Buying a Historic Home? What to Know, How to Prepare
Posted by Justin Havre on Tuesday, May 14th, 2019 at 8:25am.
Historic homes are beautiful, romantic and fun to own. However, if you're thinking about buying a historic home and you've never owned one before, preparing yourself can help make the experience a good one. Here's what you need to know about buying a home with historic value.
Budget for Maintenance
Historic homes may have a lot of deferred maintenance. Original features in particular tend to need extra love and care to ensure that they can continue to function. Homeowners are encouraged to budget at least 1% of their home's value for home maintenance every year. Homeowners with historic properties may need to set aside more to ensure they can keep their home functioning.
One of the factors that affects the cost of maintenance is whether the homeowner is hoping to maintain historic accuracy. Finding antique fixtures and historically accurate building materials can cost extra money.
Get a Good Inspection
Getting a good home inspection is critical when buying a historic home. Older homes can come with a variety of problems including unsafe wiring, leaky plumbing and pest problems. Buying an older home without a good inspection is a risk, because of all the things that could be wrong with the property.
Buyers who want to ensure they get a good inspection can find an inspector through someone they trust, and by contacting references for the inspector they're thinking about hiring.
Plan to Make Necessary Upgrades
Fuse boxes in particular are common in older properties. Often, these fuse boxes don't get enough electrical service. If this is the case, fuses may pop frequently. Home buyers who are thinking about buying a historic property must be prepared to upgrade the fuse box, if one is still present in the home. Other upgrades may also be needed. If the appliances are very old, the buyer may need to replace the appliances in order to keep their home functioning.
If you're an East Calgary home buyer who is prepared to maintain an older home, then you'll probably find the experience rewarding. Just be sure you're prepared. For more information, talk to a real estate professional today.
