Buying a historic home can be an exciting and rewarding experience.
These properties offer a unique charm and character that are not in newer homes. However, they also come with their own set of challenges and considerations. As REALTORS®, we have helped many clients purchase historic homes. In this blog, we share tips and advice to help you navigate buying a historic home.
Do your research
Before buying a historic home, research the property’s history and any regulations that may apply. It includes determining if the property is designated as a historic site or in a heritage district. It would help if you also researched the home’s previous owners and any notable events that may have occurred on the property.
Consider the costs
Historic homes can be expensive to maintain and renovate. When determining your budget, you should factor in the price of any necessary repairs and upgrades. You should also know of any particular tax incentives or grants available to historic homeowners.
Get an inspection
It’s essential to have a thorough home inspection before purchasing a historic property. It will identify any structural or mechanical issues that may be present. Consider hiring a specialized inspector knowledgeable about historic homes.
Hire a real estate agent specializing in historic homes
A real estate agent specializing in historic homes can help you navigate the unique challenges of buying this property type. They can also provide valuable advice on the home’s history, architecture, and potential renovation projects.
Be prepared for potential restrictions
If the home is designated as a historic site or in a heritage district, there may be restrictions on what you can do with the property. It may include restrictions on exterior renovations or the removal of historic features.
Understand the home’s unique features
Historic homes often have unique features and architectural elements that require special care and maintenance. Understanding the home’s unique features and how to maintain them properly is essential.
Consider the home’s energy efficiency
Historic homes may not be as efficient as newer homes. Consider the cost of heating and cooling the home when determining your budget.
Buying a historic home can be a unique and rewarding experience. However, it’s essential to research, understand the costs, and work with professionals specializing in historic homes. By following these tips, you can make an informed decision and enjoy a historic property’s unique charm and character.