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2185 Adjala/Tecumseth Townline New TecumsethON   L0G 1W0

 

Office: 416-400-6599   Toll-Free: 1-888-657-6599   Email: info@flemingrealtyinc.ca

 

 

The Pros and Cons of Buying a Historic Home

Living in a historic community is an exciting experience for many people, for others, it could end up becoming a nightmare. There are a lot of advantages and disadvantages to living in this type of neighbourhood, such as being a part of the rich culture and historic area. However, keeping the home up-to-code could be challenging. Continue reading to learn more about the commitment that homeowners take on when they purchase a historic home. These pros and cons can help you determine if this type of property is the best option for you and your family.

 

Beautiful Appearance

The detail to the homes in historic communities is typically one-of-a-kind. These eye-catching properties offer spacing that homes today lack, as well as other features. The building materials are often better on landmark homes, leading to better construction. The properties have been preserved, and display many wonderful details such as stained glass windows and pocket doors. If appearance is something that matters to you, a historic home may be an excellent choice for your family.

 

Availability

Many buyers want to purchase a home that is move-in ready, but this is typically not the case with historic properties. You will generally need to make repairs and renovations to the house before moving in, which could take a while, delaying your move-in date. The broken systems and flaws in these types of homes could cost a lot of money to fix and take a while to repair, so buyers need to keep this in mind before making the purchase. Always conduct an inspection of the home before making your final decision, and determine how long you can extend your move-in date.

 

Tax Breaks

Owners of historic homes could qualify for federal tax deductions that save them money, making this a valuable investment. There are also tax breaks that homeowners can take advantage of at the local level. Conduct some research and learn more about the tax incentives that are available to homes in historic areas. You should also speak with a sale representative to find out if your home qualifies for additional tax breaks. The maintenance on these homes can be costly, but grants may be available to cover some of the renovations or repairs that you encounter in the future.

 

Limitations

The home could need a little tender loving care and lots of repairs and renovations. However, you should never assume that the changes you want to make to the historic home will be permitted. There are various rules and limitations pertaining to owning a new home, such as the inability to add certain fixtures to the exterior of the property. You may also have limited colour options when it comes to painting the outside of the home. Before you make a purchase, you should always research the local guidelines that are in place to preserve the house.

 

Sense of Community

Another advantage is that the neighbourhoods in historic districts are generally more established, in comparison to other areas. Homeowners will have some input when it comes to the things that take place in their communities, such as landscaping and local events. There is a unique focus on preserving historic homes, so the community, local organizations, and businesses often take a great interest in preserving these neighbourhoods.

 

As you can see, there are many reasons why families choose to buy historic homes, and there are also disadvantages that make buyers turn away from properties in historic neighbourhoods. Consider these pros and cons when trying to make the best decision for your family. You can also speak with an experienced sales representative for more details that can make your choice a little easier. You will want to know as many facts as possible before you purchase the historic home of your dreams.



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2185 Adjala-Tecumseth Townline
Tottenham, ON  L0G 1W0 
Toll-Free: 1-888-657-6599
 

 

Fleming Realty Inc., Brokerage  is a current Member of the:

Brampton Real Estate Board - BREB
Canadian Real Estate Association - CREA
Ontario Real Estate Association - OREA
Real Estate Council of Ontario - RECO

Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 5/23/2019 9:05:34 AM