historic home in north jersey

Should You Buy A Historic Home In North Jersey?

March 18, 2017 in Real Estate

Breaking away from the convention and purchasing a historic home may be a path less taken but can certainly offer tons of benefits.  Historic homes have a lot of sturdy features, with numerous benefits that you may be hard pressed to find in modern properties. Before you take a decision to buy a historic home in North Jersey, do consider a few important factors:

Does It Require Considerable Renovation?

Unlike contemporary properties, vintage homes may require extensive repair work before they are livable.  Whether its water supply system, roofing or any other renovation requirement, you need to factor in the estimated costs before purchasing the property. You can easily contact local contractors, and ask them to let you know the probable repairing cost. If it amounts to almost 20% of your purchasing value, then buying this property may not be a smart choice. And in case, major structural refurbishment is required, simply walk away from the deal. Such sort of renovations will always outweigh the advantages of owning a home.

Are There Any Limitations On The Usage Of Property

In order to preserve the historic value of the home, such property may have limitations on their usage. Prior to making the deal, check with the local body if there are any preservation laws in effect, which can hamper your future plans. For example, some of the areas may restrict you from modifying the exterior, including doors, windows and roof. No matter how much you like the appearance of your historic home at present, you may want to incorporate some changes in the near future. This is why it’s imperative to do a little background research, before you commit.

Estimate Average Expense On Utility Bills

Modern homes are well equipped with appliances that are cost-efficient and energy-saving at the same time.  On the other hand, a historic home may still be using outdated refurbishments, which can be quite heavy on the utility bills. So before you take the purchasing decision, make sure to know the approximate operating cost in full capacity consumption. This can actually make a big difference towards the actual cost you pay for your home.

What Are The Tax Options?

Prior to signing the deal, find out what tax rates or discounts apply to the property you are looking to buy. You may be entitled for a tax break as an owner of a historic home. However, to begin with, the median tax rate can be on the higher side, basically negating the discount.

What’s The Point In Buying A Historic Home?

The idea behind being an owner of a historic property is to showcase the unique architectural design that is something different from what most people buy. The beautiful outline of a historic structure stands on a durable base that have both passed the test of time and resistance. Apart from being aesthetically appealing, a historic home may have reduced tax incentives and rates as compared to other properties. If you do proper research, and hire an experienced agent to get the work done for you, you may be able to grab a good bargain on your purchase.

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