Buying & Restoring

Historic Homes

Preserving the Past

Should You Restore That Old House?

Buying and restoring a historic home can be rewarding, but it’s not for everyone. There are a lot of things you need to consider before snatching up that nineteenth-century Victorian, including the cost of necessary repairs or renovations, how to restore the home authentically, and difficulty finding a loan.

Old homes typically have old parts and old problems. Restoring a historic house to livable conditions can quickly become a huge investment. As long as you know what you’re getting into, you can make sure your investment stays sound. Before buying an old home, hire an inspector to look it over and report any problems to you, including asbestos or lead paint that can be expensive to remove safely.

Things to Consider

Keep It Original

Before buying and restoring a historic home, you need to familiarize yourself with how historic restorations should be done. Ideally, you’ll be able to use the correct colors and materials to maintain the home’s authentic look. If you don’t know how to do this, an interior design firm can play a big part in designing and restoring a historic house back to its original condition.

Find Financing

Getting financing for an old home can be challenging, especially for first-time buyers. If you can’t get a traditional loan for your historic house, try an alternative. A 203k loan is specifically designed to go towards rehabilitation projects and might work perfectly for the historic home you want to buy. A Fannie Mae HomeStyle Renovation mortgage is another great loan option that’s worth a try.

Making the Decision

If it’s done right, buying and restoring an old home can become an enjoyable project and a potentially lucrative investment. Before you snatch up the next old home you see on the market, take each of the above factors into consideration. Once you have done so, you’ll have an easier time deciding if buying an old home is the right decision for you.