Buying a historic property in an area like the Beacon Hill or Back Bay can be an ideal way to get a charming home in a great neighborhood. However, there are some unique challenges that come with buying and owning a property in a historic building. Here are a few things to keep in mind if you’re a potential homebuyer looking at condos or townhouse in a historic district.
1. You May Be Subject to Extra Regulations
Check both the city and state laws for your area to see what sort of regulations are imposed on those with historic homes. These regulations ensure the integrity and historicity of the building is maintained. Depending on where you live, you may not be able to make all the renovations and changes you desire to your home.
2. An Experienced Inspector Is a Must
There are some structural issues that can occur in older homes, so you need to be on the lookout. The average home inspector may not know what to look for. Make sure to hire someone with a background in historical home inspection.
3. You Might Have an Easement
Some properties in historic districts may have an easement in place that regulates what the future owner can do with the property. Check if there is an easement, and make sure it will not oppose any of your plans before you settle on a historic property.
4. Repairs May Cost More
Keep in mind many contractors charge extra for repairs in a historic district because older homes are trickier to work with. Budget wisely to make sure you can afford any surprising costs.
5. There Will Likely Be a Lot of Foot Traffic
Historic districts are generally in the middle of downtown areas, and they attract a lot of attention and crowds. They are often bustling neighborhoods filled with great restaurants, bars, and shops. However, homeowners who like their privacy should be warned that they may end up with tourists snapping pictures of their historical home.
6. You Might End Up Using Extra Utilities
Many homes in historic districts are required to keep their original windows, roofs, and other exterior fixtures. These typically are not energy efficient, so your heating and cooling bills may be pricey. Plan for extra monthly costs when you live in a historic district.
7. There Are Often Great Tax Incentives
Though there are some added difficulties to owning a historic Boston condo, there are also some financial benefits that can make your purchase easier. You might be able to get lower interest loans or tax credits if you plan on preserving a historical property, so make sure to look into these ways of saving money before you finalize your purchase.
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