Things to Know Before Buying a Historic Home

Historic Home Stonecastle Land & Home Financial

You are not cut out for the cookie cutter home that looks like everyone else’s, you want something unique that stands out like a historic home. A friend shows you a picture of a historic home in their neighborhood that has come on the market and you instantly are in love before you even walk in the door. Before you jump in head first and purchase the property there are a few things to consider when buying a historic home.

Home Renovation Restrictions

The house could have all the potential in the world and you can picture the greatness that it could be but before you can touch even a window in the home you will most likely need to get approval. Depending on whether the home is listed on the National Register of Historic Places or listed on local or state registry you could run into an assortment of different restrictions along the way. This is something you want to gather all the information on before rushing to purchase.  Your dream of a modern home might not fit within the guidelines for the home.

Choose a Realtor Who Specializes in Historic Homes

Having a Realtor that is familiar with historic home transactions and restrictions will be your best asset during the historic home search. You want someone who can help guide you through all the things you need to be aware of and issues that could arise down the road with buying a historic home. Knowledge is power when buying a historic home. You want to make sure you find the home that is the right fit for you and your budget.

Insurance Could Be a Challenge

Owning a historic home can come with challenges when it comes to insurance. Insurance agencies will be more hesitant when it comes to insuring a historic home. Historic to them means extensive cost for repairs. You will have to be patient and do your research to find what companies will over a policy of a historic home. This can be a question for your Realtor as they may have a referral source that they have worked with before that has been able to insure a historic home.

Get a Home Inspection

This is an extremely important piece of advice for purchasing a historic home. You want to know what you are getting into before it becomes your financial burden. If you can get a property inspector that is experienced in doing historic homes this will be even more beneficial to you. So many older homes had lead based paint; asbestos and other problems that you want to make sure you are aware of and can get an idea on the cost to remove any of the issues that are found. Another key component of this is you can become aware of the financial commitment that you will be making in additional to the purchase price. Older homes cost money and that is just how it goes. You want to be on the lookout for big ticket items like foundation issues. These are all concerns that your experience Realtor should be able to communicate to the inspector to make sure all the questions are answered.

 

Historic homes can truly be magnificent unique places to call home. Just make sure you do your due diligence before financially committing to one!

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