Is an Historic Home Worth the Upgrade?
Portland is full of historical and vintage homes and neighborhoods such as Ladd’s Addition, Laurelhurst and Irvington with a variety of home prices and conditions to choose from. These historical homes hold a special place in many homebuyers hearts as a treasure of the community and an era they want to preserve. If you’ve been considering buying and updating an older home here are some tips to keep in mind.
- Is the home in the designated historical neighborhood or simply an older home on the block? If you’re really looking for and historical home you may want to try to find one that’s either marked historic on the national register or within a neighborhood that maintains the standards of vintage that you prefer. You may also have to adhere to special regulations because of the neighborhood so check with zoning laws or your agent.
- How many repairs do you really want to undertake? If the home needs all new wiring, plumbing, foundation and roof work, this may be a project that you’re not willing to undertake. Simple cosmetic updates or one or two major repairs may be worth your while and your budget. This is where an inspection is so important to the home buying process. Use an agent and inspector that is not an alarmist that is a real list when it comes to major updates to an older home.
- Consider some major perks to buying a historic home such as tax breaks, a return on your investment in the way of property values and an established neighborhood that will probably have very little future construction. On the other side if the neighborhood is too dilapidated you may have to put up with teardowns and rebuilds in which case these homes may not be kept up to historical or vintage standards.
- Realize that buying a historical home may mean unexpected problems and limitations. You may be dealing with old septic tanks, oil tanks, lead and asbestos which need to be professionally removed. Again, this is all details you will find out in a home inspection.
- Consider how authentic you want to keep any renovations. How close to historical standards do you want to keep woodworking, design and layout? All of these things may be expensive so it’s best to take these costs into consideration first.
I love working with homebuyers looking for vintage or historical homes but if you’re interested in purchasing one of these homes it’s best to know about any upgrades or renovations you may have to undertake before signing on the dotted line. Call me today and let’s discuss your budget and what you’re interested in and let’s see if we can find the right home in the right neighborhood for you.
Check out more about Portland’s historical neighborhoods and districts plus there are several others in South Portland and on the east side of the river. If you would like more information or are interested in touring any of the current homes for sale in Portland’s historical districts please contact me today
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