today. If you buy a Victorian home in “not the best” condition, reconstructing the wainscoting, picture rails, crown moldings, decorative features, etc. that were common in Victorian architecture can be difficult to find.
3. Repair & Maintenance May Be Expensive
If you want a purchase a historic home, you should try to have a maintenance strategy in place. If you plan on having major renovations and updates done to the home after you buy it, you should be ready to address all potential issues that may arise. Broken systems, leaks or flaws always cost you time and money with these homes.
If you are a history buff, there is no amount of time commitment or money that will stand in your way to have your one-of-a-kind home. If you appreciate the architecture and understand that intensive maintenance may and repairs may be needed, then this is a great journey to begin. If you don’t share that appreciation, a historic home is definitely not right for you.
Whatever type of home you’re considering, contact me. I’ll be happy to help you find the home of your dreams!