If 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.
The 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.