Should I Buy A Historic Property?
Owning a bit of history is exciting!
Knowing your residence is a part of America’s past is always a conversation starter. Let’s face it, older neighborhoods with mature tree-lined streets and stately homesteads are head turners. If you have ever thought about purchasing one of these American beauties, you should consider a few things first.
Real Estate Restrictions
While you may wish to have your new home painted with the latest pastel color, you may not be able to. Many older neighborhoods are located within a designated historic district. Usually, these areas have restrictions on what you can and can’t do to the exterior—like paint, update windows, replace doors, etc. Although, the benefit of having these districts can usually be felt in your wallet. Typically, you’ll find historic homes in great neighborhoods that increase in value.
Unable to Update
Modern day amenities such as a large refrigerator or even an air conditioner may be hard to update. Most historic homes are tight on space, and you may want to think twice before making the leap. Make certain that you are willing to sacrifice comfort for charm.
If you find a historic home that looks like a gem, you still may uncover some probable issues. Historic homes have a tendency to hide certain problems. While it’s always a good idea to get a home inspection, be aware that not all problems are easy to spot. Issues with plumbing, asbestos, or even windows that jam are all common problems with older homes. Also, most historic homes don’t come with modern day insulation. You may be looking at some very expensive fixes and updates.
If you fall in love with the charm of ornate details, just know that finding an exact match for a door knob or light fixtures may be difficult. You may find yourself scouring online sites or specialty hardware stores to find pieces that fit within the era of your home.
Love at First Site
Even if you’re aware of all the issues and hard work that go into owning a historic estate, you may still find yourself having an agent write an offer. It’s hard not to be captivated by all the character and charm that easily draws conversations from passerby’s. In fact, it may be enough to sway you into preserving an iconic piece of America’s history.
For more on this subject read our recent blog, “When and Why to Consider Renting Out Your La Jolla Home”
Thinking of buying or selling a home in the La Jolla area? As consistent top producers in real estate, Linda Daniels and The Daniels Group are your La Jolla housing specialists. Our team of local experts will ensure that you have a successful real estate transaction. Call us today at (858) 361-5561 or email us anytime by clicking here.