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3 Tips When Buying a Period Home

When most people think of period homes, they picture beautiful old Victorian houses with wraparound porches and ornate details. While it’s true that period homes can be quite lovely, there’s much more to consider than just aesthetics.

You can find out more by visiting https://historichomesinvirginia.com/virginia-historic-home-buying-guide/ – the online approach to finding out more. Then look to visit in person before purchase.

There are several factors you’ll need to take into account when purchasing a period home that is also historic, from the cost of repairs and renovations to the availability of historic preservation tax credits. Here are three tips for making sure your period home buying experience is as smooth as possible.

 

Be prepared for higher costs

Period homes are often more expensive than their newer counterparts, both in terms of the purchase price and the cost of upkeep. That’s because period homes typically require more extensive repairs and renovations than newer homes. If you’re not prepared to shell out extra cash for repairs and upgrades, a period home may not be the right choice for you.

A period home, for instance, might be more in need of:

  • a new roof
  • repointing brickwork
  • new windows
  • insulation
  • structural repairs

 

However, any repairs, in particular replacements, will need to be carried out sympathetically on historic buildings so that the property remains faithful to its period. History must be preserved. Sometimes, it is required, and also because that is the point of owning such a property. It will, in addition, prove a better long-term investment if we have maintained the property’s correct period and not mixed several periods in terms of its overall aesthetic.

Specialist workmen might be required to carry out the repairs on a historic or period home, so this may prove costly, but will be worth it to achieve the desired result. Materials may need to be sourced from many reclamation yards and online, so this may take time. Patience will be needed, but to have your home how you want it, in the end, will be worth waiting for. It will then have much curb appeal and your mission to preserve history will receive much admiration.

Alternatively, you could go for a period home that the previous occupant has already renovated. You are then likely to instantly fall in love with the home and the location just as it is. Then, though, it will be up to you to keep the property looking that way. You need to be prepared for the work ahead and love what you are doing. Where you can do much of the work yourself, to the required standard, that will be a bonus.

 

Check for the historic preservation tax credits

If you’re lucky enough to find a period home that’s eligible for historic preservation tax credits, you could save a significant amount of money on your purchase and renovation costs. The federal government offers a 20% tax credit for the rehabilitation of income-producing historic buildings, and many states offer additional credits as well. Be sure to do your research and see if your historic home is eligible for any tax breaks before you make an offer.

 

Work with a knowledgeable real estate agent

When buying a period home, it’s important to work with an experienced real estate agent who knows the ins and outs of the process. A good agent will be able to help you find the right historic home for your needs and budget, and will also be familiar with the necessary paperwork and procedures involved in purchasing and renovating an older property. Trying to navigate the period home buying process on your own can be a daunting task, so it’s best to leave it to the professionals.

 

If you’re thinking of buying a home of significant age and importance, keep these tips in mind and you’ll be on your way to making your dream home a reality. Such homes can be a great investment, but it’s important to do your homework before taking the plunge. With a little knowledge and preparation, you can find the perfect period home to suit your needs and budget. Period or historic homes are a unique and special part of our country’s history, and with the right approach, you can be the proud owner of one of these beautiful properties.

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