You might have seen an old historic home on a listing, and immediately fell in love with it. When you went on a house tour, you just made up your mind that you will definitely have it by hook or by crook. Wait up. Before you make that decision, you have to know some facts first.
Buying a historic home has some benefits. Here are some of them, as listed by Realtor:
- The aesthetic beauty of its architecture is unmatched because it has withstood through time.
- States and local governments offer tax credits and lower interest loans on these properties.
- Lastly, you will be known as the owner of a historic house. Isn't that wonderful? Your name will most likely appear in the local news.
The benefits may have made your decision firmer, but you must know these things first before going on about it. Here are some pieces of advice upon buying a historic home:
- You will be earning tax credits on your home, but remember that if your home is a historic - part of a state or federal historical building or neighborhood registry. This means, according to RealtyTimes, that you may have to adhere to a number of regulations such as the 'Standards for Rehabilitation of Historic Buildings' and be subject to some historical preservation oversight in order to update the home.
- Because the home is historic, there might be some renovations needed for it to be livable. Make sure to get the necessary estimates as to how much these repairs may cost.
- There will be some restrictions as to the renovations that you can carry out to preserve the home's true nature. Here are some of the restrictions, as listed by Realtor, that you must know:
- Additions - you may not be allowed to add extra story to the house.
- Windows, shutters, roofs - these embodies the original architecture and design of the home, so they can only be replaced with the same kind.
- Taxes - although you may be qualified for rebates and credits, tax levies for merely living in a historic neighborhood may be higher than others.
- Bills - you should know whether the circuits are new or old. Study the previous bills of the house because they might cost you more than living in a new house.
- If there comes a time that due to being an old structure that it might suffer some damages, move away.
Now that you have known these things, you may already make your sound decision.
Will you go ahead with buying a historic home? Did these tips help you?
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