More buyers are choosing to move into historic homes for various reasons. For some, the homes are charming and appealing. For others, historic homes often mean savings. Whether a historic home is right for your family depends on its needs. Before deciding, you should consider the pros and cons of making the move.
Why Should You Move into a Historic Home?
One of the many benefits of living in a historic home is that the home likely has architectural features that are not found in modern day homes. The features and the home have stood for decades. Even if the home needs some rehabilitative work, you can probably keep many of the features, if desired.
Depending on where the home is located, your purchase might qualify for tax incentives. The incentives could range from tax credits to low interest rates. There could be conditions attached to receive the incentives though. For instance, you might be required to preserve certain features of the home.
Moving into a historic home gives you a chance to learn more about rehabbing a house. Although this might not seem like a big deal, if you decide to get into real estate investing later, you can use the skills you pick up to remodel your investment properties.
If you are concerned that moving into a historic home means giving up modern amenities, you can toss out this worry. There are ways you can bring modern touches to the home and still maintain its historical features. Besides, a mixture of new features with old could increase your home's value if you decide to sell.
What Are the Drawbacks?
Although there are several benefits to buying a historic home, there are some drawbacks. For instance, there could be restrictions placed on what you can change and how those changes can be incorporated. You might be prohibited from adding a room to the house or completely replacing the windows.
Another potential issue with a historic home is that rehabbing the home can be costly. Unless the home has been previously renovated, you could be looking at some of the costliest repairs. For instance, the addition of vents, ductwork, and a heating and cooling system could cost thousands of dollars.
You also have to be concerned with the energy efficiency of the home. Many older homes are not insulated and have structural issues that cause them to be draftier than modern homes.
Buying a historic home could be a good investment. To determine if you are making a sound decision, consult with a real estate agent.