Around 20 percent of Americans say that they’re living the American dream.
The cornerstone of the American dream is to own your home. But, what is your dream home?
You may not be able to imagine a more beautiful home than a historic house. And yet, living in a vintage home isn’t without downsides.
Check out the pros and cons of living in a historic home below. Let’s go!
The Benefits of Buying an Old House
There are a bunch of reasons why people buy historic homes. Popular reasons include the following:
1. You Want a Home With Character
You don’t want a cookie-cutter for a home. You want a home with a unique character and history.
You want to experience going through time when you enter your home. As you walk up to the home, you get to knock on the authentic original doorknob.
You make your way through the charming hallway and you’re constantly surrounded by vintage details.
If you want a unique home with its own history, then an old house will give you plenty of material for you to get your teeth into. You also get the opportunity to play a role in the incredible history of the building.
2. Beautiful and Charming Home
Your home could be Georgian, Victorian, or Colonial style architecture. Modern-day homes don’t have anything on the beauty of the old days.
If you prefer an older home with beautiful features, then you’ll take a lot more pride in living in this home. It’s simply about having great taste.
3. More Money in Your Pocket
There are also financial reasons to buy a historic home. The government and society want to keep historic homes preserved.
If you’re willing to purchase and maintain an old house, you may be able to get tax incentives and lower interest loans.
If you’re worried about whether your house price will fall, a historic house is a safe choice. Historic homes are rare so they’ll keep their value.
The Downsides of Buying an Old House
However, historic homes aren’t for everyone. There are reasons why many people would rather live in a newer build.
1. Time Consuming
You may get to enjoy living in a beautiful old home. But, you also have to put in the hours to keep it looking its best.
There are often electrical issues or water damage which you need to handle when you move into a historic home.
2. Red Tape to Follow
If you move into a historic home, there are likely to be strict rules to follow. Therefore, you may not have much freedom to renovate or make changes to the building.
Want an extension? You need to get in touch with the city. There are so many hoops to jump through if you want to make any changes to the house.
3. High Home Insurance
If you want to move into an old house, you may discover that your home insurance actually goes through the roof.
In fact, many insurance companies won’t even provide any coverage for homeowners with historic buildings.
Buying a Historic Home
The decision to buy a historic home is a big one. You need to ensure that you’re prepared for the work and effort of preserving the building.
But, you can’t really put a price of being part of a charming home’s history. If you want more housing and design advice, check out the rest of our website.