Should You Buy a Historic Home?

Dated: 05/03/2018

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A house doesn’t gain the level of “Historic” until it meets a number of certain criteria.

  • It must be at least 50 years old.
  • Must have integrity (based on location, design, setting, materials, workmanship, feeling, and association.).
  • Must have significance. (Was the house present to historical events?)

The benefits of owning a historical home come in the way of text incentives, tax credits, and lowered interest loans. This is the government’s way of encouraging the preservation of these historic homes as well as keeping the history alive.

Owning a historic home also gives the owner a richer understanding of the history surrounding the home and the area, as well as pride in owning a piece of that history.

However, there are some things that need to be considered carefully before diving into ownership of a charming, historic home.

  • A professional home inspection needs to be done and by someone who specializes in historic homes.
  • The home must be up to date on safety and health standards (such as lead based paint).
  • There are also laws that regulate historic homes and what can and cannot be done to them. Make sure you know the laws before taking the step to purchase the home.
  • Historic homes often require special historic home insurance. Understanding the costs of insurance should be taken into consideration when purchasing the home.

Overall, it is up to you to weigh the pros and cons. Although it can be a lot of work, owning a historic home not only enriches the lives of the owners, but also helps in the protection and preservation of the home, and therefore the history.

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