What’s the deal with historic landmark property? i am looking at a beutiful house in a upcoming neighborhood the house was built in 1840 but still has good bones …should i stay away cause of the age ? i know there are alot of restrictions as the realtor told me(color,etc) …but i think if i can rehab the interior i can make a nice profit…any suggestion would be helpfull
Good Afternoon,
I think you already have the answer. You think you can make a nice profit…
The Towns Historic Preservation Society will want to be involved in all of the rehab. Some society’s will also want to be involved by city law to also be involved with the Interior also.
Could be huge hassle and huge profit. Buy right ! They are not really restrictions but giudelines…OK ,restrictions. These will add muth time to the remodel process and you will be under the microscope the whole time. Buy way right! There are building codes,easy enough to deal with,Then there are Historic Property Guidelines and the people who deal with you on them.
Welcome to the Dwilight Zone, My Name is Rod Sterling…
For rehabbing 100 year or more old properties, often times the hassle is not worth the gain. You say the bones are good, how much work will it take and how much will it cost to redo electric, plumbing, roof, foundation? This stuff can eat you alive from a cost standpoint.
Talk with the city and your accountant, too, because these places can sometimes provide a killer tax writeoff.