There are many reasons why you might have your eyes on a historic home. They have a unique charm and help keep the history of a property alive and thriving. Any time you step into a historic home, it’s as if you’ve stepped back in time, and every feature, room, and cranny seems to tell a story. From ornate fireplaces to detailed crown molding and everything in between, there’s few things not to love.

If you’re a history buff, you’ll have plenty to learn from your property and revel in the stories of generations of people that have passed through the doors. You may even be able to reap a few financial benefits, such as mortgages with lower interest rates and tax incentives—particularly if you restore and preserve them. However, if you’ve got your mind set on a historic home, here’s what you need to know.

Necessary Renovations

You can never be too sure of what to expect when it comes to renovating a historic home until you start to dig deeper and peel back the layers. Some renovations might be small, while others might cost a pretty penny. Let’s say you’ve fallen for an 1800s Victorian-style home. But then you come to discover that you’re in a humid region and there’s no air conditioning.

“Creating or building out a central air system can be relatively straightforward or quite complex and costly,” says Larsen HVAC in West Jordan, UT. “It depends on the work that was done prior to you. In some cases, you might simply have to work on concealing ductwork, and in others, integrating a condenser into an existing system will get the job done.”

Pay close attention to your home inspection to determine what needs to be done versus upgrades you want that don’t affect the integrity of the home. It helps to work with inspectors who have experience dealing with historic homes.

Expect Strict Rules

Unlike traditional homes, you can’t simply do whatever you please to a historic home. Local laws dictate how you can change your home, and with a stringent set of guidelines, any alterations you’d like to make to your property will require permission from the city. And it’s not just about technical and structural changes, either; in some areas, you may not even be able to change the paint color for exterior home improvements.

This extra layer of red tape is often a major deterrent for potential property owners. If you prefer to preserve the history of a property and like the aesthetic of a historic home just as it is, this con may not matter as much to someone like you. But for homeowners that like to make additions and build out add-ons, you can expect to find some push back in this area.

Your Insurance Rate Will Be High

Tax benefits aside, you can find yourself dealing with pricey insurance rates when you invest in historic homes. Naturally, insurance companies are more wary of older properties, as they pose a bigger risk for damage and necessary replacements. Traditional insurance companies don’t offer the same full-bodied coverage options that niche companies do. However, you shouldn’t assume that you won’t get a good rate; every home is different.

Properties that require extensive repairs might have some difficulty, while homes that have been maintained over time will fare better. Furthermore, you may be able to take advantage of special credit systems designed to aid homeowners with historic properties. This system offers “credits” that help lower insurance rates when homeowners take strides to reduce risks through renovation efforts.

Published: 2020-03-01 15:57:21