Search MLS Listings

What to Consider When Buying a Historic Home

By: Jeff Ham & Christy D'Oliveira

What to Consider When Buying a Historic Home

Tags: real estate, home, homeowner, home buyer

Historic homes are filled with beauty and charm from the inside out. As a homeowner, it’s a chance to own a piece of history within the city you call home. But it’s also a multi-layered investment with a number of considerations you should be aware of as you make your decision.
 
First, some of the pros. As previously mentioned, historic homes are uniquely beautiful and hold an appeal for those who have a love for nostalgia. Built in a variety of styles including mid-century, Georgian, Victorian, Colonial and much more, historic homes are a snapshot in time that can make the perfect home for those who are drawn to a house with a story.
 
Owning a historic home also means that you are playing a large role in keeping a piece of history within your community alive. Taking into consideration the general maintenance that you will do as needed to keep your home updated, your preservation of the home mixed with the updates you may choose to do to modernize to your liking, will play a considerable role in revitalizing a historic jewel.
 
While we’re on the topic of updating the home, it’s worth mentioning another potential benefit of buying a historic home, which is the possibility of government support when it comes to preservation. From lower interest rates on loans, to grants or even tax incentives, the city, provincial, or even federal interest in preserving or restoring land or property that is considered historic could lead to some very helpful incentives for you as a homeowner.
 
While these pros are very appealing, the flip side of this could be cons for some individuals. First, the obvious fact that historic homes are an immense amount of work. Upgrading electrical systems, structural reinforcement, water damage, wood damage and implementing security systems are just a few of the upgrades and repairs that may be at the top of your list. Of course, with these potential alterations in mind, that means there will be a significant amount of expense involved. While there may be potential for additional support as previously mentioned, it won’t necessarily cover all that needs to be done first to restore, and second to make the home what you picture yourself living in.
 
Another very significant aspect of owning a historic home is the fact that land, sites, and homes that are designated as historic come with a list of very strict rules and guidelines for homeowners to adhere to. This means that you may not be able to make certain changes to both the interior and exterior of the home. Before pushing play on making this type of purchase, it is strongly suggested that you contact the city to ensure you have all the information necessary to making a well-informed decision.
 
If you’d like to learn more about what goes into taking ownership of a historic home, do reach out to us today and we can answer any of your questions. Email us at info@thefreshapproach.ca and we will be happy to connect with you!