If you're considering purchasing an older home, you're probably seriously considering the pros and cons. Heritage-listed properties continue to be a source of contention for buyers. They are beautiful to look at and well-loved, but there may be a lot of effort and money to remodel or maintain.
Historic properties typically have unique problems that modern ones do not. So, before you commit to buying a historic property, be sure you understand how much care and upkeep it will take to keep it in good condition.
Continue reading below for three things to know before purchasing a heritage home.
1. Old Houses Have Old Problems
While newer homes are a fresh start, older homes have a rich history. And with that history, there could be hidden health hazards. Most lenders do not request a home inspection, but having one done for your benefit before committing to any house is always recommended.
Heritage houses may have flaws that are not immediately obvious since they were built using outdated materials that are no longer in use. According to the asbestos testing Christchurch experts, you're likely to miss something when you're expecting a place as a future homeowner. You are not accustomed to these issues, and you're excited. So, make sure you locate the right professionals to determine if your new historic home will be habitable.
There could also be some restrictions. If you're looking to live in a designated historic area, you may be limited in what you may do to the outside of your property, including paint color and window type. It would be wise to check with your municipality's planning department before planning anything significant.
2. Homeowners Insurance Premiums
Heritage houses have higher insurance and maintenance expenses due to varying safety and building regulations and increased wear and tear over time. For some, this is entirely reasonable because it is a passion project. Others may like the aesthetic of an older home but aren't prepared for the financial commitment that comes with it.
The average premium for a house older than 30 years is 75% more than the average premium for a recently constructed home. Insurers often consider older homes at higher risk than modern homes since they are more likely to be in disrepair and sustain structural damage. There is a good chance you will pay more if you buy a heritage property, so be sure you are prepared for that.
3. Authenticity is Key
Just because a house appears to be historical, and chic does not mean it was built in the nineteenth century. An experienced real estate agent can check the local municipal registry and establish if that property is culturally significant. The registry may also include a statement explaining the property's cultural heritage significance, indicating which portions of the house are genuine historical features.
If you wish to do your own research, there are various means to determine if your house is a heritage property or just old. You can start with a simple web search or, if you need something more advanced, census records. Before you commit to a home, make sure you grasp its entire history to avoid paying a premium for an old house that isn't considered historic.
Buying Part of the Past
Historic houses allow homeowners to possess a piece of history while also embracing the personality and charm of a wonderfully designed home.
If the time and effort necessary are not something you are comfortable with, it is advisable to evaluate before investing in anything. Yes, there are some costs you may not have considered, but with little research and the proper assistance, you can have the historic home of your dreams.