Buying an historic home often means a lot of work and added costs for the new owner. But, NerdWallet staffer Michael Burge writes, if the buyer goes in prepared, the labor of love can be less laborious.
Here are the six things he urges buyers to keep in mind when purchasing an historic home:
-Historic districts have their tradeoffs – there will be restrictions on what you can do with the exterior of the home.
-Historic preservation easements are binding – an easement will protect the historic integrity of your home in perpetuity.
-Maintaining a historic home’s integrity can get pricey
-Getting financing and insurance can be difficult
-Old homes can come with old problems
-Your modern-day wishes may not fit