Buying historic homes has become a hot trend in Real Estate. Why? Because there are funds set aside in most states and Federally to help restore and protect such properties. There may also be tax benefits forbuyers intent on buying a historic home. The United States has a rich past, and there are many homes that have value in terms of architectural trends, woodwork, stained glass, who lived there, or even perhaps the person who designed them (can anyone say Frank Lloyd Wright?).
Major Considerations:
When youre considering buying a historic home, there are some things you need to know first otherwise the purchase of your dream house could rapidly become a nightmare. First, different areas of the United States have different measures for the term historic. There is a National Registry of Historic homes, but thats only the starting point. Make sure you have complete clarification before buying.
Second, ask yourself if a historic home is really right for you. Some people love the appeal of a home that screams Victorian, and that aesthetic appeal is important (humm, how do you feel about ruffs?). Nonetheless the restoration on historic homes can get very expensive. On the upside, theyre also abundant so you shouldnt have problems finding one in any State where you want to hang yourhat for good.
Third, do your footwork. Learn about the houses in which youre interested. Some real estate agents specialize in the historic market, and they can be incredibly helpful not only with identifying the qualifying elements of the home, but also in giving you interesting information that you can share with family and friends for years to come.
Found your House?
If you think youve found a historical home that you really love, you need to make an offer that includes a contingency namely an inspection. As previously mentioned many historic homes need LOTS of work. You need to know what youre dealing with up front and decide if its worth the time and effort to renovate. Have the inspector pay particular attention to the condition of:
- The foundation: a disintegrating cellar or termites can be a terrible problem. Remember that you have the right to get estimates on the cost of repair before you finalize the sale.
- Plumbing: Whats under the sink? PCV or cast iron? A lot of older homes need plumbing face lifts.
- Electric: watch out for cloth wiring running through old gas pipes! That will mean a complete pull out and re-wire.
- AC / Heat old oil systems can be very costly in terms of maintenance. If theres no central air, you may need to figure air conditioners into your renovation pricing.
- The Roof : incredibly important this part of the house alone can cost well over five thousand dollars to replace.
- Windows: old wooden windows not only leak air in the cold months, but they can harbor mold.
- Flooring: is it sagging? Are there issues with carpeting?
If all goes well your inspector will come back with good news (or at least partially good news). If not, however, take a good look at the bottom line. Living in a historical home offers a great slice of life as it used to be, but not without a price tag.
