Real Estate

The Joy of Historic Home Ownership

What Defines an “Historic Home?”
It is interesting to note that the National Registry of Historic Places requires a home to 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. Moreover, municipal and state rules may amend the national rules to include other components.

Why are home buyers drawn to Historic Homes?
Many people are drawn to the details found in historic homes, whether those be nooks and crannies or ornate woodwork. Some buyers may be awed by the fact that they might live in the former home of a poet, artist or famous explorer once called home.

Of course, there are also the more tangible benefits of potentially receiving federal preservation grant monies, investment tax credits, state tax breaks, reduced property tax rates, 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 very different than remodeling any other kind of house. That being said, the restoration will not necessarily be overly costly or time consuming. First and foremost, you need to understand what the rules are with respect to restoring historic homes. You may not be able to use more modern building materials or even use color schemes that upset the integrity of the structure’s appearance. Fortunately, there are a many contractors well versed in working on historic homes. There are sometimes grant monies available to bankroll the work, helping to offset the actual costs of restoration.

Appreciating the Value of Historic Homes
Similar to owning an antique, the value of historic homes does not necessarily drop with the occasional nick or scratch. Even those properties which feature electrical wiring that is hopelessly antiquated and violate virtually any building code known in your municipality, can have a relatively high value.

You do need to be aware of old plumbing and electrical systems that 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 locating period dcor, door knobs, paint and other detail fixtures, is done by someone else. All you need to do is move in your furniture and enjoy the experience. While buying restored may be easier, 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.

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