Potential Challenges in Buying Historic Homes

How is an historic home defined?
It is important to know that the National Registry of Historic Places states a home must be at least 50 years old and look much the same as it did when built. In addition to having the authentic architectural character of a home built in its period, the historic home also has a cultural significance. Additionally, municipal and state rules may amend the national rules to include other components.

Why Do Buyers want Historic Homes?
A potential home buyer may be charmed by the nooks and crannies of a colonial home. Other buyers are thrilled by the historical significance of those who lived in the home before them.

Of course, there are also the more tangible benefits of receiving federal preservation grant monies, investment tax credits, state tax breaks and potentially a bronze plaque from the National Register of Historic Places that displays your home’s historic significance to the world.

Is Restoration Difficult?
Restoring an historic home can be significantly different from remodeling any other kind of residence. That being said, any required restoration does not necessarily have to be overly costly or time consuming. First and foremost, you need to understand what the regulations are with regard to restoring historic homes in your area. You may be limited to using certain building materials or even color schemes that represent the historic period when the house was built. Fortunately, there are a lot of contractors who love working on restorations. There are sometimes grant funds available to bankroll the costs, helping to offset the actual costs of restoration.

Appreciating the Value of Historic Homes
Just as in owning an antique, the value of historic homes does not necessarily fall with the occasional nick or scratch. Even those properties that have electrical wiring that is hopelessly antiquated and violate all the building codes, can still have a relatively high value.

You should be aware that old plumbing and electrical systems could compromise the safety of dwelling in one of these historic homes. This type of repair can be costly as well, since it frequently involves replacement of entire systems.

Buying Restored vs. Needing Restoration
A turnkey historic home is a tempting proposition. The hard work of ferreting out period dcor, door knobs and paint is done by someone else. All you need to do is move in your furniture and enjoy the experience. While buying restored may be the path of least hassle, it is also the path of maximum upfront expenditure.

Buying a historic home in need of restoration can lower the sales price of the home; however, costly surprises can be around the corner unexpected repairs become disclosed or restorations are more extensive and costly than anticipated. Each path has a number of pros and cons, and choosing one over the other really depends on your comfort level and availability of funds.

Never Buy Without Inspections – What Types Are Available and Why Are They Important?
Because of its age, a potential home buyer should never overlook an inspection on an historic homes. Home inspectors specializing in historic properties can usually ascertain which wear and tear is to be expected, and which point to unfettered decay and costly restoration requirements. Even old technology – such as a home’s heating system – can be in tiptop working condition – though you might prefer to replace it to a more energy efficient system.

Luxury Real Estate in Southern Florida Brings in-depth local knowledge and the resources of EWM and Christie’s Great Estates, plus local experience and global network access to your real estate transaction. This article powered by SEO 2.0 Services