Should You Buy a Historic Home?
In the market for a historic home? Historic homes are coveted for their timeless charm, unique features and, of course, historical background. But owning your very own piece of history comes with its fair share of drawbacks – and many go beyond the surface of the home. If you’re shopping for a historic home, consider these factors:
Registration – When researching details of the home, find out whether it’s registered as historic on a local or federal level. A registered historic home can be subject to tax breaks, but it can also limit any changes a new owner may want to make.
Size – By nature, historic homes have a much smaller square footage than newly constructed units. Ceilings, in particular, are often lower, and bathrooms and kitchens rarely have the amount of storage new home owners are accustomed to.
Home Systems – As with any home, buyers shopping historic should have an inspection prior to purchasing. In historic homes, be mindful of blips on the inspection report that relate to the home’s internal systems – plumbing and electric – as these can be costly to update.
Chemicals – Lead and asbestos are big no-no’s these days, but not so when historic homes were built. Keep in mind that you will need to remove lead-based paints and popcorn ceilings, especially if you have children or elderly family members.