Advice for Buying a Historic Home

If you are an avid HGTV watcher, you often hear buzzwords like “charm,” “character,” and “history” when searching for a dream home. People want their home to have a previous life, a place to be part of its memories. Buying a historic home can hold tremendous value but also comes with its own set of challenges. Keep these three tips in mind:

1. Historic homes and districts are restrictive. If you’re thinking of a fixer-upper, be aware that historic commissions may discourage changes to the exterior or additions. Always check with your local agency before making any major renovations.

2. Costs add up quickly. Maintaining a historic home’s integrity can be expensive, especially if it has not been well kept. Insuring an older or historic home can also be pricey, as insurance companies consider them more likely to incur damage. Some state historic preservation offices offer grants or tax programs to help offset costs.

3. Get a home inspection. Before signing, ensure the home is inspected. Unexpected repair or replacement costs are common in older homes. Confirm the house meets modern health and safety standards, including testing for asbestos and lead paint.

Historic homes add great value to communities and remind us of our foundations. While buying a historic home can be costly and require patience, it is also incredibly rewarding. You are keeping history alive and preserving its value. For more advice on purchasing a historic home, contact an MGR representative.