Buying a Historic Home: What You Need to Know

If you're considering buying a historic home, it's important to know what challenges you'll face before deciding whether this type of home is right for you.

Buying a Historic Home: What You Need to Know Close
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Buying a Historic Home: What You Need to Know

Posted by Gary Ashton RE/MAX Advantage on Monday, June 3rd, 2019 at 10:24am.

Buying a Historic Home? Information to Help You PrepareWhen searching for a new home to buy, there are many things to consider. One is what type of home it is and its age. For example, buying a historic home can be beautiful and romantic, but they can also come with a variety of challenges. Once you know about the challenges of buying a historic home, you can decide for yourself whether this type of home is right for you.

Inspections

Historic homes sometimes face maintenance challenges. Getting a good home inspection is important for identifying these problems up front. Without a good home inspection, home buyers have no way of knowing what kind of maintenance they'll be required to take on after moving into the house.

A good home inspector will look for problems such as:

  • Plumbing leaks
  • Pest problems
  • Foundation trouble
  • Roof leaks
  • Lack of insulation
  • Electrical problems

Sometimes home buyers are tempted to pass on the home inspection, because most home inspections cost several hundred dollars. However, home inspections are generally money well spent, and this is definitely the case for a historic home.

Insurance

Sometimes it's difficult to buy a homeowners insurance policy on an older property. Home buyers who have a hard time finding an insurance policy for their historic home may need to shop around or even ask the home sellers what insurance company they use to insure their home. Home buyers seeking a historic property must prepare themselves to pay extra for their homeowners insurance policy, as sometimes these homes can be expensive to insure.

Home Repair

All homes need home repair, but home repair can be especially tricky in historic homes. Most homeowners need to budget about 1% of their home's value annually toward home repair. Historic homes can be more expensive to repair because historically accurate materials can be more expensive to obtain, and because historic homes often need more maintenance in general. This is an important thing to consider when budgeting for home repair.

Work with a Real Estate Professional

Unless you've owned a historic Hendersonville TN home before, it may be difficult for you to identify all potential issues you'll face when you own a historic home. A good real estate agent will have experience and training that can help you grasp what owning a historic home will entail.

Your real estate agent can also help you negotiate a good price for a home. This is important because so many historic homes are priced higher than more modern properties. For more information about buying a historic property, contact an experienced real estate agent today.

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #2 RE/MAX team in the World!

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