When you're in the market to buy a new home, you'll undoubtedly spend a great deal of time looking at real estate listings. Amongst these houses and apartments, you might see a few historic homes for sale. Should you consider buying a historic home? Like any house, whether it's an older home or a brand-new place where you'll be the first inhabitant, it really depends on the specifics of the property. Can you see yourself living in a historic home? There are a few points that need to be carefully considered.
Preserving the Look of the Property
If you're someone who doesn't much like the apparent cookie-cutter approach to modern architecture (as in, you think that so many contemporary homes look rather similar to each other), the uniqueness of a historic home can be appealing. Remember that purchasing a historic home usually comes with an inflexible caveat—and you cannot modify the look of the property. This is generally enforced by local zoning laws, and it means that any future home extensions are off the table.
It's crucial that you check zoning restrictions and whether they're applicable to the interior of the home. While you might fall in love with the exterior of the property, you might not be so enchanted with its internal decor and lack of modern conveniences. Are you permitted to renovate the home's interior? This can be a dealbreaker, especially if the property is lacking the creature comforts that you consider to be essential.
Budgeting for Modifications
Assuming you can make your desired modifications to the property's interior, you will clearly need to budget for this, and depending on the extent of these modifications, it might make the overall cost of the property beyond your means. That being said, any modifications can be completed in stages, meaning you won't need to shell out for everything all at once. And then there are a few other budgetary factors that must be investigated.
Insurance and Inspections
Be sure you consult your insurance provider when you're thinking about purchasing a historic home. Your insurance rates can be significantly higher when living in a historic home, generally due to the specialist nature of the property. This isn't a foregone conclusion, but it must be taken into account. Similarly, before your final decision, you must obtain a comprehensive building inspection from a neutral provider. You want to make sure that you understand all the factors that will influence your decision to purchase, and these must be identified.
A fair amount of due diligence is essential when you're thinking about buying a historic home. But once these potential issues have been identified and addressed, you might find that living in a piece of history will suit you and your family extremely well.Share