Latest update July 24th, 2021 10:20 AM
3 Things To Consider When Buying a Historic Home
Anyone who is looking for a new place to live has many options to choose from. Some people may feel drawn towards historic properties as they search for their dream homes. If this is the case, they can reap many benefits, including owning a piece of history and enjoying certain perks. However, there are things to consider before making a purchase.
1. Condition of the Property
Even beloved historic homes can become dilapidated over time. Most historic homes are older and need more care than newer structures. Examine the condition of the foundation, plumbing and electrical systems. If repairs need to be done by roofing companies in Daytona Beach or other licensed contractors, it could delay the move-in date. Do not limit the inspection process to the house, as any sheds, garages or other structures may also need repairs.
2. Restrictions
Historic properties are typically considered to be important landmarks. Because of that, certain restrictions are placed on homeowners regarding renovations, demolitions or other drastic changes to the property’s appearance. In some areas, it may not be possible to change the color of the exterior of the house or install windows that do not strongly resemble the originals. Before buying a historic home, it is a good idea to contact the local officials regarding potential restrictions.
3. Return on Investment
The resale value of historic homes tends to be stable, and they may sell faster than other types of properties. Besides good resale prospects, owners of historic homes may be able to reap other benefits. Depending on the area, and the property itself, the homeowner may be eligible for certain tax breaks, grants or loans for preservation projects.
Purchasing a historic home can be a wonderful decision. As long as homeowners are prepared to follow the community’s guidelines and maintain the property, they can enjoy living in a piece of history.
