Buying a historic home gives prospective Discovery Ridge homeowners a chance to be a part of history. However, buying and owning a historic home is a lot different from owning a modern home. Here's what homeowners with a love for the historic should know about buying historic homes before taking the plunge.
Be Aware of Possible Defects in the Home
The older a home, the greater the risk of defects and damages caused by outdated building practices or wear and tear over time. Many older homes have not been sufficiently maintained over the years, so homeowners looking to purchase a historic home should account for additional repair and renovation expenses. These expenses can be difficult to manage, so homeowners should have space in their budget before committing to the purchase of one of these homes.
Additionally, many unsafe materials may be included in older homes that are no longer allowed today. Asbestos, for example, is used in homes as recently as the 70s and 80s, and homeowners will need to bring in specialized teams to remove any trace of this hazardous material.
By anticipating high renovation expenses, buyers can better prepare themselves for the ownership of a historic home.
Be Aware of Binding Historic Easements
A historic preservation easement is a legal agreement that protects a historic property and preserves its character. These easements exist in perpetuity, allowing the architecture and character of significant properties to be preserved even after the owners change hands.
New buyers interested in purchasing a historic home need to be aware of if such an easement exists on their desired property, as this will impose restrictions on the allowed renovations to be done within the home. Modern upgrades may be refused, and homeowners will have to consult with a qualified organization that will manage and enforce the restrictions of the easement.
Work With a Real Estate Professional to Navigate the Historic Home Buying Process
Buying a historic home comes with its unique risks and requirements, but the joy and enrichment of owning one is worth it for many owners. By planning ahead and knowing what should be planned for, prospective historic homeowners can make the best decision on whether a historic home is right for them. Work with a licensed real estate professional so you can buy with confidence when you decide to purchase and care for a historic home.