Pros and Cons of a historic home?

[Mark__J__S]

Has anyone restored an old building? Im looking to buy a property that needs a rehab, the building is 118 years old and I'm planning on restoring it to its original condition. I've heard the city offers a grant to those that restore these buildings, but must follow strict guidelines...

[MARKNMTT]

modify it you should be just fine. They are more concerned with additions and changes to the exterior and really do not concern themselves with the interior. I'm not sure what they have for gray stones but if not a grant there may be tax breaks available. The city's planning department can probably help you with everything you need to know. Great looking building.

[Mark__J__S]

The pic was audiworld bait! I wish this building was in that shape (maybe when we're done)!

[PaulW]

You'll need about 15 of them.

It's expensive. Real expensive.

[tozog]

[gription]

The "pros" -
Character you cannot find in a subdivision. The value of this depends on the individual, but it can be immeasurable or incremental depending on your point of view.

Older homes typically have high ceilings which make a space seem, well, spacious.

If you like the era the home was built in (when it comes to style, etc.) You'll feel at home.

It is possible to have a period-correct exterior with a modern interior. The two work quite well together if that's what you like.

If you can live through the rehab experience with your wife / significant other still speaking to you, you've found a winner of a mate.

You'll have the chance to have your new "old" house exactly the way you want it.

You'll have an opportunity to incorporate state of the art building technology such as isocyene insulation.

There may be limited tax advantages.

The "cons" -
Even if the house has good bones and is structurally sound, chances are you'll need way more money than you ever anticipated to bring the house up to 21st century living standards.

Closets and most interior rooms will be "tiny" and you may wish to engage the services of an architect to bring the interior floor plan into a more usable configuration (but never fear - all is possible with buckets of cash).

Walls will lack insulation, windows will be leaky and your first heating bill will bring on cardiac arrest.

Unless they've been recently updated, you may as well count on ripping out all the mechanical systems (even if they were recently updated, it may have been at the hands of a hack DIY'er or an indifferent tradesperson, so you may as well gut). Of course, you'll want the "state of the art" and this will cost double what your original budget allowed for. Do it - you'll only get the chance once. Really - do it.

To do it right - without a lot of duplicated effort - gut, gut, gut it. Gut it all at once(also a pro, BTW). Don't fool yourself into thinking you can do a room at a time or a floor at a time because the project will go on forever. By the time you "finish", the first room you did will look shabby and you'll start the whole never-ending process all over again. But the second time, you'll "get it right" at a far greater cost, but what the hell - who needs money?

Depending on the municipality and the tax breaks you participate in, this may put restrictive covenants on your title. While you may be perfectly fine with that, it might carry forward to the next buyer (or the next potential buyer) who might not be ok with it.

It's really hard to find energy efficient "period correct" windows that don't cost an arm and a leg. Do not go cheap on windows or doors. You will regret it every time you hand touches the window or door to open it.

Start with a detailed budget and add 25-50% and you might be close. Remodeling is not nearly as predictable as new construction. Every wall you open may bring new surprises.

FWIW, my 105 year old house has been a work in progress for the last 29 years (there were many years in between when I lacked energy or funds to continue, but that's life). Considering we were thinking we would do a 6-12 month cosmetic rehab and flip, things didn't quite work out that way. BUT - we fell in love with the place and it became home. Tough to put a price tag on that.

[PaulW]

[gription]

If your home is like the one in the photo at the top of this thread - or equivalent. Don't even think of going with drywall on the interior walls & ceilings. Spend the dough and go with plaster.

My place isn't as significant (farmhouse style) so plaster would have been nice, but not required. But if you have a stately old girl or brownstone, or heck - even a bungalow or four-square - go with plaster.