Not all homes are created equal. If history is something you look for in a house, know the difference between an OLD home and a HISTORIC home, and everything that comes with it.According to Zillow Porchlight, a home is “officially designated by either a local historic board or the National Register of Historic Places” which is based on the home’s involvement in historic events or its “architectural significance”. There are also protective reviews for historical districts.
In buying a historic home, Zillow warns of issues unique to old homes – original, old (translation: unsafe) wiring and a laundry list of other liabilities – which is why a home inspection is crucial in a historic home purchase.
Renovations can be tricky on a historic home as well – preservation commissions, granted power by some state governments, may approve or deny permits for renovations on historic buildings. Things like structural changes may be limited, and even more minor details could be prohibited when it comes to renovating your home.
The upside, says Zillow, is eligibility for federal rehabilitation tax credits, which could make the hassle worth it.
All things considered, if you’re a history buff who loves high ceilings and Colonial-details, then connecting yourself to an age-old home may be worth the extra work in making a historic house a home!
Source: http://www.zillow.com/blog/know-fine-print-historic-homes-203301/