Not every homebuyer wants a brand new home. Many homebuyers prefer to purchase a house that has a bit more charm and character than some of the homes that are being built today. You may be one of these buyers, in which case you’re probably looking at a lot of historic homes. However, investing in a historic home can end up being more expensive than the price tag may lead you to believe, not to mention that it might simply be more challenging to own and live in a historic home as opposed to a newer house. The following are a few potential issues you may run into if you decide to buy a historic home:
Renovations can be tricky – There’s a pretty good chance that if you buy a historic home, it’s going to need some home renovation work. You may even be able to buy a historic home that’s considered a fixer-upper for a good value. However, the home construction has changed drastically over the years. Materials used to build historic homes are often hard to come by in this day and age. Take for example Victorian-style homes, which were popular back in the early to mid 19th century. Victorian homes are known for using certain types of wainscoting, crown moldings and other ornate features. If you find a Victorian home you want to buy that needs some renovation work, you may have to enlist an architectural salvage company in order to track down the materials needed to renovate these features. Not only can this be a difficult task, but it will be an expensive one as well. Since many historic homes need some level of restoration work, be sure to keep this in mind.
Repairs and regular maintenance can be costly – Unless you pay for extensive renovations, a historic home is going to have constant issues creep up that require repairs. Regular maintenance will be required to keep the historic home in good shape as well. In fact, expect to invest more money into repairs and maintenance than you would in a newer home. Why? Because older buildings experience more wear and tear than newer buildings because of the simple reason that they’ve been around longer. As a house gets older, more things are bound to begin failing or deteriorating, which is why more repair work and maintenance is required.
There may be renovation restrictions – Historic homes and historic neighborhoods are often protected by regulations set forth by zoning and planning commissions in towns and villages throughout the country. These regulations are put in place in order to help preserve the culture and history of the area. This, in turn, means that there may be a number of restrictions on what exactly you can change to the historic home you’ve just purchased – especially when it comes to the historic home’s facade. Additionally, it may be more difficult in order to obtain approval for any renovations that are not strictly forbidden by the regulations.
These are three drawbacks that you should consider before investing in a historic home. That’s not to say that investing in a historic home is a bad idea – if you are aware of these possible issues and plan ahead for them, investing in a historic home could be a very rewarding venture.
Here’s a list of Frequently Asked Questions about Historic Places, answered by
National Register of Historic Places Program
Where can I find a list of restrictions, rules, & regulations for historic property owners?
Can I modify, remodel, or renovate, a historic house I own?
How can I apply for grant money or tax credits?
