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What to Know Before Buying a Historic Home

Building a new home can be fun but the expenses can quickly add up as you include many of the latest and greatest features. However, if you’ve ever walked into a historic home it takes you back into a more simple time when craftsmanship was truly admired.

If you are one of the many people who have a love for character, detail, or exceptional woodwork you have probably considered purchasing a historic home. But what should you know about these homes before you sign the contract?

Increase in Home Value

Purchasing a historic home means that your home can easily outrank the non-historic homes in the area. This means that due to it’s well-preservation and simply due to the fact that it’s historic, it can grant you a greater return on your investment.

Be a Part of an Exclusive Group

Being able to list your home on the National Register is an impressive feature. Not only can you discuss the history that your home offers to other historic home owners but you’ll also be a part of something larger that has a lot of meaning. Maintaining the history that your home holds is truly an honor and something to be proud of.

You May Have Restrictions

If the home you are purchasing is listed on the National Register chances are your efforts to restore or make any changes to the home will be restricted to some degree. Any changes that you would like to make will require review by the proper administrators in order to meet the expected guidelines.

Renovations May Be More Costly

In order to keep your home in good standings of being considered historic this will mean that you also have to continue on that path when any renovations occur. This in turn can cause your costs to be a bit higher as historic pieces may be required or you may need certain items customized specifically to your home and it’s needs.

However, You May be Eligible for a Grant

Again, thanks to the historic status of your home there are a few grants out there that may be used on your home’s behalf. Contacting your local government agencies or the National Register will provide you additional information on whether your home is eligible for any grants, loans, or possible tax incentives.

The Beauty of Owning a Historic Home

Although you may have different hoops and obstacles to jump through compared to a typical homeowner, if you truly have a passion for historic homes it is well worth it. Not only are you making a difference in the Nation’s history by continuing the preservation of the home, you are also able to live in a home that truly has its own unique details, stories, and characteristics that you will not find in any other home.

So if you’re looking to settle into a historic home, check out Philadelphia houses for sale today for numerous listings that easily hit the mark. As the saying goes, “often imitated but never duplicated,” is truly a fitting statement for any historic home

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