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Buying an Historic House
If you love history, and have always dreamed of living in an old house, there are a few things
you need to know. Start your historic home-buying journey by speaking to an agent from a realty like Royal Canadian Realty. You will have the guidance needed for buying such a home.
What does buying a Historic House Mean?
Ownership of such a house is a once-in-a-lifetime experience. You will be surrounded by art, architecture, and history all around you. Some buyers or sellers are passionate about historical homes and expect you to be the same. Usually, features or structures from a particular time, catch potential buyers’ attention. It can be an emotional investment, and historic homes are purchased because the buyer felt a connection with the home.
Is Buying a Historic Home a Good Investment?
Because buying a historic home is a unique opportunity, and unlike buying a regular home, you need to invest some time, effort, and some money into it to get the result you want. Older properties often have unique features buyers appreciate. You can use your historic home as an investment property, as renters usually stay longer when they rent historical properties. Historic homes get more views on sites like Airbnb than newer homes nearby. Houses classified as historic, come with rules when improvements are involved. It is a good idea to talk to your realtor, like Royal Canadian Realty, before buying the home so you will have all the needed information before things like this come up. Since older houses tend to need repairs due to age, you will have to factor this in when you are working on renting or buying profits. The appreciation rate of a historic house seems to be higher on average than the nearby homes. They don’t seem to be as affected by downturns in the market as regular homes. If you hold on to the property for a while, you can experience healthy profits. There are often tax breaks for houses that have a conservation easement. Renovating or maintaining a historical home can bring a variety of tax breaks that can offset repairs.
Historic homes can hold value if they are in historic districts. Your home can be worth up to 20% more in a historic district than a regular home in a normal neighborhood.
What do I need to know before Buying?
A historic home will have had to qualify for such a title by being connected to significant events in history. It has to be connected to significant historical individuals’ lives, provide information that is important historically, and the home needs to be in a historic style or by a certain master. If your home is in a Historic District, that means a group of heritage properties that have heritage value as a group, there can be protections placed on the home. Sometimes a house alone is not considered historic, but because it is part of a particular group, it falls under the historic district while not having the protection or limitations of a historical home. Remember, however, if buying a home in a historic district you are more than just a neighbor with a historic house, you are a neighbor and steward of district history. The community is dedicated to preserving the character and history of the homes.
If you are interested in buying a historic home, speak to your trusted agent at Royal Canadian Realty. We can guide you in finding the historic home of your dreams so you can create new memories within its unique walls.