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The Three R’s Of Fixing Historic Homes For Sale

December 10, 2021 by Clean N Dry Today

The Three R’s Of Fixing Historic Homes For SaleIf you enjoy history and fixing things, then it may be hard to drive by historic homes for sale without feeling the urge to buy one and fix it up. 

Before you do, you need learn the three R’s of fixing up historic homes and the differences between them.

The three R’s of fixing up historic homes are restoration, renovation and repair.  Some of the differences are minor, but they can make all the difference in cost, time and problems.

Restoration

“Restoration” literally means returning something to its original state. 

Restoring historic homes for sale involve city and state programs. It’s essential that you check to see if the home is listed on the National Register of Historic Places (NRHP) or if it’s located in a historic district. 

If either of these is the case, there is a specific set of rules that you must follow while renovating. 

Cost: Restoration is not a cheap endeavor. For a home to keep its historic value, the materials used need to match the original materials, including furnishings. These can be very expensive due to their antique value.

Renovation

Renovating is less complicated than restoring, at least when talking about what you can and can’t do. However, with a renovation, you’re generally turning the home into a more modern living place, which lowers its historic value. Make sure it isn’t listed in the NRHP or located in a historic district.

Cost: Depending on the amount of renovations, i.e., modernizing, gutting or remodeling, this can also be expensive. However, it’s much easier to find deals on modern appliances than it is on antiques.

Repair

Repairs differ because they generally aren’t as in depth as the others. For restoration repairs, it’s important to use materials that fit the house, such as plaster walls and wooden floors. For renovation, original materials aren’t as important. 

Cost: Again, the cost depends on the number of repairs, as well as, whether you’re keeping the historic value. 

Whether restoring, renovating or repairing historic homes for sale, the key is cost. Don’t get so caught up in the possible that you miss the probable. Thinking of buying or selling an historic home? I can help! Call your trusted real estate professional today.

Filed Under: Homebuyer Tips Tagged With: Fixer Upper, Historic Homes, Homebuyer Tips

In The Current Housing Market, Prospective Buyers Must Remain Patient

May 25, 2021 by Clean N Dry Today

In The Current Housing Market, Prospective Buyers Must Remain PatientThe housing market has been through many ups and downs during the past 12 months. Now, buyers are facing a unique challenge as they try to find the right house in the perfect seller’s market. Right now, real estate is extremely competitive, as low inventory has continued for several months.

As mortgage rates remain low, more people are looking for homes, increasing the competition. Some people are reluctant to sell because they know they will face the same challenges of trying to find a new home themselves. As a result, the housing market has record-low inventory making it difficult for buyers to find the right house in their budget.

Builders Have Not Constructed As Many New Homes

While a reluctance to sell is one reason why the housing market has become competitive, it is not the only one. There has also been a lack of new homes built during the past decade. From 2000 to 2010, builders constructed more than 12.6 million new homes, creating more inventory for those looking to buy. From 2010 to 2020, only 6.5 million new homes were constructed.

This number is significantly lower than the rate of new household formation, which has continued to go up. The result is an extremely competitive market for anyone looking to purchase a house in the current market. While builders are working hard to keep up with demand, it will take some time for them to catch up.

Buyers Must Remain Patient During This Challenge Time

Because the housing market is so competitive, many buyers find themselves facing bidding wars, where multiple buyers make offers on the same home. This drives up the sale price of the house, increasing property values in the surrounding area. This simply makes it more competitive for those still looking to buy.

Therefore, buyers need to remain patient. Low inventory will not remain at a low forever, and builders continue to construct new homes. It takes between four and eight months to build new homes, and more houses will come on the market as families consider moving in the wake of the pandemic. Patience is the key to finding the right home in the current market.

Filed Under: Homebuyer Tips Tagged With: Low Inventory, Real Estate, Seller's Market

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