Have You Outgrown Your Starter Home?For many Americans, buying their first home is their first taste of achieving part of the American Dream. There is a sense of pride that comes along with owning
BUYING AND RESTORING AN HISTORIC HOME
You may already have some ideas of things you want to do to your new home, but before you make any changes to the structure itself, do a little research and make sure you have the answers to these three questions:
1. Is your home designated as historic - part of a state or federal historical building or neighborhood registry? If so, you may have to adhere to a number of regulations and be subject to some historical preservation oversight in order to update the home.
2. How extensive do you want the updates to be? Do you plan to "take it back to the studs," or simply do some cosmetic work like refinishing floors?
3. How authentic do you want the renovations to be? The more accurate the details, such as spindle bannisters and egg and dart moldings, the higher the cost in materials and labor.
Your home and its state of repair may dictate which course of action you choose. For example if your home has serious structural damage or decay, then preservation may not be possible. However, you'll still be able to reconstruct and renovate.
Not sure if you should preserve, restore or renovate? Here are a few definitions that may help you form a plan:
Preservation means restoring and using the building for its original purpose, with as much of the original features and décor saved as possible.
Restoration means tearing out improvements made over time that don't reflect the original age and style of the home, and then repairing those areas to closely match the original size, shape, color, etc.
Reconstruction means making major changes to the floor plan such as adding new rooms and dramatically altering and repurposing parts of the home.
Renovation or remodeling freshens the look of the home using modern materials such as updating an older kitchen with custom cabinetry, farm sinks and granite countertops.
Before you begin, find out if there are any local or state subsidies for historic preservation for homes in your area. You could get tax breaks and special home improvement loans or other assistance. Contact your local tax assessor-collector for more information, or your local housing authority.
Originally posted on http://janetandthomas.com/buying-restoring-historic-home/
Janet Hull and Thomas Bush are seasoned Realtors specializing in residential real estate for over 14 years. They joined forces in 2005 and have worked with some of the largest builders in Michigan. To....
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