Almost any state you choose to buy a home in contains at least some historic districts. If you enjoy history and are looking to buy a historic home, you can reap many benefits. On the other hand, buying a history home can be very complicated. There are many limitations to changing the look of a historic home, limiting your ability to make the house more personable. Before you choose to place an offer on a historic home, it is important to do some research. Here are some benefits and limitations to help you get started in deciding whether to purchase a historic home or not.
Protection During Fluctuations
Anyone in the real estate industry knows that the real estate market is always changing. You could buy a home today and it could rise or fall in price the next day. In an effort to protect your investment, a historic home can be a great choice. Historic homes tend to remain around the same price during market fluctuations. In fact, a study done in Tempe, Arizona found that historic homes experienced a 5% to 35% greater increase in price than regular homes. If you are buying a home in an unsteady market, you may want to think more about purchasing a historic home.
Lack of Changes
There are a number of different variations when it comes to historical homes. Some homes are deemed historic because of the person who lived there, while others are historic because of the age of the home. Due to the different types of historical homes, you have to understand what changes can and cannot be made to the home. The best way to do this is to visit the local town hall to find out more information about the house. Some restrictions may be as simple as limiting the paint colors you can use, while other restrictions could control everything including the landscaping. The last thing you want to do is move into a home and find out that you have to hire a landscaper to maintain your yard a certain way.
Another great benefit to owning a historic home is that you won't find it in a typical "cookie cutter" neighborhood. Because of the age of the home, you may likely find unique features in the home that you wouldn't be able to find in a more modern home. A lot of historical homes offer features that include commercial kitchens, luscious landscaping, and historical facts that can be fun learn. A real estate company, like Re Max, can tell you more.