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Real Estate
Is It Worth Buying a Historic Home?
February 3, 2020
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Historic homes are quirky and have a unique charm. However, historic homes are very expensive to repair, and you will have to invest a lot of time too. Historic homes often come with benefits and new challenges that you’ve never faced before. From this article, I’ll try to cover whether you should buy a historic home or not.

Should You Buy a Historic Home?

RestrictionsIn Renovation

Some states in the US have a city planning commission that protects and preserve historic buildings. If you buy a historic home that is more than 100 years old, you’ll have to face some restrictions while renovating the house.If you want to renovate, you’ll need approvals from the authority for renovation. For approval, you may need to spend a significant amount of time in the state office and spend a few bucks.In some cases, you might not be able to renovate your house at all. So, if you’re planning to buy a historic home to renovate and live, you should consult with an architect and a city planner.

History and Charm

When you buy a historic home, you get to see the past, and it’s like time traveling back to the past. Also, the historic homes might haveunique features starting from a fireplace, wooden doors, and so on. In some cases, you may need months to discover all the hidden features of a historic home.

On the walls of a historic house, you’ll see different paintings, arts, etc. that shows the history of previous owners and their lifestyle. You’ll find history in every corner of the house. If you’re interested in history and old things, the historic home will be the best place for you to live. You’ll feel that you’re in a different universe and living in another time.

Incredible Architectural Designs

Historic homes are full of amazing architectural styles. You’ll find designs from Spanish, Gregorian, Mid-century, colonial, and so on. You’ll feel like you’re living in a museum and watching the evolution of culture and history.

Expensive Insurance

If you’re buying a historic home, your home insurance will be higher compared to the other houses in your neighborhood. Many insurance companies don’t even provide insurance for “historic homes”, and you’ll have to take insurance for the “historic property”, which is considered very high. The main reason behind this is the old structure of the house and its age. A historic home is more vulnerable to damages, more expensive to fix and that’s why the price of insurance is increased.

Financial Benefits

In many states in the US, the local government provides tax cuts and other financial benefits for those who’re willing to buy historic homes. When you’re buying a historic home, you’re actually preserving the history of a community, and that’s why the local government offers financial benefits. In some cases, the local government set a few laws that prevent the neighborhood from building ugly add-ons in their houses. As a result, your historic home’s price doesn’t drop, and the resell value always stays high.

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Richard Nevis

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