Pros and Cons of Buying a Historic Home

buying a historic home with brookfield real estate agent

Brookfield IL Realtor on Buying A Historic Home

buying a historic home with brookfield real estate agent

Historic homes offer a unique living experience. A blend of nostalgia and elegance comes together when you know that your home has been the place where countless memories have been created. The combination of age, integrity, and significance make it something “special.” However, there are challenges that come with owning a historic home. Here are a few pros and cons when it comes to owning a historic home from Brookfield IL real estate agent Agnes Halmon.

What Makes a Home ‘Historical’?

A home is considered “historical” when it meets certain requirements. First, it needs to have age. Typically this refers to at least fifty years. Second, it needs to have integrity. This might be characterized by the following:

  • Design
  • Materials
  • Craftsmanship
  • Association or location

Last, a historic home often has a significant story associated with it. If there were important people in history, events, or developers involved it might be considered historic. The homes of our founding fathers are good examples.

The Good Stuff

So what are the benefits of owning a historic home? Well, the first is a closer connection to our past. Historic homes preserve history and remind us of what has taken place to bring us to where we are currently as a culture. They are also typically quaint, ordinate, and reveal a craftsmanship that is rarely paralleled in our modern times. Other benefits include things like tax incentives. Sometimes a state will offer tax credits for people that own a historic home. The purpose of this is to offer an incentive for preserving the past. You can also sometimes get a mortgage loan at a lower rate when seeking to purchase a historic home. Check your local professionals to seek what kind of benefits for which you are eligible.

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Challenges

There are some challenges to consider when buying a historic home. One is that the maintenance may be more involved and more expensive. You may have to deal with outdated systems, for example. Finding parts for various functional aspects of the home may be challenging as well. Since one of the goals is to preserve a small piece of history you need to keep many details of the home within the scope of its origin. This means that modern appliances, fixtures, and the like may not be an option for you.

In the case that renovations are needed, you’ll need to consult the past as well. Re-making architecture of a specific time in history may prove difficult. Sometimes the material that was used during the original construction is no longer available. This typically results in a higher cost to find such materials.

Another challenge might be an increase in restrictions imposed by the local municipality. Since there is great interest in preserving the home you may not be able to change things about it that you would like. Planning can take longer as well, given the various zoning laws you may need to navigate.

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For many buyers, the pros of owning a piece of history out-weigh the cons making a historic home a classic experience. For help buying your next home contact one of the premier real estate agents in Brookfield IL Agnes Halmon today!

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