Many buyers love historic houses for their vintage charm, especially in Connecticut. It’s like owning a piece of the state’s past, especially if it’s in a historic district. Purchasing one as a residence, however, is not as simple as buying a more recently built house.
If you’re looking to purchase a historic property in the state, make sure you’re prepared for these situations.
Historic houses have renovation restrictions
Unlike a normal home, any renovation work done on a historic property is subject to compliance with the state’s preservation laws. You’ll have to know which contractors can work on historic houses, and their services can be more expensive. Approvals take time, and you may not be allowed to change the facade or interiors too drastically.
Before purchasing a historic house, you should evaluate whether you’re willing to comply with preservation standards and renovation regulations for the property. It can be tough to deal with at first, but it can be worth it if you want to keep your house’s historic appeal.
Some houses might have issues
Historic houses were constructed with building standards that might not be compliant with today’s safety requirements. Some issues that you might spot over time are old or brittle wiring, toxic paint, weaker foundations and mold issues. Addressing them can take weeks or months as you would need approval from the local historic district commission.
Unless you’re purchasing a newly renovated historic house, these issues may need immediate addressing, especially if they might affect your health. You may want to dedicate a few months strictly for repairs and renovations before you move in, so you have enough time to get documents sorted and contractors to work on the property.
Tax benefits are available with conditions
With the complicated rules surrounding historic houses, Connecticut luckily offers property tax freezes that can help mitigate some of the costs of preserving your property. Some areas can offer this break for up to 10 years. In addition, the Historic Homes Rehabilitation Tax Credit Program can return up to 30% of your costs if your renovation qualifies for a rebate.
Of course, there are conditions that can affect your qualification for tax benefits. Preservation laws can be tricky and time-consuming to navigate, so consulting with a tax professional or real estate lawyer about historic house taxes can help you keep compliance.
Property insurance is also more complex
Older, historic homes are subject to more expensive insurance rates due to higher rebuilding costs, specialized restoration requirements, and risks from outdated infrastructure. Insurers may need a specialized policy that reflects the antiquity of the property instead of their typical contracts.
Getting your historic house insured, if it isn’t yet, can be another tricky and time-consuming task. Like with tax benefits, professional guidance helps ensure you’re getting the right policy for your property and that you’re not stuck with high premiums without cause.
Next steps
If you’re up for the challenge of purchasing and maintaining a historic home, it can easily be a charming residence you can take pride in. Getting in touch with historic preservation groups in the area and other historic house owners will lead you to the right professionals for everything you need in preserving your property.