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Buying a Historic Home: What You Need to Know

Every buyer has their own personal preference when it comes to the design and appeal of their dream home. Some want the move-in ready, customized feel of a new construction home. Others may prefer something with a bit more character and charm, such as a historic home. If you are one of those who are interested in owning your own piece of history, make sure you are considering these factors:

Neighborhood restrictions

The preservation of historic homes and districts is a serious concern in many towns. Because of this, many zoning and planning regulations are set into place for these homes and communities.

If you have it in your mind that you are going to renovate your historic home, you may want to keep in mind all the red tape involved, especially when it comes to the matter of the exterior of the home.

For example, a simple kitchen remodel could end up costing you more and taking longer to complete, even if you are approved for it. Your best points of contact to sort this kind of issue out would be an architect and your town officials.

Historic architecture

Many homes that were constructed during the mid to late 19th century may have been built with materials that are no longer available today.

In order to match all the intricate details and unique facades that historic homes feature, you will need a skilled and qualified architect who is familiar with the design style. This can include anything from Victorian to Tudor style.

Repair and Maintenance

Many historic homes were built well before the technology we have today was available. Because of this, you should expect to see some maintenance updates or issues needing to be addressed.

Make sure the home is properly inspected, prior to making any commitments, and be sure you are fully equipped to handle any repairs that are needed.

The Pros

ROI

Now that you are aware of the obstacles you may face by owning a historic home, know that it can be worthwhile. Not only would you be living in a one of a kind home, your return on investment could see some positive gains. Historic districts are known for showcasing significant property value.

Tax Breaks

There are also known tax benefits for owning a historic home. The National Park Service issues a Federal Historic Preservation Tax Incentive Program. There are certain regulations and rights that come into play so check with the National Park Services website first.

Landscaping

Another pro is the landscaping that exists in most historic districts. The trees tend to be more mature and the plants are full and lush. As a result, traffic and road noise are diminished as well.

SOURCE

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