The rewards and pitfalls of purchasing historic properties.
Purchasing a historic property can be rewarding and lucrative if you find the right deal. You are essentially buying a piece of history that should be preserved and properly displayed. The ornate details displayed both on the interior and exterior can make you feel like you're stepping back in time. Owning one of these beautiful time capsules is not without its pitfalls, however.
- Older homes typically require more maintenance and a great many of them have suffered from deferred maintenance over the years.
- Renovations that have been completed over time may have been done in sections. For example, the kitchen may have been renovated prior to purchase and the electrical wiring may have been replaced in that area only. The remainder of the building may still have original knob and tube wiring.
- For this reason, the inspection process may reveal a plethora of surprises. Be prepared for the unexpected.
- Many historic districts/associations have very strict building codes or aesthetic guidelines for renovations. This can make updating or even maintaining the building difficult and/or costly.
- Insurance rates may be higher than they would for a more recently constructed residence.
Author:Jason Pepitone Phone: 504-202-5712 Dated: February 1st 2019 Views: 42 About Jason: My name is Jason Pepitone and i am a realtor licensed in LA with Barden Realty. I have always had a ...
I've always had a deep passion for real estate. At the age of 19, I purchased my first home and found the entire process fascinating—from house hunting to the final transfer of deed. Prior to earning my real estate license, I worked in the medical industry. After relocating to New Orleans, I now pursue my passion for real estate through assisting my clients to achieve their personal goals in real estate. Whether it’s selling , investing , or buying I'm eager to help! Outside of business, I enjoy spending time with my family and friends, and takes advantage of the great outdoors- especially recreational water activities. For all of your real estate needs give me a call!