A historic house can be an excellent purchase. However, historic houses do carry a serious set of risks that can cost you money. Below are 3 things that you should know before you buy a historic house.
Historic House Restrictions
Unfortunately, many historic homes have serious limitations. This is because many U.S. planning laws protect them. So, do not think that you can just renovate and add to the house as you please. If you buy this type of house, then you will have to get extra approval to complete any work on it. This is in addition to the typical procedures you need to go through. Before buying a historic house with renovations in mind, consult a professional. Such renovations can cost you extra time and money.
Repair Is Difficult and Costly
Many of the materials that were used in the historic house’s construction might no longer be available. While it is possible to track down these materials, these materials might come with additional costs. Bear in mind that many of these houses are already in need of repair. So, it is a double whammy, in many respects. First, you have to renovate your historic house by default. Then, finding the materials will be difficult, and the local planning authority might even reject the work.
Financing and Insurance
A historic house is in a niche market. The house was likely constructed without following many existing regulations or modern safety features. For these types of houses, insurance is available; however, it will cost you extra, and you will have to shop around. Financing is also available, but lenders are wary of these old houses. The repair costs are nearly always extensive for these homes.
Old homes often come with significant difficulties. Unless you are really passionate about a historic house and you have a repair strategy in place, shop elsewhere.