Is Buying a Historic Home Right for You?
Although most home buyers prefer homes with the latest amenities and features, there are many architecture aficionados who would love to invest in a property that has some historical significance or architecture that reminds them of the Royal Victorian times. If you are thinking of buying a historic home, here are the few crucial things you need to think about:
Restrictions on development and construction
Most historic homes are guarded fiercely by the local authorities in an attempt to preserve their historic value. Many towns and villages may have exquisite historic homes that are guarded by the area’s zoning and planning commission. Any kind of renovation, altering or rebuilding of these homes requires a series of permits and approvals, plus you may find yourself amidst a fair amount of bureaucracy too. If you buy a 100-year-old home, for instance, you may not really be able to renovate it and if that is what you have been planning, it can be a serious concern. Most landmarks and historic districts retain a fairly strict hold on these kinds of renovations that involve older constructions. If you are thinking of buying a historic home and are planning to renovate it in the future, talk to an architect or town official before.
When buying a historic home, you may find that some areas of the home require maintenance and repairs. Bear in mind that the homes constructed in the ancient era were built with raw materials and decorative pieces which may not be available today. Under such circumstances, if you end up buying a home that is in less-than-perfect condition, finding the same material and design for picture rails, wainscoting, crown mouldings, or the richly decorated and ornate features that match the original era of construction may be almost impossible. Although some architectural salvage companies may be able to track down the materials for you, you will be looking at a fairly steep expense to procure those materials.
When buying a home, most buyers dream of moving in their newest possession as soon as possible. But if you are purchasing an ancient house, you may first need to get all the necessary repairs done. Remember that these repair costs are going to add to the cost of your home, which will also be huge. It is up to you to think whether you would like to embark on a pricey renovation project in addition to paying the cost of the property.
The chances are that your historic home has a pre designed HVAC system, plumbing network and electrical systems. Although you may be able to alter a few elements, you may not be able to change a lot. This means introducing some modern amenities may not be easy and may result in huge costs with a historic property with historic systems.
Whether you are purchasing a historic home or a Maple Ridge dwelling, contact us to get the latest listing on brand new homes for sale, new housing development news, updates on First Time Home Buyer Mortgage Programs or upcoming New Townhouse Developments in Maple Ridge.