When you purchase a historical home you’re not just buying a home but a piece of history. And with that in mind it’s only expected that what would be allowed and permitted with modern buildings isn’t the case with these.
Historical buildings add to the landscape, they’re part a community and they’re breathtakingly beautiful. It’s that aesthetic that drew you to the house, but it could be that same aesthetic that makes it impossible to own. Here’s what you’ll need to know about purchasing a historical home.
Renovations Add Up
Since the home is old most of the features will be worn, plenty areas in the home will feel outdated and you’ll need to complete a lot of repairs. But repairing something in a historical home can dig quite deep, what could cost you $5, 000 would likely cost you 5 times that amount for these home’s. That’s because you’d have to preserve the structure and keep it as close to its original design, using materials that today seem “uncommon” and cost a hefty sum. Your builders and renovating team would also need expertise in this area and know how to restore these homes without tearing down everything, and wasting valuable pieces in the home that could be restored.
Heritage Homes Cost Even More
The home you’re interested in buying may be old, but if its a heritage home the cost involved in restoring or renovating it would be even greater. Heritage homes are protected, and therefore every renovation you’ll plan on making would have to be approved by a committee – which can take months. You’d need a permit to do work on the home, permits would cost another hundred or few hundred dollars.
There Are Features You Can’t Remodel
Doors, windows and special design features are usually no-go zones for remodeling. If you’d like to upgrade windows you’d have to replace it with the same elements and not a cheaper alternative. This is another cost you’ll need to take into consideration before making an offer.
An Inspection Is Crucial
To get a proper estimate on what it would cost to bring the home to standard and comfortable for your family to reside in, get an inspector. Although historical homes have good bones they have old bones. Bones that could be rotting and are now home to pests and creatures. The home could also have some structural issues that would need to be addressed. Anything the inspector highlights is something you won’t be able to overlook when you move in. So, before you think you’ll be able to purchase the home get quotes from specialists for the work that needs to be done.
You’re Getting A One-of-a-Kind Home
Yes, there may be drawbacks to purchasing a historic or heritage home but the benefit is that once you purchase this home you’ll know few have a home quite like yours. The beauty, history and quality of design materials would be unrivaled when compared to modern homes. Most of these homes were built to be lived in, and encourage that lifestyle.
Purchasing a home has more to do with personal taste and your particular preferences. An older home may serve a purpose for a growing family that needs space. However, there are buyer’s that may not want to deal with the hassle and the cost of purchasing these homes. But more important than taste and preference, is cost. Besides the money it takes to purchase the property would you be able to afford the renovations and the insurance?
There’s lots to consider when you’re thinking of buying a historical home and you’ll need someone there to guide you. Contact me, so I can walk you through the process and put you at ease. As a trusted real estate agent I know what needs to be done to get the ball rolling on an older property.