Almost every home has its advantages and disadvantages. Historic homes are no different. Owning one such home surely has its benefits, but there are certain disadvantages to consider before purchasing. To decide if a historic home is right for you, be sure to consider both positive and negative aspects. Only then will you be able to see if your preferences, budget, and lifestyle let you buy a home like that. To help you make this decision, we present the most important pros and cons of buying a historic home in NYC. Take a good look and see if you're ready to buy a piece of NYC history and move in with your loved ones.
Reasons you should go for it – make a historic house your new home
Let’s start this guide on the bright side. Here are the main advantages of purchasing a historic home in NYC and making a new nest for your family.
Owning a historic home means owning a piece of history
Historic homes are not for everyone. Buyers attracted to this kind of property are history lovers and want to purchase something more than just a property. They invest in a piece of history and try to maintain its unique style. Historic homes own specific charm and one-of-a-kind characteristics, which distinguish them from the neighborhood's modern homes. So, if you're looking for a way to keep the history of an area alive, buying a historic home is the right decision. Your home will tell a story that gives the property a specific character and preserves the local history.
Buying a historic home in NYC means preserving a piece of NYC history.
Historic homes retain value
If positioned in a historic neighborhood, your home will certainly not lose its value. It will retain it for much longer than you think. It is crucial for those who plan to sell the house in the future but are worried if renovations and investments will pay off.
Financial aids for historic homeowners
Several programs offer incentives and tax deductions to those willing to invest in a historic property. In NYC, the New York State Historic Homeowner Tax Credit Program will reduce your renovation costs by 20%. However, the property needs to be listed in the State or National Register of Historic Places. This is something to keep in mind and remember to ask your agent about it when looking at NYC historic homes.
Even though maintenance costs might be higher, you can get some incentives and aid for repairs.
Cons of buying a historic home in NYC
Unfortunately, owning a historic home in NYC also comes with a set of disadvantages that may discourage you from making an offer. Here are some of them to consider before you start browsing the listings.
Renovations are not only up to you
As they belong to a historic district, historic homes need to preserve the old-style look they have kept for so long. It means the process of renovation might not go according to your wishes and preferences. There are rules and local laws that apply to historic homeowners. The changes you can make to your property need to happen with official permission, so be sure to like the house you're about to purchase – its looks will not change much.
Repairs take a lot of effort and money
Historic homes are old, and it’s natural they require their owner to take extra care of them. This means you’ll need to learn some more house repair skills or be ready to pay someone to do the work for you. Even though they are charming, historic homes are pretty expensive when it comes to maintenance. Furthermore, you never know what to expect. As multiple families living in your home, you can never be sure what problems you will have to face sooner or later. However, if you love DIY projects and repairs – this might be the right kind of home for you.
Be ready for some DIY projects in your new historic home.
You might have to give up on modern home features
The development of technology has given us so many interesting smart home features, gadgets, and appliances. However, some of them won’t work in a historic home. Buying an old house usually means you can’t have some modern house features in it. That’s why you should take a closer look at the items you're taking with you from the old house when you move out. While you make an inventory list and make sure you didn’t leave anything, check if all the items you bring actually fit in your new-old house. You might have to leave some of the things behind – sell or give them away.
High insurance rates
As properties get older, maintaining and insuring them gets more expensive. Historic homes require insurance due to their age but expect it to be higher than usual. As many insurance companies don’t include old properties in their regular offers, you might have to take special historic property insurance. Naturally, this one is more expensive, so be sure to prepare your budget.
Is owning a historic home the right decision for you?
Well, owning a historic home is undoubtedly not for everyone. After going through all the pros and cons, you need to investigate your needs and financial abilities. This way you will be able to decide if buying an old house is the right decision. And if you go for it, there won't be a lot more to do than to let the guys from Simply Valet Storage & Moving bring your belongings into your new home.
Make sure you have a good agent on your side
As historic home purchase is not that easy, make sure you contact the right agent to help you out. Local real estate agents know a lot about historic neighborhoods and can assist you with buying a historic home in NYC. This way, you will be sure you will get the best deal and get the house that suits your needs the most.
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