Are you intrigue by the authentic charm of a century-old house? No wonder: historical properties possess a distinct character which contemporary builds can’t always match.
Nonetheless, one must proceed with caution when looking to purchase a heritage home to avoid soaring renovation costs.
Plan Carefully
Before you even consider submitting a purchase offer on a heritage home, do your research. With your broker’s assistance, ask the current owners about the residence’s year of construction, any previous renovations (and if municipal authorities have ever refused to issue permits for any major work on the property), etc.
To guard against hidden defects, sellers must honestly disclose any necessary repairs, such as a crack in the foundation or faulty plumbing. Even if you’re satisfied with the answers, don’t remove the pre-purchase inspection clause from your purchase offer. It offers extra security against potential renovation expenses that may arise after you settle in.
Top Up Your Emergency Fund
Regardless of your new home’s year of construction, an emergency fund is always essential to absorb the cost of small, sudden repairs. Ancestral properties typically require more money to cover upgrades needed to bring them up to current building code standards. For example, depending on the year it was built, the home may contain asbestos. Discovering and removing this hazardous material is often an unpleasant surprise during renovations. Have the foresight to budget an extra amount to pay for the unexpected.
Learn If Any Restrictions Apply
You must check the municipality’s zoning bylaws for renovation restrictions. For instance, you may find that the wished-for addition (a garage, a second storey, new contemporary cladding, etc.) to turn the residence into your dream home is impossible. Most municipalities impose limitations on modification to ancestral properties’ exteriors.
Prioritize Energy Efficiency
Over the past 100 years, building standards have evolved considerably. Your new purchase may feel comfortable now, but heritage homes must all eventually have their insulation modernized. Windows and doors must likewise be replaced. All these upgrades will help reduce your energy costs and your carbon footprint, a plus for the environment.
Don’t Skimp on Insurance
Ancestral properties aren’t typically more expensive to insure; however, some companies refuse to cover certain risks associated with heritage homes, depending on the residence’s age. Contact an insurance broker for more information!
Heritage homes have literally stood the test of time. Their solid construction, undeniable charm, and the chance to acquire a piece of architectural history tempt many buyers. If this is your case, don’t let your concerns stop you from purchasing one, but do so with full knowledge of the facts!