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The Condition of the Home: Since these homes are on the older side, they often require repairs to modernize the basic components (like the roof, septic tank, electrical wiring, plumbing, and heating system). These repairs can add up! Make sure to have a home inspection so that you understand the true, current condition of the home and know what items will require replacement in the future.
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Your Ability to Obtain Financing: If you need to finance your purchase of a historical home, know that it's harder to secure a loan for a property that requires a lot of repairs. Check out home loans that are specifically designed for properties that need a lot of renovations. These loan programs allow you to roll some of the costs of the home's renovation into your mortgage.
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Desired Renovations: While structural renovations or repairs usually aren't a problem, there are often limits as to what kind of aesthetic renovations you can complete. You may be forbidden from adding a deck or other permanent structure to the home. Or, you may be unable to change the layout of the home's interior. Ask for a copy of the local preservation guidelines, so you understand what renovations are prohibited.
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The Cost of Homeowner's Insurance: Higher premiums are often associated with historic homes. Insurance companies charge higher premiums for these homes because they assume they will be more expensive to repair or replace. If the house is in poor condition, this can also raise your rates.
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Hidden Problems: It's easy to glance at the roof and note that it needs to be repaired. However, other problems aren't as visible. Some historical homes may have problems that are hidden from view, like asbestos, lead, termites, or mold. Remedying these hidden problems can be costly. Luckily, this is another issue a home inspection can bring to light! Make sure that your home inspection includes examinations for these potential issues.
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The Home's Authenticity: If your goal is to keep your home as authentic as possible, know that it's expensive to complete repairs that maintain the home's authenticity. The materials for the repairs may be hard to find, and you'll need to hire a contractor who has experience with this type of historical home repair.
- Your Current Home Decor: While this might seem like a small thing to consider compared to the rest of the items on this list, keep in mind what home decor you have and if it'll fit in your new antique home. Your modern glass table might not look the best in a kitchen built in the late 1800s. Keep in mind your decor budget and what items you'll need once moving in.
