Should You Consider a Historic Home?

If you are house hunting in a neighborhood that has historic homes, they can be easy to fall in love with. They have charm and personality that more modern homes do not, and they have a built-in backstory. But, is buying a historic home worth it?

Benefits 

For some people, buying a historic home just for the historical significance is enough. They get to contribute to preserving a piece of US history, which sometimes is enough of a draw. However, if you need more reasons, some historic homes are also permitted to host events like weddings and parties, which can bring in some extra income. There can also be tax incentives for the new owner as well, especially if the house needs renovations to keep it up to code. Occasionally, depending on how significant the home is to the town it is located in, it could even come with free landscaping services or other valuable add-ons.

Costs

While purchasing a historic home comes with benefits, it is important to note that it is not for everyone. It is very common for a historic home to come with restrictions. such as what changes you can make to the décor or what additions can be made without damaging the integrity of the property. If the home has been off the market for a while, bringing the home up to code could mean costly repairs on your part. Also, if you are not into the idea of sharing your home for tours or hosting events and the home is regularly used for that, it is likely not a good idea for you to purchase it.

If you think that buying a historic home is something you’d like to do, make sure to do your research and talk to any professionals you can. Get a licensed contractor to estimate what kind of repairs might be needed on the home and what that price-tag would look like, and find historians to tell you the significance of the home and what you could be getting yourself into.

Posted in Foreclosures