In The Market For An Historic Home? 4 Tips To Consider Prior To Your Purchase
Posted on: 14 December 2019
If you're going to be purchasing a historic home, there are certain steps you'll need to take. When purchasing a historic home, you'll be required to know that the historical integrity of the property is protected. The first thing you need to do is make contact with an experienced real estate agent. In addition, here are just four steps you'll need to take when purchasing an historic home.
Understand the Restrictions
When you purchase a modern home, you have the freedom to add your own personal touches. Some of those personal touches include new paint and windows. The only exception to that would be if you purchased a home with HOA requirements. However, when you purchase a historic home, you'll be required to abide to certain restrictions. These restrictions will ensure that your home remain historically accurate.
Identify Existing Easements
When purchasing a historic home, it's important that you understand the easements. Each historic home should have an easement that will provide protection for the integrity of the property. In most cases, the easement will be held by a government agency or a local preservational organization. Once a historic home has an easement, it will remain in place. If the home you plan to purchase hasn't received an easement, it's important that you obtain one prior to taking ownership of the property.
Consider Updates Carefully
If you plan to purchase a historic home, the property may require updates and modifications, especially if no previous renovations have been provided. Some of the most important updates will include electrical wiring, plumbing and roofing. However, you may also need to update windows and kitchen appliances. When planning these updates, it's important that you follow the appropriate guidelines to maintain the historic integrity of your home.
Locate Appropriate Funding
If you're in the market for an historic home, and you plan to obtain financing for your purchase, you'll need to find an appropriate lender. In most cases, historic homes cannot be financed through traditional methods. Because of that, special financing will be required for the purchase of your historic home. If you're not sure where to obtain financing for your historic home, your real estate agent can help you obtain a renovation or HUD loan for your purchase.
Don't take chances with the purchase of your historic home. Before you make your purchase, talk to your real estate agency about any requirements that might be necessary.
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