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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.
My name is Jason Pepitone and i am a realtor licensed in LA with Barden Realty. I have always had a passion for real estate and have held and utilized nearly every licence in the field. Let me use the....