If you’re looking for a unique home, you may be considering buying a historic house.
Here are the pros and cons of purchasing a historic home.
Pros
A Home With a Story — If living in a famous person’s old property excites you, a historic home might be perfect.
Unique Architecture — Many people are attracted to unique architecture and many historic homes offer that charm.
Tax Incentives — Some areas offer tax incentives to people who purchase historic homes.
Cons
Repairs — The biggest downside is that historic homes often require a lot of repairs.
Renovations — Even if repairs aren’t required, you still may need to update the home with modern conveniences. However, it is important to check with your towns historic agency to make sure you renovations are not limited in scope. .
Insurance costs — Historic homes can bring much higher insurance costs than rates for typical houses.
