Historical homes, especially in the Kirkwood area, are becoming more popular among home buyers. The appeal is not just in the architecture or structure but also in the "personality" each home has. If you are considering buying a historical home, a few important questions need to be asked.
Is the home registered as a historical place?
While many states have their own historical registry, but there is also a national registry. The information you can gain will be beneficial. You can find out about the history of the home and any specific rules that must be followed as the owner.
Are there renovation restrictions?
Some states have specific laws controlling the amount or type of renovations that can be done to a registered historical home. When you are looking at historical homes, it is natural to let your mind be creative and think about things you want to do, but owning and renovating a historical home may come with some limitations.
For example, you may be able to renovate certain things to get a home up to code, but you may be required to keep specific things intact, such as replacing existing windows with ones of the like. Other laws might say you can update fixtures and appliances, but you may not be able to add footage to the home or change things like flooring or ceiling structures.
Does the home provide any tax credits or relief?
Many historical homes may qualify for tax credit from rehabilitating the home. Your total tax bill might be lowered based on your costs. You would get a credit for a specific percentage of the total costs of rehabilitation. To qualify, the work done must fall under the types accepted in standards set by laws.
Has the home been inspected by a professional with experience?
Not all home inspectors will be able to provide an adequate inspection. Generally, this is because most home inspectors are not familiar with historical homes and laws surrounding their repair. Historical homes should be inspected by professionals with verifiable experience.
Ideally, many parts of buying a historical home are similar to buying a regular home. Avoid homes with major damage to the structure. Find out about the energy costs of the home for the previous year. Important things such as previous renovations, septic tanks and maintenance, and tax histories are also a good idea to get information about before you make an offer on the home.