One interesting feature of buying a home is that every generation leaves its mark on it by having decorations of their time or making unique changes. The amount of work and money needed to maintain a historic home can vary. It mainly depends on its current condition. If want to buy a historic home, here are six things you should remember.
Trade-offs of historic districts
If you are looking for a house in a designated historic district, then you might have some restrictions on designing the exterior of the house. You may not choose your own preferred paint color or window type. You should check this information with your local planning department. The design restrictions in those places apply to everyone. These places have a more steady property value.
Historic preservation easement
If you set up a historic preservation easement then it will protect the historic integrity of your house. You need to hire a professional to hold the easement. This is a legal tool that places restriction on what changes can be made to the property. Once this is made, the future owners must adhere to these rules.
It is costly to maintain the home’s integrity
Historic homes are structurally sound; that’s why they last for such a long time. However, it depends on when the home was built. For example, a house built in the 1600s is structurally stronger than one that is built in the 1980s. So, your house might need extensive repair depending on the condition of the house.
It is difficult to get financing and insurance
You can get finance in many ways. However, lenders may hesitate if extensive repairs are required. You can get private housing loans for doing small repair works. The insurance companies may not want to sell a home insurance policy to you. This is because the replacement costs are higher for certain historic homes.
You might have old problems
You might have old problems like the presence of lead paint. Modern homes don’t have lead in paint, but houses made before 1978 have it. Asbestos may also be present.
Historic homes are a great investment. But you may not be able to fit your modern styles in it. This shouldn’t be much of an issue as the main reason people buy historic homes is for their vintage look and feel. You should keep these points in mind while purchasing a historic home.