Owning a vintage home can feel like owning a piece of history itself. They have their own character and story that cannot be found in new construction. It is easy to fall in love with these properties with all the detailed craftsmanship and connection with the past.
There are some things you must keep in mind before purchasing a home with a rich history. Here are some important factors to consider before you make an investment.
Understand the Rules of Individual Historic Designation and a Historic District
A home can be considered “historic” in a couple of ways. A property might have an individual historic designation, which is simply an honorary title that recognizes the property’s unique history. Such a designation typically does not have any limitations on how you can update or modify the home.
Conversely, when the house is in a historic district, you most probably have restrictions to adhere to. Such districts usually have an architectural review board that must approve any changes you may wish to make to the exterior of your home. This is aimed at preserving the originality of the neighborhood. If you are looking for historic homes for sale according to your needs, discuss it with your real estate agent and contact the local city or town office to learn about possible restrictions.
Find the Right Real Estate Agent
It is always good to have a standard home inspection, but with a historic property, you need a real estate agent who knows all its unique features. Older houses are constructed in a way and with materials that are not widely used nowadays, such as plaster walls rather than drywall or antique hardwood that needs special attention.
A professional real estate agent specializing in historic houses can assist you. They will be able to connect with inspectors and contractors who are familiar with how to deal with these unusual houses. These discussions can be facilitated by your agent and will help you to establish a team that you can rely on in future needs of your home.
Review the Entire Historic Property
When you are visiting a historic house, particularly one in the suburban or country context, keep in mind to look around the whole property. Most of these houses are supplemented by other buildings, which add to their history, including old carriage houses, barns, spring houses, or even small tenant houses.
Although these buildings make the property more attractive, they also make your job more challenging. You will have to think about the cost of maintaining, repairing, and insuring these additional structures.
Get the Right Insurance Coverage
Historic home insurance is not as simple as modern home insurance. You must have a policy that really safeguards your investment. There may be no standard policies to cover the cost of restoring unique features with historically accurate materials in the event of a loss.
Consult your insurance agent on how to get a comprehensive policy that will cover these special features.
