Things To Consider When Buying A Historic Home

Some Things to Consider When Buying a Historic HomeRestoring a historical, older home can be a truly rewarding experience. Historic homes often have a sense of charm, nostalgia, and personality that new homes simply cannot compare to. However, no matter how charming an historic house may seem, it is important to fully evaluate the home and to be realistic about the costs for upgrades and restoration before buying. 

Historic homes appeal to people for a variety of reasons.  Many homeowners like the idea of a historic home because it had significant relevance in the past, while others may just like “the look” of architecture from years past.  A large contingency of buyers, while certainly admiring the property’s aesthetic qualities, will buy a historic homebecause of the benefits that come with restoring it.  There may also be tax benefits for those who qualify based on their individual restoration project.

 

If you are in the market to buy a historic home, here are some things to consider.

 

  • Things To Consider When Buying Historic HomeAre the major mechanical systems (heating, plumbing, electrical) in good, working order? Do they need to be replaced or upgraded for efficiency or to comply with regulations?
  • What shape is the foundation in? If the foundation needs work, how much will it cost to repair?
  • Is there a termite problem, or termite damage?
  • How old is the roof? Does the roof leak, need repair, or replacement?
  • Is the home adequately insulated?
  • Does the historic home contain asbestos, lead, or radon emissions?
  • What is the true age of the house? Can the construction date be narrowed down to a particular date, or at least a particular decade?
  • Overall, how much work and restoration is needed? How much will the restoration work cost?
  • Are original materials available for repairs? If not, are substitute materials readily available?
  • Are there local craftsman who specialize in or are knowledgeable about historical homes?
  • Does the house qualify as an historic property and/or is it listed on the National Register of Historic Places? If so, the owner may be eligible to receive, among other things, reductions in property taxes or state income tax credits. However, the owner may also be subject to special regulations or requirements when upgrading or restoring the property.
  • What are the local and area laws and regulations regarding historical properties?

As with buying any home, seeking the knowledgeable and experience of a historical Realtor is a vital and will benefit you throughout your entire transaction.  Your Realtor should be able to refer you to reputable home inspectors and contractors to help ensure a smooth and rewarding experience for you.

 

Put the knoweldge and experience of a Historic Home Specialist to work for you.  If you are interested in buying or selling a historical home in the Asheville area, or if you are just interested in finding out more about the historical home you live in, Sid can help.  You will be glad you did.