What Defines a "Historic Home?"
It is interesting to note that the National Registry of Historic Places requires a home to be at least 50 years old and look much the same as it did when built. In addition to having the authentic architectural character of a home built in its period, the historic home also has a cultural significance. Moreover, municipal and state rules may amend the national rules to include other components.
Why Do Consumers Buy Historic Homes?
You may be charmed by the nooks and crannies of a colonial home; you may be awed by the fact that you may live in the place a poet, artist or famous explorer once called home. Of course, there are also the more tangible benefits of receiving federal preservation grant monies, investment tax credits, state tax breaks and potentially a bronze plaque from the National Register of Historic Places that displays your home's historic significance to the world.
Is Restoration Difficult?
Restoring a historic home can differ substantially from remodeling any other kind of residence. That being said, the restoration does not necessarily have to be overly costly or time consuming. First and foremost, you need to understand what the regulations are with respect to restoring historic homes. You may not be able to use certain building materials or even color schemes that upset the integrity of the structure's appearance. Fortunately, there are a number of contractors well versed in taking on restorations. There are sometimes grant monies available to bankroll the work, helping to offset the actual costs of restoration.
Appreciating the Value of Historic Homes
Similar to owning an antique, the value of historic homes does not necessarily drop with the occasional nick or scratch. Even those properties which feature electrical wiring that is hopelessly antiquated and violate virtually any building code known in your municipality, can have a relatively high value. You do need to be aware of old plumbing and electrical systems that could compromise the safety of dwelling in one of these historic homes. This type of repair can be costly as well, since it frequently involves replacement of entire systems.
Buying Restored vs. Needing Restoration
A turnkey historic home is a tempting proposition. The hard work of ferreting out period decor, door knobs and paint is done by someone else. All you need to do is move in your furniture and enjoy the experience. While buying restored may be the path of least hassle, it is also the path of maximum upfront expenditure.
Buying a historic home in need of restoration can greatly decrease the sales price of the home; however, it could lead to costly surprises when restorations are more extensive and costly than anticipated. Each path has a number of pros and cons, and choosing one over the other really depends on your comfort level and availability of funds.
Never Buy Without Inspections - What Types Are Available and Why Are They Important?
Because of their age, a potential home buyer should never overlook an inspection on an historic homes. Home inspectors specializing in historic properties can easily ascertain which wear and tear is to be expected, and which point to unfettered decay and costly restoration requirements. Even old technology - such as a home's heating system - can be in tiptop working condition - though you might prefer to replace it to a more energy efficient system.
By:Stephen Daniels
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