There’s always something cool about owning a historic home. Cool is in fact an understatement. You no longer need a piece de resistance to put in a living room—the house is, by itself, the piece de resistance. Many home owners are also attracted to the idea of re-purposing an old home, which they can call their own, and don’t mind getting to town with the whole process of beautifying a home with old bones. Old homes also have character that a lot of people love.
Found below are some tips to help you decide whether a modern or historic home is perfect for YOU:
- Understand the home restoration process—if it’s needed.
Kathy Hatter of Red Beacon suggests getting an idea and estimate of the costs involved with the home restoration of a potential historical home prospect. Request a home inspection to learn about any problems with the house. Another important step to take is to research the heritage of the home and the home building trends during the era the historical home was built so as guide you in making decisions for the restoration process.
- Consider your budget.
Restoration projects can cost you anywhere from a few hundred bucks (for really, really minor repairs) to tens of thousands of dollars. Make sure that you can handle the overall cost of the restoration, because you may be better off with a new home instead.
- Determine how much history is involved with the new home you’ve set sights on—and if it’s good or bad.
We’re not just talking about structural anomalies here. Get to know the house before you plan on closing the deal with the realtor. While under local regulations, the realtor is obliged to disclose any stigma associated with the property, you may want to do some additional research on the property. You may find out a thing or two along the way which can help you decide whether the property is really the right fit for you.
- Finally, convenience.
Do you have a lot of time on your hands? Can you afford to spend time on design and planning for the restoration of a historic home, or modern home? Would you rather buy a new home to save you time and costs or would it save you more if you opt for less creaky, but more polished old homes? These are the questions you have to ask yourself before opting for a modern or historic home.
It’s no doubt that old homes exude a kind of warmth and nostalgia for time gone by. But before making one of the biggest purchase of your life, make sure it’s worth all the money and restoration time.