Markham is a haven for historic and heritage homes. There are homes from the early 1800s that are still standing and in great condition. Some have been relocated and others have been restored and many are used as businesses and homes today. You may love the idea of buying a historic home as your family home, but there are a number of considerations you should take into account when buying an older home.
1. Budget for repairs
While a home may be fully restored, homes of a certain age will undoubtedly have issues lurking beneath their walls. Include an amount in your home-buying budget to account for the unknown, which may pop up right after move-in or many years down the road. As well, aging homes may require more maintenance because they are an older structure and you should budget for this possibility too.
2. Get a home inspection
A home inspection is always recommended, but especially in the case of a historic home, where there can be massive issues with the structure, plumbing or electrical, which are very expensive fixes. You’ll also want to test for asbestos and lead paint.
3. You’ll need special permits for renovations
Your dream for that historic home may include adding a deck and opening up the kitchen, but if your home has a historical designation, you may not be allowed to make those changes. You will need permits and your renovations need to keep the special heritage interest in the property. These may not be huge barriers, but you’ll have to follow the guidelines and by-laws before partaking in any renovations. These approvals can take months, so ensure your renovation timeline includes waiting for permits. Often, the heritage features only apply to exterior, which gives you free reign on the interior.
4. Your renovations may cost more
The renovations you may want to do to your heritage home are estimated to cost up to 50% more than they would in a more modern home. For example, replacing the windows may be a chore, as they may be a special size and shape that you just don’t see in most modern homes. Restoration costs can be a huge hit to the budget as well and sometimes it is cheaper to tear down the facade and start anew. You’ll also want to employ a contractor who is experienced with working with heritage homes.
5. You’ll probably have more space
Older homes are usually larger than their newer counterparts and many of them have much larger lots than ones you see in new subdivisions. The perk to buying a historic home is having all that space both inside and out. But, the basement is probably not part of this vision of your larger home. Many older homes have stone basements that aren’t really able to be finished and don’t do much more than be used as storage.
Buying a heritage home in Markham is a smart choice, as long as you know what it takes before you make that offer. Let me know if I can be of any assistance.
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