The Pros and Cons of Buying A Historic Home
Buying a home is a thrill in and of itself. Buy a historical home and the experience will be that much more exciting. Historic homes typically appreciate in value. Perhaps most importantly, your historic home will make you feel as though you own something truly special and unique. Family, friends and others will look forward to the opportunity to visit you in your historical home. Unfortunately, there are some drawbacks to historical homes as well. Let’s take a quick look at the pros and cons to buying a historical home.
Pro: This is Your Chance to own Something of Historical Importance
Wouldn’t it be nice to own your own piece of history? Your historical home is just that. These buildings typically have elite craftsmanship and highly-stylized architecture. Buy a historical home and you will find yourself marveling at its beauty and idiosyncratic qualities as you go about your daily routine.
Con: Historical Homes are a lot of Work
The downside to owning an old building with unique craftsmanship is it costs a lot to repair. Furthermore, these costs seem to never end. Making matters worse is the fact that historical homes tend to be large so there is that much more to take care of. Everything from the wood floors to the slate roof will require a considerable amount of work. If you aren’t good with your hands or lack the free time to perform extensive home maintenance and repairs, you will be better served with a modern home.
Pro: Historical Homes are Coveted
There will always be a demand for your historical property as you own something truly distinct with lasting value. Studies show property values in historical districts typically increase faster than the rest of the market. If you ever decide to sell your historical home, there will be no shortage of buyers offering sizable sums for your property. In fact, you might make a tidy sum if you time the market just right.
Con: An Elevated Chance of Potential for Asbestos and Lead
Lead and asbestos are sometimes found in older homes as the danger of these substances was unknown until a couple decades ago. Some historical homes have plumbing pipes with lead paint along the interior and exterior. Historical homes are also more likely to have asbestos behind the walls in the cellar or in the attic’s insulation. These hazardous materials must be replaced, even if it costs tens of thousands of dollars.
Pro: Historical Homes are Located in Established Neighborhoods
The vast majority of historical properties are in neighborhoods with minimal construction, mature landscaping and peaceful environments. These are established neighborhoods with less traffic and noise pollution than most others. The icing on the cake is the fact that those who live in historic neighborhoods typically have some say in neighborhood alterations as suggestions for changes must pass through a review board.
Con: The Electrical and Plumbing Systems Might be Outdated
It can cost upwards of $40,000 to re-wire a large home. If you are thinking about buying a home and cost is a major factor, do not underestimate the potential for a historical home to require extensive repairs. Historical homes with antiquated electrical and/or plumbing systems really do have the potential to become money pits. Unfortunately, some older homes lack the wattage necessary to operate today’s conveniences. This means the electrical system will likely have to be updated if the prior owner failed to replace the old wiring.