After searching for the perfect home for months, you have finally found it. But it is listed as a contributing resource to historic district on the National Register of Historic Places. If that is the case, you may be wondering what that means to your and if it is worth following through with the purchase. Dean Graziosi has some valuable information regarding the purchase of a historic home.
Listings of homes that are listed on the National Register of Historic Places tend to attract a particular group of potential buyers. These buyers understand what is involved in the purchase of a historic home and everything that is involved after the purchase. In some cases, some buyers may accidentally discover the home while viewing properties with their agent. In this case, potential buyers are not aware of the historic significance of the home or what purchasing the home will mean in the coming years.
When you purchase a home that includes a National Register citation, that citation declares the historic significance of the home. While many believe that the true value is in that citation, the real value is often found in the stability of the value of the property. Studies have shown that homes that are deemed historically relevant tend to sell 26% faster than other homes listed in the same area. It is also common for historic homes have less of a turnover than other homes that have no historical significance. What this means for buyers is that when you purchase a historic home, you can rely on the fact that the value will remain intact for years to come.
For homeowners who are considering purchasing a historic home, they may be concerned with what that designation involves. Many homebuyers believe that purchasing a historic home means that they will have to restore it to its original condition. This is not true, owners are not obligated in any way to restore the property that they purchase or allow the public to tour it. However, some cities and states have some control over renovations that are located in areas that have been designated as having some type of historic significance. If you have any concerns related to these areas, you should look into the ordinances that are in place in the area where you are interested in purchasing a home.
Dean Graziosi states that purchasing a historic home is not for everyone. He recommends that before you submit an offer, you carefully and thoroughly think over everything that is involved in the purchase. If you truly understand the value and significance of the home, then you should go ahead and submit an offer.