Things to Remember When Purchasing an Historic Home

You’ve dreamt of the day when you could own your very own St. Augustine historic property. You can only begin to imagine the satisfaction that restoring your dream home will bring, and revel when you begin to unveil the meticulous craftsmanship that only an historic home can offer.

There are some issues, however, that need to be addressed when purchasing an historic home in St. Augustine.

Hiring a Restoration Consultant

The first question you must address is: realistically, how much will the restoration of this home cost? A good first step is to employ the services of a restoration consultant to perform the inspection, or at least be present during the inspection process. A restoration consultant will be able to recognize which areas of the home can benefit from the restoration process, and what the process may entail, both in terms of money and elbow grease.

Hiring a preservation or restoration consultant, and letting them handle the inspection process, will allow you to set a realistic budget and decide if your historic home requires more money and work than you can handle. Your local or state preservation organization can help you find a qualified restoration consultant.

FHA Loans for Historic Properties

In addition, your local or state housing preservation organization can also recommend lenders who specialize in historic home mortgages. The reason for finding a lender who specializes in the renovation of historic homes is because you may need to take out a particular FHA loan which covers restoration projects (known as the FHA 203K). This type of mortgage, which enables you to basically purchase the home that is currently unlivable, but that will restored and renovated, allows you to roll the costs of restoration into the loan.

Environmental Concerns

You may also be faced with environmental concerns when purchasing an historic home, including lead paint and asbestos. A good inspection will uncover these dangers, and provide you with a clear idea of the extent of the problem and how much it will cost to have it remedied.

Tax Programs for Historic Homes

Finally, look into special programs for historic homes, including a reduction in property taxes and state income tax credits.  You may also qualify for a property tax freeze for your St. Augustine property. In fact, 37 states have incentives for those purchasing an historic property.

• Rate this Post!

  Select Your Rating:

  • 5 Stars (Excellent!)
  • 4 Stars
  • 3 Stars
  • 2 Stars
  • 1 Stars (Poor)

• Share this Post

  Share With A Friend:

  Your Name Your Email

  Friend's Name Friend's Email

  Optional Message

  Send

• Print
• Social Bookmarking

  Add to Bookmarks: