Should You Invest In A Historic Property

historicBuying a historic property is a dream of many homeowners. Their dream homes may come with elaborate fixtures, large rooms, and unique features no longer found in the homes of today. But what happens when your new home is listed as a contributing resource to a historic district according to the National Register of Historic Places? So what does this mean? Dean Graziosi has provided you with the information that will answer your questions and help you decide if owning such a property is really right for you.

When purchasing a historic home, there will be some definite guidelines you will be required to follow. These will include making sure your home is well-maintained on a regular basis, meeting various standards set forth by the Historic Register, and following building rules and guidelines that apply to historic properties. Before tackling any type of home remodeling project, you will need to make sure it falls within these guidelines and learn what you will and won’t be allowed to do where renovations are concerned.

You can visit the local planning and zoning office in the area where you wish to live to learn about the various guidelines that will apply to you. Preservation ordinances will help protect your investment by helping preserve the historic character of the neighborhood. Before any project may be undertaken, it must first be reviewed. This can include: a cursory evaluation by a zoning administrator, a review by a secondary commission who can provide information on historic sensitivity and architectural compatibility, and more.

When it comes to certain types of work, it may be necessary for you to secure a Certificate of Appropriateness, (COA), or Permit for Minor Work. This may be obtained from the planning office or historic review board.

Some historic commissions may require you to replace damaged materials with those original to the building. As noted in an article posted on BobVila.com you may also be required to uphold the same design features that were also original to the building.

Because you will be required to keep up the maintenance on a regular basis when buying a historic property, and because you will be held to certain standards, the overall cost may be higher than if you lived in an area other than a historic one. You will need to keep this in mind when considering the purchase of this type of property.

Purchasing a historic property can be exciting, but it may wind up being a lot of work. You won’t be able to make the same decisions you probably could if living in a different area, and you will be bound by all sorts of rules and regulations that may require some adjustment. Still, it can be very rewarding. If you love older architecture and all the features history has to offer, such a purchase may be just right for you. Read more about real estate at Dean Graziosi’s website.

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