BUYERS BEWARE: THE HIDDEN COSTS OF HISTORIC HOMES

There are many fine and pleasurable reasons for buying an historic home, but you definitely shouldn’t get into one without understanding the potential costs.

Here’s what you need to know:

There’s much to admire about owning an historic home. You probably don’t need to be sold on the beauty of a grand old house, and in all likelihood the home is in an established neighborhood or district where prices are projected to appreciate at a better clip than other areas.

Plus, if it’s truly classified as an historic home, and not simply an old house, you probably can take advantage of tax breaks other owners might not enjoy.

But before you fall in love with the gleam of summer light cascading through a century-old stained glass window, pause and consider what you’re really in for when you buy an historic home.

1. Lead, asbestos, and other buried “treasure.” Pipes and paint can be lead culprits while asbestos in basements, attics, and walls may be lurking. Also, it’s not uncommon for there to be abandoned septic tanks, cesspools, wells, or even heating oil reservoirs buried somewhere on the property. Remediation and removal can run into the thousands, should you decide to go that route.

2. Renovation restrictions. A truly historic home may be ineligible for certain renovations depending on preservation guidelines. Ownership of an historic home does not give you carte blanche to make changes, especially to the exterior of the property.

3. Wiring and plumbing problems. If the electrical system in the house hasn’t been upgraded, you might find yourself facing problems if you want to add significant appliances or other major power loads to the system. Older plumbing can also prevent formidable repair jobs as well.

4. Authenticity is expensive. The materials you’ll need to repair or restore original fixtures, windows, or other aesthetic components of the house can ad up quickly. While you may be investing in quality materials to keep the home in line with its original construction, it may not be an investment with a guaranteed return.

Perhaps you’re prepared for everything an historic home has to offer, both good and bad, but if you haven’t thought it through yet, these are some handy challenges to keep in mind. If you’re exploring historic homes, be sure to ask the current owners about all of these issues (and if/when they’ve dealt with them).

If you'd like to look at historic homes or think perhaps it's time to consider something a bit newer, talk to a REALTOR® today to help you find just the right house.

Comments

SPRING ROOF INSPECTION

The roof is the one thing between your home and the elements... doesn’t it deserve a little respect? Here are some roof maintenance tips to preserve your home’s value. Ah, the humble roof. We forget that the single most important structural element in our home is the roof. It provides shelter for those we love and the things we value. It’s easy to let maintenance slide on something we take for granted. With better weather days upon us, now is a good time to inspect the roof and make sure it’s up to the task of protecting your home’s value. Here are some crucial elements you’ll want to look for during a roof inspection: Are the gutters clean and in good shape? Organic debris building up in your gutters can cause water to pool and foster an environment for roof rot. Do you see any curling around the bottom edges? Are there any gaps or holes in the soffit? Are there surface cracks in shingles? Cracks warn you of impending disintegration or separati

BUYING YOUR FIRST HOME: SEVEN TIPS FOR FIRST-TIME HOME BUYERS

Now that you've made the decision to purchase your first home, a hearty congratulations is in order! Becoming a homeowner, especially for the first time, can stir up some feelings of anxiety and excitement. With the knowledge that you gain through individual research and the help of your REALTOR®, you will soon begin to feel like a seasoned house hunter. Tip # 1: Do Your Homework Did you know that there are a number of incentives available to first-time home buyers? In Canada, there is the First-Time Homebuyers' (FTHB) Tax Credit. The Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief starting in 2009. Another incentive is the Expansion of the Home Buyers' Plan (HBP). To provide first-time homebuyers with greater access to their RRSP savings to purchase or build a

A SPRING SPREAD ANY BUNNY CAN CREATE

(Culinary.net) With spring in the air, it’s the perfect time to invite guests over for a hopping party. It’s also a great opportunity to tackle that dreadful spring cleaning and spruce up your living spaces with vibrant decor for visitors to enjoy alongside a delicious recipe. With this sweet, colorful table arrangement, your whole family can get into the spring spirit. From festive utensils, a bright centerpiece and cute snacks, your spring setup can be fresh and fabulous. It’s simple to put together and easy on the budget. Pair it with appetizers or even a main dish for a full spring party spread that’s sure to impress. Find more springtime recipes at Culinary.net . Watch video to see how to create this Spring Table Spread! Chick Cheese Balls Recipe adapted from Hallmark.com Yield: 10 chicks 1 package cream cheese 1/4 tablespoon garlic powder 1 tablespoon Worcestershire sauce 1/2 lemon, juice only salt, to taste pepper, to taste 1 cup fine

At Home With Valerie

Search This Blog